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WHEREAS, the PRHAhas held a public hearing thereon in accordance with all applicable-federal and state laws on. December I3, 1983, and has requested the City Council to approve the issuance of said Bonds; and WHEREAS, a copy of PRHA's resolution approving the issuance of the aggregate Bonds in the estimate amount of $20,000,000, subject to the terms and conditions contained therein, and the appropriate certifications and documen- tations required by the applicable federal and state laws have been provided to the City Council for its consideration. NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth, Virginia approves the issuance of Loan-To- Lender Multifamily Housing Revenue Bonds by 'the Portsmouth Redevelopment and Housing Authority of the City of Portsmouth, Virginia and approves the loan to York Associates, Inc. in the amount of Twenty Million Dollars ($20,000,000)which amount in turn shall'be loaned to Academy Park Associates and Twin Lakes Associates in the aggregate amountof $20,.000,00C to finance the cost of the planning, development, acquisition, repair, rehabilitation and equipping of Academy Park and Twin Lakes, respectively. BE IT FURTHER RESOLVED that the Council of the City of Portsmouth, ~irginia specifically approves the application of Sixteen Million Five Hundred Thousand Dollars ($16,500,000) of the Loan-To-Lender Multifsmily Housing Revenue Bonds by the Portsmouth Redevelopment and Housing Authority for the making of a loan to Academy Park Associates to finance the cost of the planning, development, acquisition, repair, rehabilitation and equipping of Academy Park. BE IT FURTHER RESOLVED that this approval of the appli- cation of an estimated $16,500,000 Loan-To-Lender Multifamily Housing Revenue Bonds for Acadedmy Park, when aggregated with the estimated $3,500,000 Loan-To-LenderMultifamily Housing Revenue Bonds applied to provide for Twin Lakes as approved by Resolution of ~his Council of the City of Portsmouth, Virginia dated as of this date, shall aggregate approximate $20,000~000 in Loan-To-Lender Mu!tifamily Housing Revenue Bonds also authorized and approved herein. BE IT FURTHER RESOLVED that the Council of the City of Portsmouth, Virginia finds that in order to preserve, develop, and protect safe and sanitary housing and promote a desirable economic mix that at least twenty percent (20%} of the units in each residential building will he rented or held available for persons of low income to the extent required pursuant to Section 36-19 of the Code of Virginia, 1950, as amended.