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111 'THE DEPAR~WS/k~ OF HOUSING AND URBAN DEV~OPMENT FOR OLDE TOg~E ~ PROJECT, VA. R-49. W-h~REAS, the Portsmouth Redevelopms~t.And Housing Authority has undertaken a redevelopment program with financial assistance from the Department of F~using And Urban Development (HUDI and lo~ cooperation by the City, with programs identified as "Olde Towne Ren~al Project" VA. R-49; and WHEREAS, the Portsmouth Redevelopment And H~using Authority entered into a Loan Contract vr~th the Departn~t of Housing And Unban Development to provide Federal financial assistance wi~/q the undertaking of the program; and WHEREAS, on May 15, 1968~ Portsmouth Redevelotlment And Housing Authority and the City of Portsmouth entered into a Cooperation Agree- raent~ said Agreement having been amended frc~ time to time, by which the City agreed to, and did provide, certain local assistance for' the program; and WHEREAS, the parties hereto desire to enter into a financial settle- ment of the program as authorized by Section /12 of the Housing And ~ munity Development Act of 1964 (PL93-383} ~nd the provisions of 24~R of Psat 570, sub-part i; and WHERFAS, it is certified that envirc~mental review pursuant to 24CFR Part 58.20 has been completed ~y Por~uth Redevelopment And Housing Authority~ and that the citizen participation require~ under Section 570.803(d) (2) of said Federal Reg~_strar has been oompleted~ NOW, THEREFORE~ ~E IT RESOLVED by the Council of the City of Ports- mouth, Virgin~a~ that the City Manager be~ and he hereby is, ~uthorized to sign a Closeout Agreement for the Olde Togale Re~al Project~ ~. R- 49~ ~nis resolution shall take effect frc~ t~ date of its adoption. Adopted by the Council of the Ci~f of Portsmouth, Virginia, at a meeting held November 22~ i977~ Teste: City Clerk