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R-06-33 A RESOLUTION APPROVING THE ISSUANCE OF MULTI-FAMILY HOUSING REVENUE BONDS NOT EXPECTED TO EXCEED $7,000,000 BY THE PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY FOR THE KING SQUARE APARTMENTS PROJECT. WHEREAS, the Portsmouth Redevelopment and Housing Authority (the "Authority") proposes to issue its multi-family housing revenue bonds in an amount not currently expected to exceed $7.000.000 (the "Bonds") to finance the development of 57 multit~lmily rental housing units located un (I) that block bounded by Twine Avenue. King Street. Godwin Street. and Cllunly Street and (2) that block bounded by Godwin Street, King Street (closed). the eastern boundary or Armstrong Street. and County Street, in the City of Portsmouth. Virginia (the "City') and generally known as King Square Apartments (the "Project") for the benetit of King Square 2006 Limited Partnership, a Virginia limited partnership; and WHEREAS, on May 15, 2006, the Authority held a public hearing on the issuance of the Bonds; and WHEREAS, the Authority has recommended that the City Council of the City of Portsmouth. Virginia (the "Council"), approve the issuance of the Bonds; and WHEREAS, a copy of the Authority's resolution approving the proposed Bonds. a recurd of the public hearing, and a "fiscal impact statement" with respect to the Project have been Jikd with the Council; NOW THEREFORE BE IT RESOLVED by the Council of the City of Portsmouth, Virginia that: I, The Council hereby approves the issuance of the Bonds as proposed by the ,\uthurity. tu the extent required by Section 147(1) of the Internal Revenue Code of 1986, as amended. and Section 15,2-4906 of the Virginia Code of 1950. as amended, 2, Such approval does not constitute and shall not be represented as constituting an endorsement of the Bonds, or the creditworthiness ufthe Project or any source of payment of the Bonlk The Bonds shall continue to provide that they shall not be a debt of the Commonwealth uf Virginia or any political subdivision thereof (other than the Authority) and that neither the CommollVvealth or Virginia nor any political subdivision thereof (other than the Authority) shall be I iable thereon, 3, The Council hereby approves and ratifies the formation by the Authority of such limited partnerships, limited liability companies, or other legal entities as are deemed necessary by the Authority to Icvcrage federal and state tax credit and bond financing for the development and operation of new housing as required by the Ida Barbour and Jetfry Wilson Hope VI grant awards, Such approval does not constitute and shall not be represented as waiving any applicable City approvals or requirements for the construction of any said housing,