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R -21 -02 RESOLUTION APPROVING THE ISSUANCE BY THE PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY OF ITS MULTIFAMILY HOUSING REVENUE BONDS FOR THE ACQUISITION, CONSTRUCTION, RENOVATION, REHABILITATION AND EQUIPPING OF THE APPROXIMATELY 90 -UNIT MT. HERMON VILLAGE APARTMENTS LOCATED IN THE CITY OF PORTSMOUTH, VIRGINIA WHEREAS, the Portsmouth Redevelopment and Housing Authority (the "Authority ") is authorized to advertise and hold public hearings relative to the issuance of private activity bonds; and WHEREAS, the Authority (a) has considered the application of MHV Preservation Partners LP, a Virginia limited partnership (the "Borrower "), requesting that the Authority issue its revenue bonds (the "Bonds ") in a maximum stated principal amount of $10,000,000 to assist the Borrower or a party related to the Borrower in financing or refinancing a portion of (i) the cost of acquiring, constructing, renovating, rehabilitating and equipping a multifamily residential rental housing project for seniors consisting of 23 one -story buildings containing approximately 90 units representing approximately 60,490 rentable square feet known as Mt. Hermon Village Apartments (the "Project ") located at 2400 Cutherell Street in the City of Portsmouth, Virginia and (ii) the costs incurred in connection with the issuance of the Bonds (collectively, the "Plan of Finance ") and (b) has held a public hearing in connection therewith on November 19, 2020 (the "Public Hearing "); and WHEREAS, the Project shall be established and maintained as a "qualified residential rental project" within the meaning of Section 142(d) of the Internal Revenue Code of 1986, as amended (the "Code "); and WHEREAS, Section 147(1) of the Code provides that the applicable elected representatives of the governmental unit having jurisdiction over the issuer of private activity bonds and over the area in which any facility financed with the proceeds of private activity bonds is located must approve the issuance of such bonds; and WHEREAS, the members of the City Council (the "Council ") of the City of Portsmouth, Virginia (the "City ") constitute the elected representatives of the governmental unit having jurisdiction over the issuer of the Bonds, and the Project is located in the City; and WHEREAS, the Authority has recommended that the Council approve the issuance of the Bonds; and WHEREAS, a copy of the Authority's resolution approving the issuance of the Bonds, a certificate of the Public Hearing, a summary of the statements expressed at the Public Hearing and the fiscal impact statement concerning the Plan of Finance have been filed with the Council. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PORTSMOUTH, VIRGINIA: