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<br />November 24, 1998
<br />
<br /> WHEREAS, on July 6, 1998, the Portsmouth Redevelopment and Housing
<br />Authority (the "Authority") considered the application of Merrifield Estates, Inc., a
<br />Virginia non-stock, non-profit corporation (the "Company"), for the issuance of
<br />the Authority's multi-family rental housing revenue bonds in an amount not to
<br />exceed $3,500,000 (the "Bonds") te assist the Company in acquiring and
<br />rehabilitating a 64 apartment unit multi-family residential rental housing facility
<br />("Project"), Iocate.d. at 4200 Queenswood Drive, in the City of Portsmouth,
<br />Virginia, Such facility to be owned and operated by the Company, and the
<br />Authority adopted an inducement resolution ("Inducement Resolution") for such
<br />facility;
<br />
<br /> WHEREAS, on November 2, 1998, the Authority held a public hearing on
<br />the Company's application to the Authority forthe issuance of the Bonds for the
<br />Project as required by Section 15.2-4906 of the Code of Virginia of 1950, as
<br />amended, and adopted Resolution No: 4073,' ratifying and confirming the
<br />Inducement Resolution;
<br />
<br /> WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as
<br />amended, and Sections 15.2-4906 and 36-19.2 of the Virginia Code of 1950, as
<br />amended, provide that the highest elected governmental officials of the
<br />governmental units having jurisdiction over the issuer of housing revenue bonds
<br />and over the area in which any facility financed with the proceeds of housing
<br />revenue bonds is'located shalt approve the issuance of such bonds;
<br />
<br /> WHEREAS, the Project is to be located in the City of Portsmouth, Virginia
<br />(the "City"), and the members of the City Council of Portsmouth constitute the
<br />highest elected governmental officials of the City; and
<br />
<br /> WHEREAS, a copy of (i) the Authority's Inducement Resolution, approving
<br />the issuance of the Bonds, subject to terms to be agreed upon, adopted on July
<br />6, 1998, as ratified and confirnmd by Resolution 4073 adopted on November 2,
<br />1998, (ii) a reasonably detailed summary of the comments expressed at the
<br />publiC hearing with respect to the Bonds on June 15, 1998, and (iii) a fiscal impact
<br />statement in the form prescribed by Section 15.2-4907 of the Code of Virginia of
<br />1950, as amended, have been filed with the-City Council, together with the
<br />Authority's recommendation thatthe ,~City Council approve the issuance of the
<br />Bonds and authOrize the City Manager, if and to the extent necessary in the
<br />opinion of bond COunsel, to submit an application to the Virginia Small Business
<br />Financing Authority requesting an allocation of $3,500,000.00 pursuant to Title
<br />15.2, Chapter 50 of the Code of Virginia of 1950, as amended with respect to the
<br />issuance of the Bonds.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of
<br />Portsmouth, Virginia, that:
<br />
<br /> '1. The recitals made in the preambles to this Resolution are hereby
<br />adopted as a part of this Resolution.
<br />
<br /> 2. The City Council of the City of Portsmouth, Virginia, hereby approves the
<br />issuance of the Bonds by the Authority in an amount not to exceed $3,500,000.00
<br />to assist in the financing of the acquisition and rehabilitation of the Project, for
<br />the benefit of the Company, to the extent required by the Internal Revenue Code
<br />of 1986, as amended (the "Code"), and Sections 15.2-4906 and 36-19.2 of the
<br />Code of Virginia of 1950, as amended (the "Virginia Code").
<br />
<br /> 3. The approval of the issuance of the Bonds as required by Section 147(f)
<br />of the Code and Sections 15.2-4906 and 36-19.2 of the Virginia Code, does not
<br />constitute an endorsement to a prospective purchaser of the Bonds of the
<br />creditworthiness of the Project or the Company, but as required by
<br />
<br />
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