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328"
<br />
<br />March 24. 1998
<br />
<br />The owners of the project, Lee Hall Limited Partnership, were unable to
<br />secure an award of a tax-exempt allocation from the Virginia Small
<br />Business Financing Authority within the time period originally
<br />anticipated.
<br />
<br />The owners have now secured the allocation, but federal regulations'
<br />require that Council's authorization be within one year of the Bond
<br />issue.
<br />
<br />· Council is now requested to approve the issuance of the Bonds, once
<br /> again.
<br />
<br />The underlying elements of the proposed transaction-remain the same -
<br />as in '1997 and are set out in the attached copy of the February 1'1, 1997
<br />City Council Agenda Item, Number 97-44.
<br />
<br />Financial Impact:
<br />
<br />· This resolution requires no expenditure of City funds.
<br />
<br />1. Wilbur G. Dove, 9605 Clarks Crossing Road, Vienna, Virginia, was
<br /> available for questions.
<br />
<br />2. Michael B. Hamar, 555 Main Street, Suite '1400, Norfolk, Virginia, was
<br /> available for questions.
<br />
<br /> Motion by Mr. Pitts, and seconded by Mr. Griffin, to adopt the following
<br />ordinance, and was adopted by the following vote:
<br />
<br /> ~'RESOLUTION APPROVING ISSUANCE OF MULTI-FAMILY RENTAL
<br />HOUSING REVENUE BONDS FOR LEE HALL LII~ ITED PARTNERSHIP.
<br />
<br />WHEREAS, on July 2, 1996, the Portsmouth Redevelopment and
<br />-Housing Authority (the "Authority") considered the application of Lee Hall
<br />'Limited Partnership, a Virginia limited partnership (the "Company"), for the
<br />issuance of the Authority's multi-family rental housing revenue bonds in an
<br />amount not to exceed $6,050,000 (the "Bonds") to assist the Corn pany in
<br />acquiring and rehabilitating a 250 apartment unit multi-family residential
<br />rental housing facility ("Project"), Iocatec~' at 957/B Suburban Parkway, in
<br />the City of Portsmouth, Virginia, such facility to be owned and operated by
<br />the Company, and the Authority adopted an inducement resolution
<br />("Inducement Resolution") for such facility;
<br />
<br /> WHEREAS, on March 2, 1998, the Authority held a public hearing on
<br />the'Company's application to the Authority for the issuance of the Bonds
<br />for the Project as'required by Section 15.2-4906 of the Code of Virginia of
<br />'1950, as amended, and adopted a resolution eXtending the inducement
<br />Resolution through March 2, 1999.
<br />
<br /> WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as
<br />amended, and Section 36-19.2 of the Code of Virginia of 1950, as amended,
<br />provides that the highest elected governmental officials of the
<br />governmental units having jurisdiction over the issuer of housing revenue
<br />bonds and over the area in which any facility financed with the proceeds of
<br />housing revenue bonds is located shall approve the issuance of such
<br />bonds;
<br />
<br /> WHEREAS, the Authority issues its bonds on behalf of the City of
<br />Portsmouth, Virginia (the "City"), the Project is to be located in the City and
<br />the rnembers~of the City Council of Portsmouth constitute the highest
<br />elected governmental officials of the City;
<br />
<br /> WHEREAS, a copy of (i) the Authority's Inducement Resolution,
<br />approving the issuance of the Bonds, subject to terms therein stated,
<br />adopted on July 2, ~996, (ii) a reasonably detailed summary of the
<br />comments expressed at the public hearing with respect to the Bonds on
<br />
<br />
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