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33'
<br />
<br />tion is to
<br />
<br />59-323 - "I recommend an appropriation of $5,300,000.00 be placed on first reading. This is
<br />due to annexation and is to be financed f~om the Bond issue dated January let 1960. This appropria-
<br />b e used as follows: . ,
<br />
<br />To Norfolk County for Schools, Land, etc.
<br /> Norfolk County for loss of revenue
<br /> Equipment (Fire Engines, Trucks, etc.)
<br /> Engineering and~apping
<br />
<br />*Subject to inventory and depreciation
<br />
<br />$ 4,788,000.00
<br />250,000.00
<br />212,000.00
<br />50,000.00
<br />$5,300,000.00
<br />
<br /> The balance of ~he Bond issue in the amounL of $1,500,000.00 which will not be used
<br />immediately, I recommend I be authorized Eo invest u/ltil such time as the funds are needed. ~nese investments
<br />to be in Government bills-or ~bank time deposits."
<br />
<br /> Motion of Mr. Smith to approve the Manager's recommendation and to place an appropriation of
<br />$5,300,000~00 for said purpose on first reading, was adopted, without dissenting:vote.
<br />
<br /> 59-324 - "I submit the following letter and resolution from the Portsmouth Redevelopment
<br />and Housing Authority."
<br />
<br /> "We have transmitted herewith copies of s Resolution pertaining to our Lincoln Park Project
<br />VA 1-6, on which we would appreciate Council's :favorable action.
<br /> This Resolution has been required by the Public Housing Administration before they will ap-
<br />prove our issuing temporary notes on the Lincoln Park Project. Without temporary notes we are forced to financ~
<br />the :project by direct loan fromFHA at a higher interest rate. By issuing temporary notes, the Authority would
<br />be able to save a considerable sum in in retest and, therefore, we re~uest the Council's'assistance by approvin
<br />the Resolution. We have 'iAstrUcted the Executive Director to be p~esent at the Council meeting of Decembe]
<br />8, 1959, in order to answer any questions you may ~ave."
<br />
<br />Resolution -
<br />
<br /> "WHEREAS, the PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY (herein called the
<br /> 'Authority') is engaged in the development and management of low-rent housing
<br /> in the City of Portsmouth, Virginia, (herein called the 'City') in accordance
<br /> with the Virginia Housing Authorities Law; and
<br />- V~qEREAS, -the City Council of the City on December ;13, 1955, approved the ap-
<br /> plication of the Authority to the l~dblic Housing Administration for a reserva-
<br /> tion of 600 low rent housing Units and a Preliminary Loan for such units to be
<br /> developed. ,in-the Ci~ty; . and
<br /> WHEREAS, on March 27, 1956, the Council of the C£ty approved and authorized the
<br /> execution of a Corporation Agreement between the City and the Authority under
<br /> which the City :a~reed to. co-operate in the development and m~nagemeut?of approx-
<br /> imately 600 units of low-~ent public housing by the Authority~ and said Agreement
<br /> Was executed~ou,.Ma~rch 28th,-~1956; and
<br /> WHEREAS, the Authority now has an Annual Contribution Contract with the Public
<br /> Housing Administration ,under,.which, Federal assistance is being and will be
<br /> extended for the development of 178 low-rent housing units designated as Project
<br /> VA 1~6; -and ......
<br /> WHEREAS, the City has co-operated with the Authority by rezoning the site for said
<br /> project VA 1-6 and by closing streets on said project site; and
<br /> WHEREAS, the Authority is now in the process of constructing said Project VA 1-6;
<br /> and
<br /> WHERKtS, there is a need for such housing in the City~ particularly as relocation
<br /> housing in connection with the Lincolnsville Redevelopment Project.
<br /> NOW, THEREFORE, B~ IT RESOLVED by the City Council of the City of Portsmouth,
<br /> Virginia, as follows:
<br />
<br /> %. That the constructioA of Project VA 1-6, consisting of 178 housing
<br /> ~nits, is hereby rgtified, ~confirmed and approved,, such project being
<br /> DDnsHruct~d on,.a site g~nerally described as foklows~:
<br />
<br /> ' Beginning at the northwest intersection of Elizabeth Street and
<br /> Old Deep Creek Boulevard to the northeastern intersection of Old Deep
<br /> Creek Boulevard and Graham Street; thence along the eastern side of
<br /> Graham Street to the southern property line of . Dale Homes; thence along
<br /> the southern property line of Dale ~omes to the western side of Elizabeth
<br /> S,tyeet; thence along the western s%de. of Elizabeth Street to the ~oint of
<br /> beginning."
<br />
<br /> Motion of Mr. Weiseman to suspend the rules ~o hear from Mr. Donald J. Balzer, Executive
<br />Director, Portsmouth Redevelopment and Hous.ing Autho~ity,~ ~as adQpted, without dissenting vote.
<br />
<br /> Mr. Balzer spoke, explaining ~he necessity for the resolution.
<br />
<br /> Motion of Mr. Wei~em~n to a~proye ~the resolution, ~%th the fo~lowing change, was adopted,
<br />and by the following vote:
<br />
<br />~in the Z-th ~aragraph beginning-'Where~as~, substitute'Project VA 1-6'
<br />for words 'such_bemusingS.''
<br />
<br /> Ayes: B:aker, Bartlett, Breedlove, Seward~: Smith, Weisems_u
<br /> Nys.. Walker
<br />
<br /> UN~i'INISHED BUSINESS -
<br />
<br />50-305 -
<br />
<br />The following applications for rezonlng, which were approved
<br />
<br />on first reading
<br />
<br />
<br />
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