Minutes 03/25/1997 - Laserfiche WebLink

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March 25:1997 093 97 - 93, Adoption of a resolution authorizing the Portsmouth Redevelopment and Housing Authority to approve and issue refunding bonds for the Pepperwood, L.L.C. Company. Recommendation: · Approval is recommended of the attached resolution authorizing the Portsmouth Redevelopment and Housing Authority to approve and issue refunding bonds for the Pepperwood, L..L.C~ Company. Purpose and Need: · In 1985, the City Council authorized PRHA to issue $3,700,000 in Housing Revenue Bonds for Pepperwood Townhomes. · The owners are now seeking to refinance $2,900,000 of this loan and are requesting the City Council and PRHA approve the refinancing. Financial Impact: · There is no financial impact as the City does not endorse the bonds nor does it pledge any assets. Motion by Mr. Martin, and seconded by Mr. Pitts, to adopt the following resolution, and was adopted by the following vote: "A RESOLUTION APPROVING AND AUTHORIZING THE ISSUANCE OF REFUNDING BONDS FOR PEPPERWOOD TOWNHOMES WHEREAS, the Portsmouth Redevelopment and Housing Authority (the "Authority") has considered the application of Pepperwood, L.L.C., a Virginia limited liability company, formerly Pepperwood 11, Associates, a Virginia limited partnership (the "Borrower"), for the issuance of the Authority's Multifamily Housing Revenue Refunding Bonds in an amount not to exceed $2,900,000 (the "Bonds") to refund all or a portion of the Authority's $3,700,000 Housing Revenue Bond (Pepperwood II Associates) (the "Prior Bond"), the proceeds of which were used to make a loan to the Borrower to finance the acquisition and construction of a 96-unit apartment complex known as Pepperwood Townhomes located at 3790 Pepperwood Court in the City of Portsmouth, Virginia (the "Project"), twenty percent (20%) of which is for occupancy by individuals of Iow or moderate income, and has held a public headng thereon on March 4, 1997; and WHEREAS, the Authority has recommended that the City Council (the "Council") of the City of Portsmouth (the "City") approve the refunding of the Prior Bond and issuance of the Bonds by the Authority to comply with Section 147(0 of the Internal Revenue Code of 1986, as amended, and proposed final Treasury regulations issued thereunder; and WHEREAS, a record of the public hearing held hereon has been filed with the Clerk of the Council; BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PORTSMOUTH: 1. The holding of a public hearing with respect to the refunding of the Prior Bond and the Project by the Authority at 12!00 noon on Monday, March 17, 1997, at the New Kirn Building, 3rd Floor, 339 High Street, Portsmouth, Virginia, in accordance with the requirements of Section 147(0 of the Internal Revenue Code of 1986, as amended, is hereby ratified.