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OZ 7
<br />
<br />February_ 11. 1997
<br />
<br />· Improved quality units at Lee Hall able to attract quality tenants will improve
<br /> commercial spending power in the immediate vicinity.
<br />
<br />Financial impact:
<br />
<br />· No City funding is required for this project.
<br />
<br />According to the City Assessor's Office, the assessment is projected to increase
<br />from $3,462,060 to $4,780,220 if these improvements are made. for a projected
<br />annual tax increase of approximately $18,000.
<br />
<br />· Neither the full faith and credit nor the moral obligation of the City or PRHA are
<br /> pledged in support of the bonds.
<br />
<br />1 Gordon Wheatly, 339 High Street, representing PRHA, provided information on
<br />the proposed bonds.
<br />
<br />2. Michael Hamar, 555 Main Street, Suite 1400, Norfolk, provided information on the
<br />proposed bonds and development.
<br />
<br />3. Wilbur Dove, 9605 Clarks Crossing Road, Vienna, VA, provided information on the
<br />proposed bonds and development.
<br />
<br />4. J. Robert Gray, 9 Dahlgren Avenue. representing the Cradock Property Owner's
<br />Association, spoke in support of the development.
<br />
<br /> Motion by Mr. Pitts, and seconded by Mr. Clemons, to adopt the following
<br />resolution, and was adopted by the following vote:
<br />
<br /> "RESOLUTION APPROVING ISSUANCE OF MULTI-FAMILY RENTAL
<br />HOUSING REVENUE BONDS FOR LEE HALL LIMITED PARTNERSHIP
<br />
<br /> WHEREAS, on July 2, 1996, the Portsmouth Redevelopment and Housing
<br />Authority (the "Authority") considered the application of Lee Hall Limited Partnership,
<br />a Virginia limited partnership (the "Company"), for the issuance of the Authority's
<br />multi-family rental housing revenue bonds in an amount not to exceed $6,050,000
<br />(the "Bonds") to assist the Company in acquinng and rehabilitating a 250 apartment
<br />unit multi-family residential rental housing facility ("Project"), located at 957/B
<br />Suburban Parkway, in the City of Portsmouth, Virginia, such facility to be owned and
<br />operated by the Company, and the Authority adopted an inducement resolution
<br />("inducement Resolution") for such facility;
<br />
<br /> WHEREAS, on July 16. 1996, the Authority held a public hearing on the
<br />Company's application to the Authority for the issuance of the Bonds for the Project
<br />as required by Section 15.1-1378.1 of the Code of Virginia of 195Q as amended.
<br />
<br /> WHEREAS, Section 147(0 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 governmental units
<br />having jurisdiction over the issuer of housing revenue bonds and over the area in
<br />which any facility financed with the proceeds of housing revenue bonds is located
<br />shall approve the issuance of such bonds;
<br />
<br /> WHEREAS, the Authority issues its bonds on behalf of the City of Portsmouth,
<br />Virginia (the "City"), the Project is to be located in the City and the members of the
<br />City Council of Portsmouth constitute the highest elected governmental officials of
<br />the City;
<br />
<br /> WHEREAS, a copy of (i) the Authority's inducement Resolution, approving the
<br />issuance of the Bonds, subject to terms therein stated, adopted on July 2, 1996, (ii) a
<br />reasonably detailed summary of the comments expressed at the public hearing with
<br />respect to the Bonds on July 16, 1996; and (iii) a fiscal impact statement in the form
<br />prescribed by Section 15.1-1378.2 of the Code of Virginia of 1950, as amended,
<br />
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