Minutes 04/10/2001 - Laserfiche WebLink

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April 10, 2001 WHEREAS, this Council has found the Amendment and the 2002 Action Plan's Proposed Statement of Objectives and Use of Funds appropriate to meet the needs of the City and, therefore, acceptable. NOW THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that the Amendment and the 2002 Action Plan's Proposed Statement of Objectives and Use of Funds having been reviewed and considered, said Plan and Amendment be and hereby are approved in all respects, and the City Manager is hereby authorized to file the Final Statement of Objectives and Use of Funds and any additional information as may be required with the Department of Housing and Urban Development in order to obtain funding for the Program. BE IT FURTHER RESOLVED that the City Manager is hereby designated as the certifying officer and authorized representative of the City of Portsmouth and shall provide assurances as required of the locality by the Act for the approval of the Program." 01-117(F): "AN ORDINANCE TO APPROPRIATE $4,537,000 FOR IMPLEMENTATION OF THE 2002 ACTION PLAN COMPONENT OF THE CITY'S CONSOLIDATED COMMUNITY PLANNING AND DEVELOPMENT PLAN." Ayes: Benn, Griffin, Moody, Pitts, Robinett, Whitehurst, Holley Nays: None 01 - 118 - Adoption of a resolution approving issuance of multi-family rental housing bonds for Merrifield Apartments, L.P. Recommendation: · Adoption of a resolution approving issuance of multi-family rental housing revenue bonds for Merrifield Apartments, L.P. Purpose and Need: · On November 24, 1998, City Council adopted an inducement resolution approving the tax-advantaged financing of acquisition and rehabilitation costs of the 64-apartment project known as Merrifield Apartments. · Financing was to be through the issuance of rental revenue bonds in an amount not to exceed $3.5 million. The City incurred no financial obligations as a result of granting its approval. · The developers have now shifted their financing structure to require only $2.8 million in bonds (the difference in funding between the original $3.5 million request is to be made up through tax credits administered through VHDA). The developers nevertheless are required to seek Council approval of the reduced amount of bonds. · The proposed project remains unchanged. Sixty-four units will be rehabilitated. Of the 64 units, twelve 1-bedroom units and one 2-bedroom unit will be rent regulated and reserved for persons whose income is 50 percent or less of area median gross income. Included in the rehabilitation work will be completely renovated kitchens (i.e. new stoves, dishwashers, refrigerators, vinyl flooring, cabinets and countertops.) All windows are being replaced throughout the project. · In a project of this type, the Portsmouth Redevelopment and Housing Authority (PRHA) is the lead local agency. However, City Council approval is required. Financial Impact: · Neither the City nor PRHA incurs any financial liability for any aspect of the proposed project. The real estate assessment on the project will increase from its current assessment of $1,538,290. Motion by Mr. Robinett, and seconded by Mr. Whitehurst, to adopt the following resolution, and was adopted by the following vote: