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Februar~ 27, 2001
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<br />All that certain lot, piece or parcel of land, with the buildings and
<br />improvements thereon, situate in the City of Portsmouth, Virginia, being
<br />described as follows: Beginning at the southeastern intersection of Ann
<br />Street, formerly Arlington Street with Constitution Avenue, formerly Sixth
<br />Avenue; thence South along Constitution Avenue, to and across Elizabeth
<br />Street, 385 feet; thence easterly to the line of the land formerly belonging
<br />to Mary Ann Hutcheson; thence along the line of the land formerly to Mary
<br />Ann Hutcheson, S 83° 5' E to Jamestown Avenue, formerly Fifth Avenue
<br />and formerly called Virginia Avenue; thence northerly along Jamestown
<br />Avenue to and across Elizabeth Street to Ann Street; thence westerly
<br />along Ann Street to the point of beginning; said parcel of land is composed
<br />of Lots Numbered 1,2,3,4,5,6 and 7 in Block "G", and Lots Numbered 5,6
<br />and 7 in Block "D", and a part of Elizabeth Street, as shown on the plat of
<br />"Shea Terrace", which said plat is duly recorded in the Clerk's Office of the
<br />Circuit Court of the City of Portsmouth, Virginia in Map Book 1, at page 33,
<br />and is a part of the lands conveyed to Charles V. Shea and others by
<br />deed of Charles E. Nash, dated October 15, 1885, and duly recorded in
<br />the Clerk's Office of the Circuit Court of the City of Chesapeake (formerly
<br />Norfolk County), Virginia in Deed Book 152, at page 215, and by deed of
<br />Charles E. Nash et ux to Charles V. Shea and others, dated September
<br />23, 1890, and duly recorded in the aforementioned Clerk's Office in Deed
<br />Book 160, at page 158; the said portion of Elizabeth Street having been
<br />vacated by instrument duly recorded in the Clerk's Office of the Circuit
<br />Court of the City of Portsmouth in Deed Book 87A, at page 323. TAX
<br />MAP 74 Parcel 85 and TAX MAP 194 UNNUMBERED.
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<br /> BE IT FURTHER RESOLVED that the City Manager is authorized to execute
<br />and deliver such other instruments and assurances as may be needed to effect this
<br />property conveyance. The Manager may reserve such interests and impose such
<br />conditions as may be necessary to protect the City's interests, and he shall from time to
<br />time communicate to PRHA the desires of the City for the disposition and best and
<br />highest use of the subject property."
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<br />Ayes: Benn, Griffin, Moody, Pitts, Robinett, Whitehurst
<br />Nays: None
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<br />01 - 70 - Adoption of a resolution approving issuance of multi-family rental housing
<br />revenue bonds by the Portsmouth Redevelopment and Housing Authority for the benefit
<br />of Lee Hall Limited Partnership.
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<br />Neither the City nor PRHA incurs any financial liability for the proposed project.
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<br />Recommendation:
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<br />· Adoption of a resolution approving the issuance by the Portsmouth Redevelopment
<br />and Housing Authority (PRHA) of multi-family housing revenue bonds not to exceed
<br />$1,000,000 to finance additional costs of rehabilitation and equipping of Marsh Landing
<br />Apartments, formerly known as Lee Hall Apartments, for the benefit of Lee Hall Limited
<br />Partnership.
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<br />Purpose and Need:
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<br />· In July 1996, City Council authorized issuance by the PRHA of multi-family housing
<br />revenue bonds of $6,050,000 for the benefit of Lee Hall Limited Partnership for the
<br />purpose of rehabilitating the Lee Hall Apartment complex, now known as Marsh Landing
<br />Apartments, in the City of Portsmouth.
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<br />· The authorization was extended by Council resolution on March 24, 1998.
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<br />· The Partnership desires to increase the extent of its proposed renovations which will
<br />result in additional costs of up to $1,000,000.
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<br />· Council authorization of the additional revenue bonds is required for issuance of the
<br />bonds.
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