Minutes 02/27/2001 - Laserfiche WebLink

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February 27, 2001 Financial Impact: · There is no City financial obligation. Motion by Mr. Whitehurst, and seconded by Mr. Moody, to adopt the following resolution, and was adopted by the following vote: "A RESOLUTION APPROVING ISSUANCE OF MULTI-FAMILY RENTAL REVENUE BONDS FOR LEE HALL LIMITED PARTNERSHIP. WHEREAS, the Portsmouth Redevelopment and Housing Authority (the "Authority") proposes to issue its multi-family housing revenue bonds in an amount not currently expected to exceed $1,000,000 (the "Bonds") to finance additional costs of rehabilitation and equipping of a 250-unit multifamily housing project known as Marsh Landing Apartments (formerly, Lee Hall Apartments) located at 927 Suburban Parkway in the City of Portsmouth, Virginia (the "Project"), for the benefit of Lee Hall Limited Partnership, a Virginia limited partnership; and WHEREAS, on February 20, 2001, the Authority held a public hearing on the issuance of the Bonds; and WHEREAS, the Authority has recommended that the Council of the City of Portsmouth, Virginia (the "Council"), approve the issuance of the Bonds; and WHEREAS, a copy of the Authority's resolution approving the proposed Bonds, a record of the public hearing and a "fiscal impact statement" with respect to the Project have been filed with the Council. NOW THEREFORE BE IT RESOLVED by the Council of the City of Portsmouth, Virginia that: 1. The Council hereby approves the issuance of the Bonds as proposed by the Authority, to the extent required by Section 147(0 of the Internal Revenue Code of 1986, as amended, and Section 15.2-4906 of the Virginia Code of 1950, as amended. 2. Such approval does not constitute and shall not be represented as constituting an endorsement of the Bonds, or the creditworthiness of the Project or any source of payment of the Bonds. The Bonds shall continue to provide that they shall not be a debt of the Commonwealth of Virginia or any political subdivision thereof (other than the Authority) and that neither the Commonwealth of Virginia nor any political subdivision thereof (other than the Authority) shall be liable thereon. 3. All conditions imposed by the Council on the multi-family rental housing revenue bonds approved on March 24, 1998 shall continue in full force and effect with respect to the proposed renovations. 4. This resolution shall take effect on the date of its adoption." Ayes: Benn, Griffin, Moody, Pitts, Robinett, Whitehurst Nays: None 01 - 71 - Adoption of a motion to exceed the 25% limit of allowable change orders to the contract for drainage improvements of PortCentre Parkway. Recommendation: Adoption of a motion to exceed the 25% limit of allowable change orders to the contract for drainage improvements of PortCentre Parkway due to unanticipated project conditions. Purpose and Need: This change order is necessary because the pavement section was adjusted due to the poor condition of the existing roadway and also the need for a heavier pavement section given the current and expected traffic volumes. The drainage was redesigned to avoid delays associated with the scheduled relocation of a Virginia Power duct bank at PortCentre Parkway and Jefferson Street.