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November 23, 1993 <br /> <br /> city council . <br /> t~e resolution requesting the <br />approval of the Sta~e Council On Local Debt at your last <br />m ' <br /> eet~ng, A number of activities need to take place at this <br />point which involve expenditures. These includes the <br />preparation and printing of the Official Statement, legal fees, <br />advertising costs, postage, escrow agent and other expenditures <br />associated with the issuance. Therefore, to continue this <br />process, it is necessary for you to consider an appropriation <br />for the anticipated costs associated with the sale. The <br />attached ordinance will appropriate $44,000 from the Capital <br />Improvements Fund and $16,000 from the Public Utility Capital <br />Improvements!Fund to be used for bond issuance expenses. <br /> <br /> I recommend your approval of these appropriations. With <br />your approval of this item, the balance in the Capital <br />Improvements Fund will be $10,266,204 and the balance in the <br />Public Utility Capital Improvements Fund will be $2,063,223." <br /> <br /> Motion by Mr. Hawks, and seconded by Mr.~ King, to adQpt the <br />following ordinance' and was adopted by the following vote: <br /> ' "A~'--ORDINANCE TO APPROPRIATE $44,000.00 ~0M T~E CAPITAL <br />IMPROVEMENTS FUND AND $16,000.00 FROM THE PUBLIC UTILITY CAPITAL <br />IMPROVEMENTS FUND TO' PAY FOR NECESSARY EXPENDITURES ASSOCIATED <br />WITH THE REFUNDING OF THE GENERAL OBLIGATION BOND SERIES OF <br />JANUARY AND APRIL OF 1992." <br /> <br />Ayes: Clemons, Epperson, Griffin Hawks, King, Pitts, Webb <br />Nays: None <br /> <br />93-457 Letter from the City Manager recommending consideration <br />of a resolution approving the proposed Virginia Housing <br />Development Authority (VHDA) refinancing for Cradock Colonial <br />Apartments. <br /> <br /> "The Virginia Housing Development Authority is considering <br />'refinancing 72 units of multi,family housing at 102 Dahlgren <br />Avenue known as the Cradock Colonial Apartments. The City as <br />being requested to endorse the approval. <br /> <br /> This proposal will require 20% of the tenants to have <br />incomes of less than 80% of median family income which is <br />consistent with the goals and objectives of the CHAS for <br />providing for affordable housing. <br /> <br /> I, therefore, recommend your consideration of the attached <br />resolution endorsing this proposal." <br /> <br /> Motion of Mr. Epperson, and seconded by Mr. Hawks,.to adopt <br />the following resolution, and was adopted by the following vote: <br /> <br /> "A RESOLUTION APPROVING RE-FINANCING BY THE VIRGINIA <br />HOUSING DEVELOPMENT AUTHORITY OF A MULTI-FAMILY RESIDENTIAL <br />HOUSING DEVELOPMENT CALLED CRADOCK COLONIAL APARTMENTS SITUATED <br />AT 102 DAHLGREN AVENUE (1300 BLOCK OF VICTORY BOULEVARD). <br /> <br />WHEREAS, the Virginia Housing Development Authority <br />("VHDA") in accordance with Section 36-55.39 (E) of the Code of <br />Virgznia, 1950, as amended, has notified the City of Portsmouth, <br />Virginia, that it is considering the re-financing of a <br />multi-family residential housing development consisting of <br />approximately seventy-two (72) units of non-subsidized housing <br />to be financed under the Virginia Housing Development <br />Authority's Conventional Multi-Family Loan Progrsan, to be <br />situated at 102 Dahlgren Avenue {1300 Block of Victory <br />Boulevard), in the City of Portsmouth, Virginia, such <br />development having been designated as Cradock Colonial <br />Apartments; and <br /> <br /> <br />