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November 23, 1993
<br />
<br /> NOW, THEREFORE, BE IT R~6LVED by the Council of the City
<br />of Portsmouth, Virginia, that the City Manager be, and he is
<br />hereby authorized to convey unto Portsmouth Redevelopment and
<br />Housing Authority all of its right, title and interest to that
<br />closed portion of Reed Avenue, lying between lots 8, 9, 10 and
<br />13, Block C and lots 8, 9, 10 and 11, Block D as shown on the
<br />plat of Washington Heights, which plat is duly recorded in the
<br />Clerk's Office of the Circuit Court of the City of Chesapeake,
<br />Virginia (formerly Norfolk County), in Map Book 19, at page 90."
<br />
<br />Ayes: Clemons, Epperson, Griffin, Hawks, King, Pitts, Webb
<br />Nays: None
<br />
<br />93-459 Letter from the City Manager recommending adoption of a
<br />resolution expressing approval of the refinancing of a tax
<br />exempt bond issuance by Portsmouth Redevelopment and Housing
<br />Authority (pPJ4_A) for Portsmouth Hotel Associates, owner of the
<br />Holiday Inn in Portsmouth.
<br />
<br /> "Portsmouth Hotel Associates, a Virginia limited
<br />partnership which owns the Holiday Inn at 8 Crawford Parkway,
<br />proposes to have the Portsmouth Redevelopment and Housing
<br />Authority (the "Authority") issue new bonds to refund the
<br />approximately $4,344,000.00 outstanding principal balance of
<br />the Authority's Redevelopment and Housing Authority Revenue Bond
<br />(Portsmouth Hotel Associates Project) Series of 1981.
<br />
<br /> The Internal Revenue Code and Section 15.1-1378.1 of the
<br />Virginia Code both require that a public hearing be held
<br />concerning this proposed refunding bond issue, since the
<br />original bonds were issued in 1981, before the public hearing
<br />requirement became law. The Authority held an advertised public
<br />hearing on November 9, 1993, in the Authority's conference room
<br />on the third floor of the New Kirn Building, 339 High Street.
<br />Following the conclusion of the public hearing, the Authority
<br />passed a resolution approving the issuance of the refunding
<br />bonds, subject to Council's approval.
<br />
<br /> The attached resolution has been drafted by Hofheimer,
<br />Nusbaum, McPhaul & Samuels, P.C., bond counsel, and is being
<br />submitted for your consideration. I, therefore, recommend your
<br />adoption of this resolution."
<br />
<br /> Motion by Mr. Pitts, and seconded by Mr. Griffin, to adop~
<br />the following resolution and was adopted by the following vote:
<br />
<br />A RR~OLUTION EXPRESSING THE APPROVAL OF THE COUNCIL OF
<br />THE CITY OF PORTSMOUTH, VIRGINIA, OF T~Ek~ECtSE BY THE
<br />PORTSMOUTH REDEVELOPMENTANDHOUSING AUTHORITY OF POWERS
<br />CONFERRED ON IT BY THEVIRGINIA HOUSING AUTHORITIES LAW,
<br />TITLE 36, CHAPTER 1, CODE OF VIRGINIA OF 1950, AS
<br />AMENDED, IN CONNECTION WITHTHE R~'uNDING FORPORTSMOUTH
<br />HOTEL ASSOCIATES, A VIRGINIA LIMITED PARTNERSHIP, OF THE
<br />APPROXIMATELY $4,344,000 OUTSTANDING PRINCIPAL BALANCE
<br />OF TH~ AUTHORITY'S $4,950,000 REDEVELOPMENT AND HOUSING
<br />AUTHORITY REVENUE BOND (PORTSMOUTH HOTEL ASSOCIATES
<br />PROJECT) SERIES OF 1981, ORIGINALLy ISSUED TO FINANCE THE
<br />CONSTRUCTION AND EQUIPPING OF A T~i~EE-STORY, 69 ROOM
<br />ADDITION TO THE PORTSMOUTH HOLIDAY INN, AT 8 CRAW-FORD
<br />PARKWAY, IN THE CITY OF PORTSMODTH
<br />
<br /> WHEREAS, the Virginia Housing Authorities Law, Chapter 1,
<br />Uitle 36 of the Code of Virginia of 1950, as amended (the "Act"),
<br />authorizes the creation ofthe Portsmouth Redevelopment and Housing
<br />Authority (the "Authority"), and the Act empowers the Authority to
<br />assist Portsmouth Hotel Associates, a Virginia limited partnership
<br />(the "Applicant"), in refunding the approximately $4,344,000
<br />outstanding prinoipal balance of the Authority's $4,950,000
<br />Redevelopment and Housing Authority Revenue Bond (Portsmouth Hotel
<br />Associates Project) Series of 1981, originally issued to finance
<br />th$~ construction~ and eq~/iDDin~__ ~ of a three-story, 69 room addition
<br />o the Portsmouth Holiday Inn, at 8 Crawford Parkway, ~n the City
<br />of Portsmouth (the "Facility..); and
<br />
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