Minutes 05/24/1988 - Laserfiche WebLink

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108 May 24, 1988 On motion of Mr. Gray and seconded by Mr. Corprew, the following resolution was adopted, and by the following vote: "A RESOLUTION APPROVING THE ISSUANCE OF MULTI-FAMILY RENTAL HOUSING REVENUE REFUNDING BONDS BY THE PORTSMOUTH REDEVELOPMENT & HOUSING AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA IN AN AMOUNT NOT TO EXCEED $4,085,000 TO ASSIST INDEPENDENCE SQUARE ASSOCIATES IN THE REFUNDING OF A BOND ISSUED BY THE PORTSMOUTH REDEVELOPMENT & HOUSING AUTHORITYON DECE~BER'~16, I9'85~TO~FINANCE A~PORTION OF THE ACQUISITION,'~CONSTRUCTtONAND'EQUIPPING OF A-MULTI-FAMILY RENTAL~HOUSING~PROJECT LOCATEDAT 512OGEORGE WASHINGTON HIGHWAY IN THE CITY OF PORTSMOUTH, VIRGINIA. WHEREAS~ the Portsmouth RedeVelopment &.Housing Authority of the City of'Portsmouth, Virginia (PRHA) has been. authorized by the Council of the City of Portsmouth, Virginia to advertise and hold ~ubtic hearings relative to'the ~ssuance'~of Revenue Bonds; and WHEREAS, the PRHA has considered the app~ication~and plan of financing of Independence Square Associates, a Virginia general partnership, (the "Company"), for the~ssuance by PRHA of Housing Revenue Bonds in an amount not to exceed Four Million Eighty-Five~Thousand Dollars ($4,085,000), but equal to the outstanding principal balance of the original note, to assist the Company in the redemption in full-of PRHA's $4,200,000 1985 Housing Revenue Note (Independence Square Project), which was issued to finance the acquisition, construction and equipping of a 152 unit multi-family residential rental housing project known as Independence Square Apartments located at 5120 George Washington Highway in the City of Portsmouth, virginia (the "Facility"), and has held a public hearing thereon on May 10, 1988; and WHEREAS, the Internal Revenue Code of 1986 permits refundings for multi-family rental housing projects; and WHEREAS, the PRHA has requested City Council to approve the issuance of the bonds to comply with the applicable federal and state laws and a copy of PRHA's Resolution approving the issuanceS'of said bonds subject to the terms and conditions contained therein and the applicable certifications and documentations including, Without limitation, a rea-sonably detailed' summary of the comments ~xpressed at the public hearing ~and a F~scal Impact Statement have b~en provided to the City Cou~ncil for. their consideration. NOW, THEREFORE, BE IT RESOLVED that the recitals made in the seCohd preamble to this Resolution iare hereby~madb~a part of this ~Resolution and that the Council of ,the ~ity of ~ ~i~'~ Portsmouth, Virginia, approves the issuance of Multi~Fami~ly · Rental Housing Reven~e Refunding Bonds!by PRHA for!the Company in an amount hot to exceed Four Million Eighty-Five. Thous~and Dollars ($4,085,000)to r~fund PRHA'~ $4,200,00~0 Housing Revenue Note (Independence Square Project) issued on iDecember 16, 1985 for the acquisition, construction and ~quipping of the Facility.