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201
<br />
<br />November 26, 1985
<br />
<br /> Motfon'of M~.iWhitlow and seconded by Mrs. Lucas, to suspend the rules to allow Mr.
<br />to speak, and was adopted by unanimous vote.
<br />
<br /> Mr. Guy R. Friddell, representing Evans-Majer-Stewart Associates, spoke in support~6f
<br />the resolution for adoption at this time.
<br />
<br /> Motion of Mr. Beamer and seconded by Mrs. Webb, to suspend the rules for a citizens to
<br />speak, and was adopted by unanimous vote.
<br />
<br /> Mrs. Carrie Byrum, President of the Westhaven Civic League, asked the exact location of
<br />the housing project.
<br />
<br /> Mr. Gordon Wheatly, Portsmouth Redevelopment and Housing Authority~ answered Mrs. Byrum'
<br />question.
<br />
<br /> On motion of Mrs. Lucas and seconded by Mr. Beamer, the following resolution was adopted
<br />and by the following vote:
<br />
<br />"A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT AND REVENUE BONDS
<br />BY THE PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY OF THE CITY OF PORTSMOUTH,
<br />VIRGINIA FOR EVANS-MAJER-STEWART ASSOCIATES IN AN AMOUNT NOT TO EXCEED $2,000,000
<br />FOR APPROXIMATELY A SIXTY-FOUR (64) UNIT RENTAL APARTMENT PROJECT LOCATED AT 3719,
<br />3721 AND 3723 TURNPIKE ROAD IN THE CITY OF PORTSMOUTH~ VIRGINIA.
<br />
<br /> WHEREAS, the Portsmouth Redevelopment and Housing Authority of the City of Portsmouth,
<br />Virginia (PRHA) has been authorized by the Council of the City of Portsmouth, Virginia to
<br />advertise and hold public hearings relative to the issuance of Industrial Development Revenue
<br />Bonds; and
<br />
<br /> WHEREAS, the PRHA has considered the application of Evans-Majer-Stewart Associates, a
<br />Virginia General Partnership, (the !'Company") for the issuance by PRHA of Industrial Develop-
<br />ment Revenue Bonds pursuant to Chapter 1 of Title 36 of the Code of Virginia, 1950, as amended
<br />in a principal amount not to exceed Two Million Dollars ($2,000,000) to assist in financing
<br />the acquisition, construction and equipping of an approximately sixty four (64) unit rental
<br />apartment projec~ to be located a~ 37~9, 3721 and 3723 Turnpike Road in the City of
<br />Virginia (the "Project',I, and has held a public hearing thereon on October 8, 1985; and
<br />
<br /> WHEREAS, the "Company" has described to PRHA the benefits which the project will bring
<br />to the Cormmonwealth of Virginia and to the City of Portsmouth, Virginia in that the project
<br />will provide housing for persons of low and moderate income and thereby promote the public
<br />purposes for which the PRHA was established; and
<br />
<br /> WHEREAS, the PRHA has requested City Council to approve the issuance of the Bonds to
<br />comply with the applicable federal and state laws; and
<br />
<br /> WHEREAS, a copy of PRHA!s resolution approving the issuance of said Bonds, subject to
<br />the terms and conditions contained therein and the applicable certifications and documenta-
<br />tions, including, without limitation, a reasonably detailed summary of the comments expressed
<br />at the public hearing and a fiscal impact statement, have been p~ovided to the City Council
<br />for its consideration.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED that the Council 6f the City of Portsmouth, Virginia,
<br />approves the issuance of. Industrial Development Revenue Bonds by the PRHA for the "Company"
<br />in an amount not to exceed Two Million Dollars ($2,000,000) to assist in financing the acquis
<br />ition, construction and equipping of the ~'Project".
<br />
<br /> BE IT FURTHER RESOLVED that the approval of the issuance of the Bonds as required by
<br />the applicable federal and state laws does not constitute an endorsement of the Bonds,
<br />financial viability of t~ "Project" or the credit worthiness of the "C~ompany", but as
<br />required by the applicable provisions of the Code of Virginia, the Bonds shall provide that
<br />neither the Commonwealth of Virginia, City of Portsmouth, nor the PRHA shall be obligated
<br />to pay~the Bonds or the interest thereon or other costs incident thereto except from the
<br />~eYenues angmonies pledged therefor, and neither the faith or credit of the taxing power
<br />of the Commonwealth, the City nor PRHA shall be pledged thereto.
<br />
<br />This resolution shall take effect immediately upon its adoption."
<br />
<br />Ayes: Corprew, Gray, Lucas, ~itlow, Holley
<br />Nays: Beamer, ~ebb
<br />
<br /> 85-373 - Letter from the City Manager recommending adoption of a resolution
<br />the name change of the Southeastern Tidewater Area Manpower Authority (ST~\{A) to
<br />easter Virginia Job Training Administration.
<br />
<br />authorizing
<br />the South-
<br />
<br /> "The Southeastern Tidewater Area Manpower Authority (STAMA) Policy Council wishes to
<br />change the name of the consortium to the Southeastern Virginia Job Training Administration.
<br />The new title more aptly describes the training and employment services administered by the
<br />agency under the Job Training Partnership Act.
<br />
<br /> The participating jurisdictions in the consortium include the cities of Chesapeake,
<br />Franklin, Norfolk, Portsmouth, Suffolk, and Virginia Beach and the counties of Isle of Wight
<br />and Southampton, Elected officials from each jurisdiction are requested to sign the charter
<br />agreement as amended, with respect to the name change.
<br />
<br />
<br />
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