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November 12, 1985
<br />
<br /> WHEREAS, the Portsmouth Redevelopment ~ 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 Independence Square 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 nor to exceed Four Million, Five Hundred Thousand Dollars ($4,500,000)
<br />to finance a portion of the cost of acquiring, constructing, develop~.ng~ma~n~i~ng-~and
<br />operating a multi-family housing project to be known as Independence Square Apartments (the
<br />'Project") consisting of 152 units located on the western line of George Washington Highway
<br />in Portsmouth, Virginia, distant 244.57 feet northwardly From the centerline of the Norfolk &
<br />Western Railroad track crossing George Washington Highway at or near the present City limit
<br />of the City of Portsmouth, Virginia, such parcel containing 6.9594 acres, more or less, and
<br />has held a public hearing thereon on October 22, 1985; and
<br />
<br /> WHEREAS, the "Company" has described to PRHA the benefits which the project will bring to
<br />the Commonwealth of Virginia and to the City of Portsmouth, Virginia, in that the project Will
<br />provide housing for persons of low and moderate income and thereby promote the public purposes
<br />for which the PRHA was established; and
<br />
<br /> WHEREAS, the PRHA has requested Council to approve the issuance of the Bonds to comply wi
<br />the applicable federal and state laws; and
<br />
<br /> WHEREAS, a copy of PRHA's resolution approving the issuance of said Bonds subject to the
<br />terms and conditions contained therein, and the applicable certifications and documentations,
<br />including, without limitation, a reason~bl? detailed summary of the comments expressed at the
<br />public hearing and a fiscal impact statement, have been provided to the City Council for their
<br />consideration.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth, Virginia,
<br />approves the issuance of Industrial Development Revenue Bonds by the PRHA for the "Compnay"
<br />in an amount not to exceed Four Million, Five Hundred Thousand Dollars ($,500,000~ to finance
<br />a portion of the cost of acquiring, constructing, developing, maintaining and operating the
<br />"Project".
<br />
<br /> BE IT FURTHER RESOLVED that the approval of the issuance of the Bonds as required b
<br />the applicable federal and stare laws does not consitute an endorsement of the Bonds, finan~
<br />viability of the "Project" or the credit worthiness of the Code of Virginia, the bonds shall
<br />provide that neither the Commonwealth of Virginia, City of Portsmouth, nor the PRHA shall be
<br />obligated ~o FaY the Bonds or the interest thereon or other costs incident thereto except
<br />from the revenues and monies pledged therefor, and neither the faith or the credit of the
<br />taxing power of the Commonwealth, the City nor PRHA shall be pledged thereto.
<br />
<br />This resolution shall take effect immediate2y upon its adoption.'
<br />
<br />Ayes: Beamer, Corprew, Gray, Lucas, Webb, Whitlow, Holley
<br />Nays: None
<br />
<br /> 85-350 Letter from the City Manager recommending adoption of a resolution authorizing
<br />the issuance of Industrial Development Revenue Bonds ~n an amount ~ot to exceed $900,000 for
<br />the benefit of Reubin Manning for the acquiring, constructing and equipping of two multi-famil
<br />residential rental housing projects located at Wall Street and Hansen Avenue, and Benton Aven~
<br />and Deep Creek Boulevard.
<br />
<br /> "The Portsmouth Redevelopment and Housing Authority held a public hearing to consider the
<br />issuance of Industrial Development Revenue Bonds for Reubin ~anning in an amount not to exceed
<br />$900,000 to assist the company in financing a portion of the cost of acquiring, constructing
<br />and equipping ~wo multi-family residential rental housing projects. One project is a 4-unit
<br />new construction located at the northeast intersection of Wall Street and Hansen Avenue, and
<br />the second project is a 30-unit new construction located at the northwest intersection of
<br />Benton Avenue and Deep Creek Boulevard.
<br />
<br /> The Portsmomth Redevelopment and Housing Authority adopted a Resolution of Intent to
<br />issue the Bonds, and in accordance with the applicable State and Federal law, has requested
<br />City Council's approval of same. The necessary documentation, including the Fiscal Impac~
<br />Statement, for the project is enclosed for your information.
<br />
<br /> The attached resolution has been prepared by the City Attorney, and I recommend its
<br />approval."
<br />
<br /> Ralph W. Buxton, Attorney, P. O. Box 1475, Portsmouth, representing Reubin Manning,
<br />was available to answer questions.
<br />
<br /> On motion of Mr. Gray and seconded by Mrs. Webb, the following resolution was adopted,
<br />and by the following vote:
<br />
<br />"A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY
<br />THE PORTSMOUTH REDEVELOPMENT 8 HOUSING AUTHORITY OF THE CITY OF PORTSMOUTH,
<br />VIRGINIA, FOR REUBIN MANNING IN AN AMOUNT NOT TO EXCEED S900,000 FOR TWO (2)
<br />MULTI-FAMILY RENTAL HOUSING PROJECTS, ONE LOCATED AT THE NORTHEAST INTERSECTION
<br />OF WALL STREET AND HANSEN AVENUE AND THE OTHER LOCATED AT THE NORTHWEST INTER-
<br />SECTION OF BENTON ACWNUE AND DEEP CREEK BOULEVARD IN THE CITY OF PORTSMOUTH, VIRGINIA.
<br />
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