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146
<br />
<br />October 1, 1985
<br />
<br /> On motion of Mr. Beamer and seconded by Mr. Gray, the following resolutio~was adopted,
<br />and by the following vote:
<br /> "A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENU2 BONDS
<br /> BY THE PORTSMOUTH REDEVELOPMENT & HCUSING AUTHORITY OF THE CITY OF PORTSMOUTH,
<br /> VIRGINIA, FOR P. H. BOYETTE, JR. ~ COMPANY, INCORPOKgTED IN AN ~{OUNT NOT 50
<br /> EXCEED $550,000 FOR A 24 UNIT RENTAL APARTMENT PRCJECT LOCATED AT 3722-3735
<br /> TURNPIKE ROAD IN ~HE CITY OF PORTSMOUTH. VIRGINIA.
<br /> WHEREAS, the Portsmouth Redevelopment ~ Housing Authority of the City of Portsmouth,
<br />Virgania (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 />
<br />Bonds; and
<br />
<br /> WHEREAS, the PRHA has considered
<br />porated, A Virginia Corporation, (the
<br />Development Revenue Bonds pursuant to
<br />
<br />the appllcataon of P. H. Boyette, Jr. g Company, Incor-
<br />"Company"), for the issuance by PRHA of Industrial
<br />Chapter 1 of title 36 of the Code of Virginia, 1950,
<br />
<br />as amended, in a principal amount not to exceed Five Hundred Fifty Thousand Dollars ($550,0007
<br />to assist in financing the acquisition, rehabilitation, construction and equmpping of an appr~
<br />matel) twenty-four (24) unit renta] apartment Froject located at 3722-3735 Turnpike Road in
<br />the City of Portsmouth, Virginia (the "Project") and has held a public hearing thereon on
<br />September 10, 1985; and
<br /> WHEREAS, the "Company" has described the PRHA the benefits which the Froject will bring
<br />to the Commonwealth of Virginia and to the City of Portsmouth, Virginia, in that the project
<br />will provide housing for persons of low and moderate income and thereby promote the public
<br />purposes for which the PRHA was established; and
<br /> WHEREAS, the PRHA has requested City Council to approve the issuance of the Bonds to
<br />comply with the applicable federal and state laws; and
<br /> WHEREAS, a copy of PRHA's resolution approvmng the issuance of said Bonds, subject to ti
<br /> terms and conditions contained therein, and the applicable certifications and documentations
<br /> required by the applicable federal and state laws have been provided to the City Council for
<br /> its consideration.
<br /> NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth, Virgxnia,
<br /> approves the mssuance of Industrial Development Revenue Bonds by the PRHA for the "Company"
<br /> in an amount not to exceed Five Hundred Fifty Thousand Dollars ($S50,000~ to assist in financ
<br /> ing the acquisition, rehabilitation, construc'Lion and equipping of the "Project".
<br /> BE I~ FURTHER RESOLVED that the approval of the issuance of the Bonds as required by the
<br /> applicable federal and state laws does not constitute an endorsement of the Bonds, financial
<br /> viability of the "Project" or the credit worthiness of the "Company", but as required by the
<br /> applicable provisions of the Code of Virginia, the Bonds shall provide that neither the Com-
<br /> monwealth of Virginia, City of Portsmouth, nor the PRHA shall be obligated to pay the Bonds o
<br /> the interest thereon or other costs incident thereto except from the revenues and monies
<br /> pledged therefor, and neither the faith nor credit of the taxing power of the Commonwealth,
<br /> the City, nor PRHA shall be pledged thereto.
<br />
<br /> this resolution shall take effect immediately upon its adoption."
<br />
<br /> Ayes: Beamer, Corprew, Gray, Lucas, Whitlow, Holley
<br /> Nays: None
<br />
<br /> 85-287 Letter from the City Manager recommending adoption of a resolution to issue
<br />$1,200,000 in Industrial Development Revneue Bcnds for the benefit of H ~ & Associates to
<br />assist in cost of acquiring, constructing and equipping an office building located east of th~
<br />existing Bristol Square Office Building between County and Columbia Streets in the City of
<br />Portsmouth, Virginia.
<br /> "The Portsmouth Redevelopment and Housing Authority held a Fubtic hearing to consider
<br />the mssuance of Industrial Development Revenue Bonds for H ~ H Associates, a Virginia General
<br />Partnership, in an amount not to exceed $1,200,000 for assistance in financing a portion of
<br />the cost of acqu~rang, constructing and equipFing of an office building in the City of Ports-
<br />mouth, Virginia.
<br /> The Portsmouth 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 />Cit) Counci's approval of same. The necessary documentation, including the Fiscal Impact
<br />Statement for the Froject, is enclosed for your information.
<br />
<br /> The attached resolution
<br />approval."
<br />
<br />and
<br />
<br /> On motion of Mr. Beamer
<br />by the following vote:
<br /> "A RESOLUTION APPROVING THE ISSUANCE 02 INDUSTRIAL DEVELOPMENT REVENUE BONDS BY
<br /> THE PORTSMOUTH REDEVELOPMENT & HOUSING AUTHORITY 02 THE CITY 02 PORTSMOUTH,
<br /> VIRGINIA, EOR H g H ASSOCIATES IN AN AMOUNT NOT TO EXCEED ~1,200.000 [0R THE
<br /> ACQUISITION, CONSTRUCTION AND EQUIPPING OF AN CFPICE BUIlDiNG'TO BE LOCATED IN
<br /> THE 500 BLOCK OF COUNTY STREET IN THE CITY OP PORTSMOUTH, VIRGINIA, AND REQUEST-
<br /> ING AN ALLOCATION FROM THE STATE RESERVE FOR THE BENEFIT 02 H ~ H ASSO[IATES.
<br />
<br />has been Frepared by the City Attorney, and I recommend its
<br />and seconded by Mr. Gray, the following resolution was adopted,
<br />
<br />
<br />
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