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89
<br />
<br />August 13, 1985
<br />
<br />"A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY
<br />THE PORTSMOUTH REDEVELOPMENT & HOUSING AUTHORITY OF THE CITY OF PORTSMOUTH,
<br />VIRGINIA, FOR SEA VIEW PROPERTIES IN AN AMOUNT NOT TO EXCEED $180,000 for a 5-
<br />HN%T MULTI-FAMILY RENTAL HOUSING PROJECT KNOWN AS SEA VIEW BUILDING LOCATED AT
<br />818 DINWIDDIE STREET IN THE CITY OF PORTSMOUTH, VIRGINIA.
<br />
<br /> WHEREAS, the Portsmouth Redevelopment g Housing Authority of the City of Portsmouth,
<br />Virginia )PRHA) has been authorized by the Council of the City of Portsmouth, Virginma, to
<br />advertise and hold public hearings relative to th~ issuance of Industrial Development Revenue
<br />Bonds; and
<br />
<br /> WHEREAS, the PRHA has considered the application of Sea View Properties, a Virginia
<br />Limited Partnership, (the"Company"), for the issuance by PRHA of Industrial Development
<br />Revenue Bonds pursuant to Chapter 1 of Title 36 of the Code of Virginia, 1980, as amended, in
<br />a principal amount not to exceed One Hundred Fifty Thousand Dollars ($150,000) to assist in
<br />financing the cost of acquiring, constructing, rehabilitating and equipping a multi-family
<br />residential rental housing project consisting of fi~e (S) units (the "Project") to be located
<br />at 818 Dinwiddie Street in the City of Portsmouth, Virginia, and has held a public hearing
<br />thereon on July 23, 1985; and
<br />
<br /> WHEREAS, the 'Company" has described the PRHA the benefits which the project will bring
<br />to the Commonwealth of Virgznia and to the City of Portsmouth, Virginia, in that the project
<br />will provide housing for persons of low and moderate ~ncome 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 com-
<br />ply 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 the
<br />terms and conditions contained therein, and the applicable certifications and documentations
<br />required by the applicable Dederal and state laws have been provided to the City Council for
<br />its 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 "Company"
<br />in an amount not to exceed One Hundred Fifty Thousand Dollars ($150,000) to assist in financin
<br />the acquisition, construction, rehabilitation and equipping of the "Project".
<br />
<br /> BE IT 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 Common
<br />wealth of Virginia, City of Portsmouth, nor the PRHA shall be obligated to pay the Bonds or
<br />the interest thereon or other costs incident thereto except fro~ the revenues and monies pledg,
<br />therefor, and neither the faith or the credit of the taxing power of the Commonwealth, the Cit~
<br />nor PRHA shall be pledged thereto.
<br />
<br />This resolution shall take effect immediately upon its adoption."
<br />
<br />Ayes: Beamer, Corprew, Gray, Lucas, Webb, Whitlow, Holley
<br />Nays: None
<br />
<br /> 85-228 Letter from the City Manager recommending adoption of a resolution authorizing
<br />the issuance of Industrial Development Revenue Bonds for Heritage West in an amount not to
<br />exceed $1,750,000 for acquiring, constructing and equipping of a 48-unit multi-family residen-
<br />tial rental apartment pro~ect in the City of Portsmouth.
<br />
<br /> "The Portsmouth Redevelopment and Housing Autho?ity held a public hearing to consider
<br />the issuance of Industrial Development Revenue Bonds for Heritage West, a Virginia General
<br />Partnership, in an amount not to exceed $1,750,000 for assistance in financing a portion of
<br />the cost of acquiring, constructing and equipping of a 48-unit multi-family residential rental
<br />apartment project in the City of Portsmouth, Virginia.
<br />
<br /> The Portsmouth Redevelopment and Housing Authority adopted a Resolution of Intent to issu~
<br />the Bonds, and in accordance with the applicable state and federal law, has requested City
<br />Council's approval of same. The necessary documentation, including the Fiscal Impact Statemen~
<br />for the proj. ect ~s enclosed for your information.
<br />
<br /> The attached resolution has been prepared by the City Attorney, and I resommend its
<br />approval."
<br />
<br /> On motion of Mr. Beamer and seconded by Mr. Gray, the loll'owing resolution was adopted
<br />and by.the fo]lowing vote: '
<br />
<br />"A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY
<br />THE PORTSMOUTH REDEVELOPMENT g HOUSING AUTHORITY OF THE CITY OF PORTSMOUTH,
<br />VIRGINIA, FOR HERITAGE WEST IN AN AMOUNT NOT TO EXCEED $I,?S0,000 FOR A 48-UNIT
<br />MULTI-FAMILY RESIDENTIAL RENTAl APARTMENT FACILITY LOCATED IN THE CITY OF PORTS-
<br />MOUTH, VIRGINIA, ON 1.9 ACRES OF LAND LYING SOUTH OF THE FIRST FRIENDS CHURCH
<br />AT S307 PORTSMOUTH BOULEVARD.
<br />
<br />
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