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August 13. 1985
<br />
<br /> WHEREAS, the Portsmouth Redevelopment
<br />Virginia (PRHA) has been authorized by the
<br />vertise and hold public hearings relative
<br />Bonds; and
<br />
<br />& Housing Authority of the City of Portsmouth,
<br />Council of the City of Portsmouth, Virginia, to ad-
<br />to the issuance of Industrial Development Revenue
<br />
<br /> WHEREAS, the PRHA has considered the application of Heritage West, a Virginia Limited
<br />Partnership, (the "Company"), for the issuance by PRHA of Industrial Development Revenue Bonds
<br />pursuant to Chapter 1 of Title 36 of the Code of Virginia, 1950, as amended, in a principal
<br />amount not to exceed One Million, Seven hundred Fifty Thousand Dollars ($1,750,000) to assist
<br />in acquiring, constructing and equipping a multi-family residential rental housing project
<br />consisting of for~y-eight (48) units (the "Project") to be located in the City of Portsmouth,
<br />Virginia, on 1.9 acres of land lying south of the First Friends Church at 5307 Portsmouth
<br />Boulevard (being a portion of parcels 14, 15 and 15.1 of Tap Map 446) and has held a public
<br />he~ring thereon on July 23, 1985; and
<br />
<br /> WHEREAS, the "Company" has described the PRHA the benefits which the project will bring
<br />to the Commonwealth of Virginia and to the City of Portsmouth~ Virginia, in that the project
<br />will pyovide housing for persons of low and moderate income and thereby promote the public
<br />purposes for which the PRHA was established; and
<br />
<br /> WHEREAS, the PRHA has requested City Council to approve the issuance of the Bonds to
<br />comply with the applicable federal and state laws; and
<br />
<br /> WHEREAS, a copy of PRHA's resolution approving the issuance of said Bonds subject to the
<br />terms and conditions contained therein, and the applicable certifications and documentatmons
<br />required by the applicable federal and state laws have been provided to the City Council For
<br />its consideration.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth, Virginma, ap-
<br />proves the issuance of Industrial Development Revenue Bonds by the PRHA for the "Company" in
<br />amount not to exceed One Million Seven Hundred Fifty Thousand Dollars ($I,750,000) to assist
<br />in financing the cost of acquiring, constructing and equipping 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 previsions of the Dode 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 from 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 adoptionS"
<br />
<br />Ayes: Beamer, Corprew, Gray, Lucas, Webb, Whitlow, Holley
<br />Nays: None
<br />
<br /> 85-229 Letter from the City Manager recommending adoption of a resolution authorizing
<br />~ssuance of Industrial Development Revenue Bonds for Chowan Trace Assozlates in an amount not
<br />to exceed $4,000,000 for acquiring, constructing and equipping of a i20-unit multi-family
<br />residential rental apartment Froject in the City of Portsmouth.
<br />
<br /> "The Portsmouth Redevelopment and Housing Authority held a public hearing to consider
<br />the issuance of Industrial Development Revenue Bonds for Chowan Trace Associates, a Virginia
<br />Limited Partnership, in an amount not to exceed $4,000,000 for assistance in finanaing a por-
<br />tion of the cost of acquiring, constructing and equipping of a 120-unit multi-family residen-
<br />tial rental apartment project in the City of Portsmouth, Virginia.
<br />
<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 recues~ed
<br />City Council's approval of same. The necessary documentation, including the Fiscal Impact
<br />Statement for the project is enclosed for ycur information.
<br />
<br /> The attached resolution has been prepared by the City Attorney, and I recommend its
<br />adoption."
<br />
<br /> On motion of Mr. Gray and seconded by Mr. Corprew, the fcllowing resolution was adopted,
<br />and by the following vote:
<br />
<br />"A R~SOLUTION APPROVING tHE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY
<br />THE PCRTSMOUTH REDEVELOPMENT ~ HOUSING AUTHORITY OF THE CITY OF PORTSMOUTH,
<br />VIRGINIA, FOR CHOWAN TRACE ASSOCIATES IN AN AMOUNT NOT TO EXCEED ~4,000,000 FOR
<br />A 120 UNIT MULTI-FAMILY RESIDENTIAL RENTAL HOUSING PROJECT LOCATED AT TH~ SOUTH-
<br />WEST CORNER OF CHOWAN DRIVE AND CHEROKEE ROAD IN THE CITY OF PORTSMOUTH, VIRGINIA.
<br />
<br /> WHEREAS, the Portsmouth Redevelopment 6 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 hearing relative to the issuance of ~ndustrial Development Revenue
<br />Bonds; and
<br />
<br /> WHEREAS, the PRHA has considered the application o£ Chowan Trace Associates, a Virginia
<br />Limited Partnership, (the "ComFany"), which will be the original owner of the Project, for the
<br />
<br />
<br />
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