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August 13, 1985
<br />
<br />issuance by PRHA df Industrial Development Revenue Bonds pursuant to Chapter 1 of Title 36 of
<br />the Code of Virginia, 1950, as amended, in a principal amount not to exceed Four Million
<br />Dollars ($4,000,000~ to assist in financing the cost of acquiring, constructing and equipping
<br />a multi-family residential rental housing project consisting of one hundred twenty (120) units
<br />(the "Project") to be located on a parcel of land at the southwest corner of Chowan Drive and
<br />Cherokee Road in the City of Portsmouth, Virginia, and has held a public hearing thereon on
<br />July 23, 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 rec_uested City Council to approve the issuance of the Bonds to comp~
<br />with the applicable federal and staae laws; and
<br />
<br /> WHEREAS, a copy of PRHA's resolution approving the issuance of said Bonds subject to the
<br />terms and conditicns 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 />
<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 £or the "Company"
<br />in an amount not to exceed Four Million Dollars ($4,000,000) to assist in financing the acqui-
<br />sition, construction 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 o£ the Bonds, financial
<br />viability of the "ProEect" or the credit worthiness of the "Company", but as required by the
<br />applicable provisiens 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 ~o pay the Bonds or th~
<br />interest thereon or other costs incident thereto except from the revenues and monies pledged
<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 sh~ll take effect immediately upon its adoption."
<br />
<br />Ayes: Beamer, Corprew, Gray, Lucas, Webb, ~itlow, Holley
<br />Nays: None
<br />
<br /> 85-230 Letter from the City Manager recommending adoption of a resolution appointing
<br />viewers for closing of a portion of Powell Street.
<br />
<br />"Manor Green Associates has made application to close a portion of Powell Street.
<br />
<br /> The attached resolution appoints viewers in accordance with applicable State law to view
<br />the portion of such street and to report to the Planning Commission if any inconvenience would
<br />result in closing that portion of Powell Street.
<br />
<br />I, therefore, concur and recommend the adoption of the attached resolution."
<br />
<br /> On motion of Mrs. Lucas and seconded by Mrs. Webb, the following resolution was adopted,
<br />and by the following vote:
<br />
<br />RESOLUTION APPOINTING VIE¥~ERS FOR CLOSING OF A PORTION OF POWELL STREET.
<br />
<br /> WHEREAS, Manor Green Associates has made application to Facate, close and discontinue
<br />the hereinafter-described portion of Powell Street, and it appearing that notice of applicatio~
<br />and request for the appointment of viewers has been duly advertised as required by law.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that
<br />A. N. Kendrick, Linon Vann, H. G. Hairston, James H. Griffin and James L. Linehan be appointed
<br />viewers and that Howard L. Davis and R. E. B. Stewart be appointed alternate viewers in-the
<br />event one of the preceding viewers fails to participate, sa~d v~ewers to view the hereinafter-
<br />described portion of such street and to report to this Council in writing whether in their
<br />opinion any, and if any what, inconvenience would result in vacating and diosing the following:
<br />
<br /> POWELL STREET
<br />
<br /> All that certain piece or parcel of land, situate in the City of Portsmouth,
<br /> Virginia, being the underlying fee simple in and to the area kno~mas PowelI Street
<br /> being twelve (12) f&et i~ width, and extending from he eastern line of Haysom
<br /> Street to its dead-end approximately two hundred fif-y five (255) feet to the east."
<br />
<br />Ayes: Beamer, Corprew, Gray, Lucas, l~ebb,
<br />Nays: None
<br />
<br /> 85-231 Letter from the City Manager recommending a~
<br />United States Congress to adopt legislation exempting Sta~
<br />Labor Standards Act.
<br />
<br />Whitlow, Holley
<br />
<br />.o~tion of a resolution urging the
<br />e and local employees from the Fair
<br />
<br />
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