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July 23~ 1985
<br />
<br />on
<br />
<br /> On motion of Mr. Gray and seconded by Mr. Beamer, the following ordinance was
<br />first and final reading, and by the following vote:
<br />
<br /> "AN ORDINANCE TO AMEND THE CODE OF THE CITY OF PORTSMOUTH, VIRGINIA, 1973, BY
<br /> ~\{ENDING SECTION 24-10C' (b) THEREOF, PERTAINING TO FEES FOR SLEEPY HOLE GOLF
<br /> COURSE."
<br />
<br />adopted
<br />
<br /> Ayes: Beamer, Corprew, Gray, Lucas, Webb, Whitlow, Holley
<br /> Nays: None
<br />
<br /> 85-210 Letter from the City Manager recommending adoption of a resolution to authorize
<br />the issuance of Industrial Development Revenue Bonds in an amount not to exceed S1,500,000
<br />for Freedom Unlimited, a Virginia General Partnership, for the acquiring, constructing, and
<br />equipping of a 52-unit multi-family residential rental housing project in the City of Portsmouth.
<br /> "The Portsmouth Redevelopment and Housing Authority held a public hearing to consider
<br />the issuance of Industrial Development Revenue Bonds for Freedom Unlimited, a Virginia General
<br />Partnership, in an amount not to exceed $1,800,000 for assistance in financing a portion of
<br />the ccst of ~q~iri~ constructing and equiFping of a 32-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
<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 Impact
<br />Statement for the project, is enclosed for your ~nformation. City Council at its Tuesday,
<br />June 11, 1985 meeting, approved a Group Housing Permit for this project (CHP 85-14).
<br />
<br /> The attached resolution has been prepared by the City Attorney and I recommend its
<br />approval."
<br />
<br /> On motion of Mr, ~ and seconded by Mrs. hf~Jas, 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 AND HOUSING AUTHORITY OF THE CITY OF PORTSMOUTH,
<br /> VIRGINIA, FOR FREEDOM UNLIMITED IN AN AMOUNT NOT TO EXCEED $1,500,000 FOR A 32
<br /> UNIT MULTI-FAMILY RESIDENTIAL RENTAL HOUSING PROJECT LOCATED ON THE 1700 BLOCK OF
<br /> CHESTNUT STREET IN THE CITY OF PORTSMOUTH, VIRGINIA.
<br />
<br /> WHEREAS, the Portsmouth Redevelopment and Housing Authority of the City of Portsmouth,
<br />Virginia (PRHA) has been authorized by the Council of the City of Portsmouth, to advertise
<br />and hold public hearings relative to the mssuance of Industrial Development Revenue Bonds;
<br />and
<br />
<br /> WHEREAS, the PRHA has considered the application of Freedom Unlimited, A Virginia Genera
<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, Five Hundred Thousand Dollars ($1,500,000) to finance a
<br /> portion of the cost of acquiring, constructing and equipping a multi-family residential rental
<br /> housing projecn ccnsisting of thirty-two (32) units (the "Project.") located on the 1700 block
<br /> of Chestnut Street in the City of Portsmouth, Virginia, and has held a public hearing thereon
<br /> dune 25, 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 provide 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 Council to approve the issuance of the Bonds to comply
<br /> 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 federal and state laws ~a~ been provided to the City Council for it
<br /> consideration.
<br />
<br /> NOW, THEREFORE, BE IT Rg~QL%~g~D that the City of Portsmouth, Virginia, approves the issuanc
<br /> of Industrial Development Revenue Bonds by the PRHA for the "Company" in an amoun~ not to ex-
<br /> ceed One Million, Five Hundred thousand Dollars ($1,.500,000) to finance a pcrtion of the cost
<br /> of acquiring, constructing, and equipping of the "Project".
<br />
<br /> BE IT FURTHER RES£LVED 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, fin~ndl~l
<br /> viability of the "Project" or the credit worthiness of the "Company", but as required by the
<br /> applicable provisicns of the Code of Virginia, City of Portsmouth, nor the PRHA shall be
<br /> obligated to pay the Bonds or the interest thereon or other costs incident thereto except fro~
<br /> the revenues and monies pledged therefor, and neither the faith or the credit of the taxing
<br />
<br />power of the Commonwealth, the City, nor PRHA shall
<br /> This resolution shall take effect immediately
<br />
<br /> Ayes: Beamer, Corprew, Gray, Lucas,
<br /> Nays: None
<br />
<br />be pledged thereto.
<br />upon its adoption."
<br />Webb, Whitlow, Holley
<br />
<br />
<br />
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