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July 23, 1985
<br />
<br />(f) A 184-unit multi-family residential rental housing Froject in the City of
<br /> Portsmouth by the mssuance of its industrial ~evelopment Revenue Bonds in an
<br /> amount not to exceed 59,000,000 for January 16 Associates, a Virginia
<br /> Limited Partnership.
<br />
<br /> On motion of Mr. Gray and seconded by Mrs. Webb, the following resolution was
<br />on final reading, and by the following vote:
<br />
<br />adopted
<br />
<br /> 'A RESOLUTION {PPROVING THE ISSUANCE OF INDUSTRIAL DEVELCPMENT REVENUE BONDS
<br />BY THE PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY OF THE CITY OF PCRTSMOUTH,
<br />VIRGINIA, FOR JANUARY 16th ASSOCIATES IN AN AMOUNT NOT TO EXCEED $9,000,000 FOR
<br />A 200 UNIT MULTI-FAMILY RESIDENTIAL RENTAL APARTMENT FAC[LTIY LOCATED ON A
<br />PARCEl OF LAND APPROXIMATELY 300 FEET WEST OF THE INTERSECTION OF TOWNE POINT
<br />ROAD AND DUNKIRK 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, Virginia,
<br />to advertise and hold public hearings relative to the issuance of Industrial Development
<br />Revenue Bonds; and
<br />
<br /> WHEREAS, the PRHA has ccnsidered the application of January 16th Associates, a Virginma
<br />General 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, 1950, as amended, in
<br />a pricipal amount not to exceed Nine Million Dollars ($9,000,000) to assist in financing a
<br />portion of the cost of acquiring, constructing and equipping a multi-family residential rental
<br />housing project consisting of approximately two hundred (200) units (the"Project") to be
<br />located on a parcel of land approximately 300 feet west of the intersection of Towne Point
<br />Road and Dunkirk street in the City of Portsmouth, Virginia, and had held s public hearing
<br />thereon on May 28, 1985; and
<br />
<br /> WHEREAS, the "Company" has described to PRHA the benefits which the project will bring
<br />to the Commonwealth of Virginia and to the City of Portsmouth, Virginia, mn that the project
<br />wilI 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 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 Nine Million Dollars ($9,000,000) to assist in financing a portion
<br />of the cost of acquiring, constructing and equipping of the "Project".
<br />
<br /> BE IT FURTHER RESOLVED that the approval oE 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 PRHA
<br />shall be obligated to pay the Bonds or the interest thereon or other costs incident thereto
<br />except from the revenues and monies pledged therefor, and neither the faith or the credit of
<br />the taxing power of the Commonwealth, 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, Webb, Whitlow, Holley
<br />Nays: None
<br />
<br />8fi-167 Group housing application:
<br />
<br />(b) GHP 85-16
<br />
<br />Group housing project application of Reubin M. Manning, Owner, by
<br />C. Raeford Eure, Agent, for four apartment buildings containing eight
<br />each on property of the northwest corner of Deep Creek Boulevard and
<br />Benton Avenue, deferred from the Public Hearing of June il, 1985.
<br />
<br /> J. T. Warren, 35 Beacon Road,
<br />stated that the community would not
<br />tke northwest corner of Deep Creek
<br />w-eTe met:
<br />
<br />representing residents of Highland Park/Highland Biltmore,
<br />oppose the ccnstruction of twenty-eight apartments on
<br />Boulevard and Benton Avenue, if the following requests
<br />
<br />1. Adequate parking spaces provided for the residents and visitors -- at least
<br /> 48 spaces.
<br />2. Eight foot privacy fencing around perimeter of the project and adjacent R-75
<br /> lot segregating these properties from adjacent single-family dwellings and
<br /> the Highland Baptist Church.
<br />3. Adequate recreational and playground area with heavy-duty playground equipment.
<br />4. Proper maintenance of the project with attractive landscaFing.
<br />
<br />Mr. Warren stated that Mr. Manning had not responded to any of the correspondence.
<br />
<br />~its
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