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48'
<br />
<br /> As indicated on the enclosed Development Summary, this project is expected ro generate
<br />in excess of $2,700,000 in local, annual taxes and to create 80 new ]cbs in the City of
<br />Portsmouth.
<br />
<br /> The attached resolution has been prepared by the City Attorney, ayd I recommend its
<br />approval."
<br />
<br />Motion of Mr. Whitlow and seconded by Mrs. Webb, to defer.
<br />
<br /> Guy Friddell, 1800 Sovran Center, Norfolk, representing Portsmouth Properties, stated
<br />if the matter was deferred, it would cause a problem.
<br />
<br /> On motion 85-184 was deferred to the meeting of July 9, 1985, and was adopted by
<br />unanimous vote.
<br />
<br /> 85-185 Letter from the City Manager recommendin~ adoption of a resolution authorizing
<br />the issuance of Industrial Development Revenue Bonds for the acquisition, construction, and/o~
<br />equmpping, operatzon, and rehabilitation of the following projects in the City o[ Portsmouth:
<br />
<br />(a) A ~2-unit multi-family residential renta~ housing ~rojec~ by ~cDaniels. Roofing
<br /> Corporation, a Virginia Corporation, in An ~ount not to e~ceed $3,000,000.
<br />
<br />(c)
<br />
<br />(d)
<br />
<br />A 54-unit multi-family residential rental housing projeGt by Metro Development,
<br />Inc., a Virginia Corporation, in an amount not to exceed $3,000,000.
<br />
<br />A 97-unit multi-family residential rental housing project by Pepperwood Associates
<br />II, a Virginia Limited Partnership, in an amcunt not to exceed $5,000,000.
<br />
<br />A 5-unit multi-family residential rental housing project by Sea View Properties,
<br />a Virginia Partnership, in an amount not to exceed $100,000.
<br />
<br />(e) An 18-unit multi-family residential rental housing project by J. D. Erin and
<br /> Associates, a Virginia General Partnership, in an amount not to exceed $500,000.
<br />
<br />(f)
<br />
<br />An approximately 200-unit multi-family residential rental housing project by
<br />January 16th Associates, a Virginia Limited Partnership, ~n an amount not to
<br />exceed $9,000,000.
<br />
<br />(g] A S6-unit multi-family residential rental housing'project by MKS Properties,
<br /> a Virginia Limited Partnership, in an amount not to exceed SI,000,000.
<br />
<br /> "At a recent meeting of the Portsmouth Redevelopment and Housing Authority, approval was
<br />granted for the issuance of Housing Bonds as required by Section 103(k) of the Internal Revenu~
<br />Code of 1954, as amended, for the following projects:
<br />
<br /> [a) A 72-unit multi-family residential rental housing project i~ the City of Portsmouth
<br />by the issuance of its industrial develpment revenue bonds in an amount not to exceed
<br />$3,000,000 for McDanie%s Roofing Corporation, a Virgin~ Corporation.
<br />
<br /> (b) A S4-unit multi-family residential rental housing project in the City of Portsmouth
<br />by the issuance of its industrial development revenue bonds ~n an amount not to exceed
<br />$3,000,000 for Metro Development, Inc., a Virginia Corporation.
<br />
<br /> (c) A 97-unit multi-family residential rental housing
<br />by the issuance of its industrial development revenue bonds
<br />$5,000,000 for Pepperwood Associates II, A Virginia Limited
<br />
<br />project in the City of Portsmouth
<br />in an amount not ~o exceed
<br />Partnership.
<br />
<br /> (d) A 5- unit multi-family residential rental housing
<br />by the issuance of its industrial development revenue bonds
<br />for Sea View Properties, a Virginia Partnership.
<br />
<br />project in the City of Portsmouth
<br />mn an amount not to exceed $100,00
<br />
<br /> (e) An 18-unit multi-family residential rental housing project in the City of Portsmouth
<br />by the issuancce of its industrial development revenue bonds in an amount not to exceed
<br />$500,000 for J. D. Erin and Associates, a Virginia General Partnership.
<br />
<br /> (f) Approximately 20~-unit
<br />of Portsmouth by the mssuance of
<br />no exceed $9,000,000 for January
<br />
<br />multi-family residential rental housing project in the City
<br />its industrial developmen~ revenue bonds in an amount not
<br />16th Associates, A Virginia Limited Partnership.
<br />
<br /> (g) A 56-unit multi-family residential rental housing project in the City of Portsmouth
<br />by the issuance of its industrial development revenue bonds in an amount not to exceed
<br />$1,000,000 for MKS Properties, A Virginma Limited PartnershiF.
<br />
<br /> The City Attorney received certificates for eac~ project evidencing conduct of a public
<br />hearing and action taken by the Authority~ as well as a copy of the revenue bond application.
<br />
<br /> As required by law, it is now necessary that the City Council approve the attached
<br />resolutions authorizing the various entities to take advantage of Federal tax-exem~t financing
<br />
<br /> On motion of Mrs. Webb and seconded by Mr. Whitlow, the followin~ resolution was adopted,
<br />and by the following vote:
<br />
<br />
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