|
4'9.
<br />
<br />"A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY
<br />THE PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY OF [HE CITY OF PORTSMOUTH~
<br />VIRGINIA, FOR McDANIELS ROOFING CORPORATION INIAN AMOUNT NOT TO EXCEED $3 000 000
<br />FOR A 72 UNIT MUITI-FAMILY RESIDENTIAL RENTAl_{PARTMENT PROJECT LOCATED A~ TH~
<br />INTERSECTION OF VICTORY BOULEVARD AND DAHLGREN AVENUE IN THE CITY OF PORTSMOUTH
<br />VIRGINIA. ,
<br />
<br /> WHEREAS,
<br />Virginia (PRHA) has been authorized by the Council
<br />advetise and hold public hearings relative to the i
<br />Bonds; and
<br />
<br /> WHEREAS, the PRHA has considered the applicati
<br />Virginia Corporation, (the"Company") for the issuan
<br />Bonds pursuant ro Chapter 1 of Title 36 of the Code
<br />amount not to exceed Three Mullion Dollars ($3,000,
<br />construction and equipping 6f a seventy-two (72) un]
<br />project located at the intersection of Victory Boule
<br />Street and between Dahlgren Avenue and Victory Boule
<br />(the "Project"), and has held a public hearing there
<br />
<br />the Portsmouth Redevelopment and Nousuing Authority of the City of Portsmouth,
<br />
<br /> the City of Portsmouth, Virginia, to
<br /> ~uance of Industrial Development Revenue
<br />
<br /> WHEREAS, the "Company" has described to PRHA th
<br />the Commonwealth of Virginia and to the City of Porl
<br />provide housing for persons of low and moderate inc(
<br />for which the PRHA was established; and
<br />
<br />of McDaniels Roofing Corporation, a
<br />by PRHA of Industrial Development Revenue
<br />f Virginia, 1950, as amended, in a princip
<br />0) to assist in financing the acquisition
<br /> multi-family residential rental housing
<br />~rd and Dahlgren Avenue east of Leroy
<br />ard in the City of Portsmouth, Virginia,
<br /> on May 28, 1985; and
<br />
<br /> benefits which the project will bring to
<br />smouth, Vmrg~nma, ~n that the project will
<br /> and thereby promote the public purposes
<br />
<br /> WHEREAS, the PRHA has requested Council to appr.~ve 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
<br />terms and conditions contained therein, and the appl
<br />required by the applicable federal and state laws ha
<br />its consideration.
<br />
<br /> NOW, THEREFORE, BE I RESOLVED that the Council
<br />the issuance of Industrial Development Revenue Bonds
<br />not to exceed Three Million Dollars ($3,000,000) to
<br />struction and equipping of the "Project".
<br />
<br />the issuance of said Bonds subject to the
<br />lcable cert~f~catmons and documentations
<br />~e been provided to the City Council for
<br />
<br />~f the City of Portsmouth, Virginia, approx
<br />by the PRHA for the "Company" in an amoun
<br />~ssist in financing the acquisition, con-
<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, financing
<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 shal provide that neither the Common-
<br />wealth of Virginia, City of Portsmouth, nor the PRH3 shall be obligated to pay the Bonds or th~
<br />interest thereon or other costs incident thereto exceFt fro~ 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 shall take effect immediately upon its adoption."
<br />
<br /> Ayes: Beamer, Corprew, Gray, Lucas, Webb, Whitlow, Holley
<br /> Nays: None
<br />
<br />(b) On motion of Mr. Whitlow and seconded by Mrs. Webb, that Item 85-]85(b), issuance of
<br />industrial development {evenue bonds for Metro Development, Inc., A Virgina Corporation, to
<br />be deferred to the meeting of July 23, 1985, and was adopted by unanimous vote.
<br />
<br /> On motion of Mr. Whitlow and seconded by Mr. Gray, the following resolution was adopted,
<br />and by the following ~o~e:
<br />
<br />(c)
<br />
<br />"A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAl DEVELOPMENT REVENUE BONDS BY
<br />THE PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORIFY OF THE CITY OF PORTSMOU%H,
<br />VIRGINIA, FOR PEPPERWOOD ASSOCIATES II IN AN ~OUNT NOT TO EXCEED $S,000,000 ~OR
<br />A NINETY-SEVEN (97) UNIT MULTI-F~ILY RESIDENTIAL HOUSING PROJECT LOCATED AT OR
<br />NEAR THE INTERSECTION OF T~YE/ POINT ROAD AND TWIN PINES ROAD ON PEPPERWOOD COURT
<br />IN THE CITY OF PORTSMOUTH, VIRGINIA.
<br />
<br /> WHEREAS, the Portsmouth Redevelopment and Housing Authority of the City of Portsmouth,
<br />Virginia (PRHA) has been authorized by the Counzil of the City of Portsmouth, Virginia, to
<br />advertise and hold public hearings relative to the issuance of Industrial Development Revenue
<br />Bonds; and
<br />
<br /> WHEREAS, the PRHA has considered the application Of Pepperwood Associates, II, A Virginia
<br />Limited Partnership, ~the "Company"7., for the ~ssuance by PRHA of Industrial Development
<br />Revenue Bonds pursuant to Chapter 1 of Title 36 of the Code of Virginia, 19S0, as amended, in
<br />a principal amount not to exzeed Five Million Dollars ($S,000,000) to assist in financing a
<br />portion of the cost of acquiring, constructing and equipping a muir-family residential rental
<br />housing project consistmng of ninety-seven (9?) units (the "Project") to be located on a parcel
<br />of land at or near the intersection of T~m Point Road and Twin Pines Road on Pepperwood Court
<br />in the City of Portsmouth, Virg~nma, and had held a p~blic hearing thereon on May 28, 198S; an~
<br />
<br /> WHEREAS, the "Company" has described to PRHA the benefits which the project will bring to
<br />~he Commonwealth of Virginia and to the City of Portsmouth, Virginia, in that the project will
<br />
<br />
<br />
|