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June 25t 1985
<br />
<br />provide housing for persons of low and moderate income and thereby propote the publicpurposes
<br />for whic~ the PRHA was established; and
<br /> WHEREAS, khe PRHA has requested Council to approve the issuance of the Bonds to comply
<br />with the applicable federal and state laws; and
<br /> WHEREAS, a copy of PRHA's resolution approving the issuance to 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 RESCLVED that the Council of the City of Portsmouth, Virginia, ap-
<br />proves the issuance of Industrial Development Revenue Bonds by the PRHA for the "Company"
<br />in an amount not to exceed Five Million Dollars ($5,000,000 to assist in financing a portion
<br />of the cost of acquiring, constructing and equipping of the "Project"
<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, 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 ~hat neither the Common
<br />wealth of Virginia, City of Portsmouth, nor the PRHA shall be obligated to Fay the Bonds or
<br />the interest thereon or other costs incident thereto except from the revenues and monies
<br />pledged therefor, and neither the f&ith or the credit of the taxing power of the Commcnwealth,
<br />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 />(d) The following letter was submitted:
<br />
<br /> "Due to the fact that the borrower has asked the iender to increase the amount of the
<br />loan from $100,000.00 to $110,000.00 it will be necessary for me, as Bond Counsel, to readver-
<br />rise for public hearing for a bond in the increased amount and come back to the Authority and
<br />City Council for resolutions in the higher amount. I would appreciate very much your removing
<br />the proposed resolution from City Council's agenda for June 28, 1985. Signed by RalFh W. Buxtc
<br />Attorney"
<br />
<br /> Motion of Mr. Gray and seconded by Mrs. Lucas, that Item 85-185(d) be withdrawn, as re-
<br />quested, and was adopted by the foltowing;vcte:
<br />
<br />Ayes: Beamer, Corprew, Gray, Lucas, Webb, Whitlow, Holley
<br />Nays: None
<br />
<br />(e) Motion of Mr. Gray and seccnde4 by Mrs. Webb, that Item 85-185(e), issuance of industrial
<br />development revenue bonds for J. D. Erin and Associates, a Virginia General Partnership, to
<br />be deferred zo the meeting of July 23, 1985, and was adopted by unanimous vote.
<br />
<br />~f) Ben Levy, 2908 Replica Lane, representing January 16th Associates, spoke in support of
<br />the resolution, stating that 150-160 units could be built without any group housing approval,
<br />and requested approval of the bonds.
<br />
<br /> Motion of Mr. Whitlow and seconded by Mrs. Lucas, that Item 85-185(f) to be deferred to
<br />the date of group housing project will come before Council, July 23, 1985, and if for some
<br />reason that the group housing project is withdrawn, then this matter be accelerated on the
<br />Council agenda (Bond matter), and was adopted by unanimous vote.
<br />
<br />(g) Motion of Mr. Whitlow and seconded by Mrs. Webb to deEer Item 85-185(g).
<br />
<br /> Motion of Mr. Whitlow and seccnded by Mrs. Lucas, to suspend the rules for G. Keith
<br />Quinney to speak.
<br />
<br /> G. Keith Quinney, Attorney, Plaza One~ Norfolk, VA, representing M.K.S. Properties,
<br />requested the reason for deferral.
<br />
<br />Councilman Whitlow responded.
<br />
<br /> Motion of Mr. Whitlow and seconded by Mrs. Webb, to suspend the rules for Richard E.
<br />Knapp to speak, and was adopted by unanimous vote.
<br />
<br /> Richard E. Knapp, 4515 Griffin Street, Vice President of Westhaven Area Civic League,
<br />stated that the Civic League approved of the application.
<br />
<br />Councilman Whitlow withdrew the motion to defer.
<br />
<br />and
<br />
<br />On motion of Mr. Whitlow and seconded by Mr. Gray,
<br />by the following vote:
<br />
<br /> "A RESOLUTION 4PPROVING THE ISSUANCE OF INDUSTRIAL
<br /> THE PGRTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY
<br />
<br />the following resolution was
<br />
<br />DEVELOPMENT REVENUE BONDS BY
<br />OF THE CITY OF PORTSMOUTH,
<br />
<br />adopted,
<br />
<br />VIRGINIA, FOR M.K.S. PROPERTIES IN AN AMOUNT NOT TC EXCEED $1,000,000 FOR A ~6
<br />UNIT MULTI-FAMILY RESIDENTIAL RENTAL HOUSING PROJECT KNOWN AS WESTHAVEN APAPRTMENTS
<br />LOCATED AT THE INTERSECTION¢OFCOUNTY AND POWHATAN STREETS IN THE CITY OF PORTSMOUTH,
<br />VIRGINIA.
<br />
<br />
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