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May 14 1985 <br /> <br /> WHEREAS, a copy of PRHA's resolution approving the issuance of said bonds, subject to <br />the temms and conditions contained therein, and the applicable certifications and doc~en- <br />tations required by the applicable federal and state laws have been provided to the City <br />Council for its consideration. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth, Virginia <br />approves the issuance of Industrial Develo[lment Revenue Bonds by the PRHA for (the <br />"Company") in an amount not to exceed One Million Dollars ($1,000,000) to assist in <br />financing the acquisition, construction and equipping of (the "Project"). <br /> <br /> BE IT FURTHER RESOLVED that the approvaI of the issuance of the bonds as required by <br />the applicable federal and state laws does not constitute an endorsementof the bonds, <br />financial viability of (the "Project") or the credit worthiness of (the "Company"), but as <br />required by the applicable provisions of the!Code of Virginia, the bonds shall provide that <br />neither the OaiatLonwealth of Virginia, City of Ports~aouth, nor the PRHA shall be obligated <br />to pay the bonds or the interest thereon or other costs incident thereto except frcm the <br />revenues and moneys pledged therefor, and neither the faith or the credit of the taxing <br />power of the Commonwealth, the City, nor PRHA shall be pledged thereto. <br /> <br /> This resolution shall take effect immediately upon its adoption." <br /> 85-136 - Letter frcm the City Manager rec~u~nding adoptionlof a resolution to authorize the proposed bond <br />financing of housing and cc~mercial UDAG projects in the High Street area of Portsmouth, Virginia, through the <br />issuance of Portsmouth Redevelo~ent & Housing Authority Industrial Development Revenue Bonds to the respective <br />developers listed below. (Roll Call) <br /> <br />Housing Bonds: <br /> <br />(1) <br /> <br />Ebenezer Baptist C~urch <br />700 Effingham Street - 29 units <br />$550,000 <br /> <br />(2) <br /> <br />Robert S. Delsey & Michael D. Delsey <br />701 High Street - 12 units <br />$300,000 <br /> <br />(3) <br /> <br />Ted R. Steiner <br />606-608 High Street - 2 units <br />$40,000 <br /> <br />(4) <br /> <br />Ted R. Steiner <br />622 High Street - 1 unit <br />$20,000 <br /> <br />(5) <br /> <br />Ted R. Steiner <br />624-626 High Street - 2 units <br />$30,000 <br /> <br />(6) <br /> <br />Ted R. Steiner <br />628 High Street - 1 unit <br />$30,000 <br /> <br />(7) <br /> <br />Ted R. Steiner <br />630 High Street - 6 units <br />$190,000 <br /> <br />(8) <br /> <br />John O. & Anne McGlyrnn <br />450-452 Court Street - 7 units <br />$223,125 <br /> <br />(9) <br /> <br />Theresa A. & Richard J. Martini <br />464 Dinwiddie Street - 2 units <br />$63,750 <br /> <br />(10) <br /> <br />Robert S. Dolsey & Michael D. Delsey <br />504 Effingham Street- 5 units <br />$120,000 <br /> <br />(11) <br /> <br />Robert S. Delsey & Michael D. Delsey <br />506-508 Effinghsm Street - 2 units <br />$85,000 <br /> <br />(12) <br /> <br />Hugh C. Davies, III <br />2309 High Street - 1 unit <br />$20,000 <br /> <br />Cc~mercial Bonds <br /> <br />(13) Portsmouth Building Associates <br /> 444 CrawfordParkway <br /> 6,000 sq. ft. office and cc~ercial <br /> $265,000 <br /> <br />(14) Robert S. Delsey & Michael D. Dolsey <br /> 701 High Street <br /> 3,800 sq. ft. retail cc~nercial <br /> $70,000 <br /> Aves~ ~ Bea-~er Corprew, Gray, Lucas, <br /> N~vs: No~ ~ <br /> <br />Webb <br /> <br />Whitlow, Holley <br /> <br /> <br />