|
May 14, 1985
<br />
<br />(1) On motion of Mr. Gray and seconded by Mrs. Webb, the following resolution wes adopted, and by the
<br />following vote:
<br />
<br /> "A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY THE PORTSMOUTH REDEVELOP-
<br /> MENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR A MULTI-FAMILY RESIDENTIAL RENTAL HOUSING
<br /> FACILITY.
<br />
<br /> WHEREAS, the Portsmouth Redevelolm~ent and Housing Authority of the City of Portsmouth, Virginia
<br />(PRHA) has been authorized by the Council of the City of Portsmouth, Virginia, to advertise and hold
<br />public hearings relative to the issuance of Industrial Development Revenue Ponds; and
<br />
<br /> WHEREAS, the PRHA has considered the application of Ebenezer Baptist Church (the "Conpany") for the
<br />issuance by PRHA of Industrial Development Revenue Ponds pursuant to Chapter t of Title 36 of the Code of
<br />Virginia, 1950, as amended, in a principal amount not to exceed Five Hundred and Fifty Thousand Dollars
<br />($550,000) to assist in financing the acquisition, rehabilitation, construction and equipping of a
<br />twenty-nine unit multi-family residential rental housing facility located at 700 Effingham Street in the
<br />City of Portsmouth, (the "Project"), and has held a public hearing thereon on April 30, 1985; and
<br />
<br /> WM~EAS, the Csmpany has described to PRHA the benefits which the project will bring to the
<br />Cfm~onwealth of Virginia in that at least twenty per cent (20%) of the units of the facility will be
<br />available for parsons of low or moderate inccme and thereby ~mote the public purposes for which the PRHA
<br />was established; and
<br />
<br /> WHEREAS, the PRHA has requested City Council to approve the issuance of the bond to cc~ply with the
<br />applicable Federal and State laws; and
<br />
<br /> WHEREAS, a copy of PRHA's resolution approving the issuance of said bonds subject to the terms and
<br />conditions contained therein, and the appropriate certifications and doc%mlentations required by the
<br />applicable Federal and State laws have been prf~ided to the City Council for its consideration.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Port~nouth, Virginia, approves the
<br />issuance of Industrial Development Revenue Ponds by the PRHA for the "Cc~pany" in an amount not to exceed
<br />Five Hundred Fifty Thousand Dollars ($550,000) to assist in financing the acquisition, rehabilitation,
<br />construction and equipping of (the "Project").
<br />
<br /> BE IT FURTHER RESOLVED that the approval of the issuanc~ of the bonds as required by the applicable
<br />Federal and State laws does not constitute and endorssment of the bonds, financial viability of the
<br />"Project", or the credit worthiness of the "Company", but, as required by the applicable provisions of the
<br />Code of Virginia, the bonds shall provide that neither the C<~tuLonwealth of virginia, City of Ports{nouth,
<br />nor the PRHA shall be obligated to pay the bonds or the interest thereon or other cOsts incident thereto
<br />except frc~ the revenues and monies pledged therefor, and neither the faith or the credit of the t~xing
<br />power of the Cc~monwealth, the City nor PH~A shall be pledge~ thereto.
<br />
<br /> This resolution shall take effect immediately upon its adoption.
<br />
<br /> Ayes: Corprew, Gray, Lucas, Webb, V%hitlow, HOlley
<br /> Nays: None
<br /> Abstaining: Bez~ner
<br />
<br />(2)
<br />
<br /> On motion of Mr. Gray and seconded by Mr. Beamer, the remainder of Items 2-28, with the exceptions of
<br />those that were deleted by the City Attorney, the following resolutions were adopted, and by the following
<br />votes:
<br />
<br />"A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONES BY THE PORTSMOL;£H REDEVELOP-
<br />MENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR A MULTI-FAMILY RESIDENTIAL RENTAL HOUSING
<br />FACILITY.
<br />
<br /> WHEREAS, the Portsmouth Redevelopment and Housing Authority of the City of Portsmouth, Virginia
<br />(PRHA) has been authorized by the Council of the City of Portsmouth, Virginia, to advertise and hold
<br />public hearings relative to the issuance of Industrial Development l~evenue Ponds; and
<br />
<br /> WHEREAS, the PRHA has considered the application of Robert S. Dolsey and Michael D. Dolsey (the
<br />"Conpany") for the issuance by PRHA of Industrial Development Revenue Ponds pursuant to Chapter 1 of Title
<br />36 of the Code of Virginia, 1950, as smended, in a principal amount not to exceed Three Hundred Thousand
<br />Dollars ($300,000) to assist in the acquisition, rehabilitation, construction and equipping of a 12-unit
<br />multi-family residential rental housing located at 701 High Street in the City of Portsmouth, (the
<br />"Project"), and has held a public hearing thereon on April 3~, 1985; and
<br /> WHEREAS, the Ccmpany has described to PRHA the benefits iwhich the project will bring to the
<br />Comnonwealth of Virginia in that at least twenty per cent (20%) of the units of the facility will be
<br />available for persons of low or moderate incc~ne and thereby prcmote the public purposes for which the PRHA
<br />wes established; and
<br />
<br /> WHEREAS, the PRFLA has requested City Council to approve ithe issuance of the bond to cc~ply with the
<br />applicable Federal and State laws; and i
<br />
<br /> WHEREAS, a copy of PRHA's resolution approving the issuance of said bonds subject to the terms and
<br />conditions contained therein, and the appropriate certifications and deo~entations required by the
<br />applicable Federal and State laws have been provided to the City Council for its consideration.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth, Virginia, approves the
<br />issuance of Industrial Development Revenue Ponds by the PP~A for the ',Company" in an amount not to exceed
<br />Three Hundred Thousand Dollars ($300,000) to assist in finanCing the acquisition, rehabilitation,
<br />construction and equipping of (the "Project")o
<br />
<br />
<br />
|