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375
<br />
<br />M~rch 26; 1985
<br />
<br />by the City Attorney, and I recommend its approval."
<br />
<br /> On motion of Mrs. Webb and seconded by Mr. Whitlow, the following resolution was adopted
<br />and by the following vote:
<br />
<br /> "A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS
<br /> BY THE PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY OF THE CITY OF PORTSMOUTH,
<br /> VIRGINIA, FOR BMI APARTMENTS ASSOCIATES IN THE AMOUNT NOT TO EXCEED $2,000,000
<br /> FOR A 51 UNIT MULTI-FAMILY RESIDENTIAL RENTAL FACILITY AT 301 EFFINGH~X{ STREET,
<br /> PORTSMOUTH, VIRGINIA.
<br />
<br /> WHEREAS, the Portsmouth Redevelopment and Housing Authority of the City of Portsmouth,
<br />Virginia (PRHA) has been authorized by the Council of the City of PortsmOuth, Virginia, to
<br />advertise and hold public hearings relative to the issuance of revenue bonds in accordance wi
<br />the provisions of [103 (K) of the Internal Revenue Code of 1954, as amended, and ~15.1-1378.1
<br />of the Code of Virginia, 1950, as amended; and
<br />
<br /> WHEREAS, the PRHA has considered the application of BMI Apartments Associates, a Virgini~
<br />General Partnership, for the issuance by PRHA of Industrial Development Revenue Bonds pursuant
<br />to Chapter 1 of Title 36 of the Code of Virginia, 1950, as amended, in a principal amount not
<br />to exceed Two Million Dollars ($2,000,000) to finance the cost of acquiring, renovating and
<br />operating a 51-unit multi-family residential rental apartment project located at 301 Effingham
<br />Street, Portsmouth, Virginia, (such improvements being collectively referred to as (the "Facil
<br />ity"); and
<br />
<br /> WHEREAS, BMI Apartments Associates has described to PRHA the benefits which the "Facility'
<br />will bring to the Commonwealth of Virginia and to the City of Portsmouth, Virginia, and that a'
<br />least twenty percent (20%) of the fifty one (51) rental units shall be reserved for occupancy
<br />by persons of low or moderate income as defined in ~8 of the United States Housing Act of
<br />1937, which will further the purposes of the PRHA and benefit the residents of the Commonwealt]
<br />and the City by assisting in the provision of improved housing at rentals which persons and
<br />families of low and moderate income can afford; and
<br />
<br /> WHEREAS, the PRHA has held a public hearing
<br />federal and state laws on March 5, 1985, and has
<br />of said bonds; and
<br />
<br />thereon in accordance with all applicable
<br />requested City Council to approve the issuanc~
<br />
<br /> WHEREAS, a copy of PRHA's resolution approving the issuance of said bonds, subject to the
<br />terms and conditions contained therein, and the appropriate 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 RESOLVED that the Council of the City of Portsmouth, Virginia,
<br />approves the issuance of Industrial Development Revenue Bonds by the Portsmouth Redevelopment
<br />and Housing Authority for BMI Apartments Associates in an amount not to exceed Two Million
<br />($2,000,000) Dollars to finance the cost of acquiring, renovating, and operating the "Facility
<br />
<br /> BE IT FURTHER RESOLVED that the Council of the City of Portsmouth, Virginia, finds that i
<br />order to preserve, develop and protect safe and sanitary housing and promote a desirable econ,
<br />mix that at least twenty percent (20%) of the units will be rented or held available for
<br />of low or moderate income to the extent required by law.
<br />
<br /> BE IT FURTHER RESOLVED that the approval of thelissuance 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 "Facility", or the credit worthiness of BMI Apartments Associates, but, as
<br />required by the applicable provisions of the Code oflVirginia, the bonds shall provide that
<br />neither the Commonwealth of Virginia, the City of Poxtsmouth nor the Portsmouth Redevelopment
<br />and Housing Authority shall be obligated to pay the bonds or the interest thereon, or other
<br />costs incident thereto except from the revenues and monies pledged therefor, and neither the
<br />faith or the credit of the taxing power of the Commonwealth, the City nor PRHA shall be pledge.
<br />thereto.
<br />
<br />This resolution shall take effect immediately upon its adoption."
<br />
<br />Ayes: Beamer, Corprew, Gray, Lucas, lgebb, Whitlow, Holley
<br />Nays: None
<br />
<br /> 85-77 Letter from the City Manager recommending adoption of a resolution in suDDort of
<br />the City's application for an Urban Development Action Grant for revitalization of st~ctures
<br />in the Enterprise Zone.
<br />
<br /> "Enclosed for your review is a resolution in support of the City's application for an
<br />Urban Development Action Grant for revitalization of structures in the Enterprise Zone.
<br />
<br /> This proposal was th'e subject of public hearings! on January 10 and February 26, 1985 and
<br />has been strongly supported by the Downtown ~{erchants! Association.
<br />
<br /> I am hopeful that this grant application ~ill be successful and will accelerate and
<br />expand the revitalization of the Enterprise~Zone. I endorse your support of this resolution."
<br />
<br /> On motion of Mrs. Webb and seconded by Mr. Gray, the following resolution was adopted,
<br />and by the following vote:
<br />
<br />
<br />
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