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'362
<br />
<br />February 26~ 1985
<br />
<br /> "The Portsmouth Redevelopment and Housing Authority held.a public hearing to consider the
<br />issuance of Industrial Development Revenue Bonds for William C. Chick, a Virginia sole propri-
<br />etorship, in an amount not to exceed $900,000 for assistance in financing a portion of the cos
<br />of the acquisition, construction and equipping of a 31-unit multi-family residential rental
<br />apartment project in the City of Portsmouth, Virginia.
<br />
<br /> The Portsmouth Redevelopment and Housing Authority adopted a Resolution of Intent to
<br />issue the Bonds, and in accordance with the applicable state and federal law, has requested
<br />City Council!s approval of same. The necessary documentation, including the Fiscal Impact
<br />Statement for the project is enclosed for your information. The attached resolution has been
<br />prepared by the City Attorney, and I recommend its approval."
<br />
<br /> On motion of Mrs. Webb and seconded by Mrl Beamer, the following resolution was adopted,
<br />and by the following vote:
<br />
<br />"A RESOLUTION APPROVING THE ISSUANCE OF MULTI-FAMILY RESIDENTIAL RENTAL
<br />HOUSING BONDS BY THE PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY OF THE
<br />CITY OF PORTSMOUTH, VIRGINIA, FOR WILLIAM C. CHICK, A VIRGINIA SOLE PROPRIETORSHIP,
<br />tN AN AMOUNT NOT TO EXCEED $900,000 FOR A 31 UNIT RENTAL HOUSING FACILITY ON A
<br />0.859 ACRE PARCEL OF LAND ON THE WEST SIDE OF COURT STREET BETWEEN COLUMBIA AND
<br />SOUTH STREETS 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 Council of the City of Portsmouth, Virginia, to
<br />advertise and hold public hearings relative to the issuance of Multi-Family Residential Rental
<br />Housing Bonds; and
<br />
<br /> WHEREAS, the PRHA has considered the application of William C. Chick, a Virginia sole
<br />proprietorship, (the "Company"), for the issuance by PRHA of Multi-Family Residential Rental
<br />Housing Bonds pursuant to Chapter 1 of Title 36 of the Code of.Virginia, 1950, as amended,
<br />in a principal amount not to exceed nine hundred thousand ($900,000) dollars to assist in
<br />financing the acquisition of land and the construction and equipping of a thirty-one (31) uni~
<br />multi-family residential rental apartment project located on a 0.859 acre parcel of land on t~
<br />west side of Court Street between Columbia Street and South Street in the Ci~ty of Portsmouth,
<br />Virginia (the "Project"), and has held a public hearing thereon on February 5, 1985; and
<br />
<br /> WHEREAS, the ',Company" has described to PRHA the benefits which the !'Project" will bring
<br />to the Commonwealth of Vizginia and to the City of Portsmouth, Virginia, in that the project
<br />will provide housing for persons of low or moderate income and thereby promote the public
<br />purposes for which the PRHA was established; and
<br />
<br /> WHEREAS, the PRHA has requested City Council to approve the issuance of the bonds to
<br />comply with the applicable federal and state laws; and
<br />
<br /> WHEREAS, a copy of PRHA's resolution approving the issuance of said bonds, subject to thc
<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 consider~ti0n.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth, Virginia,
<br />approves the issuance of Multi-Family Rental Housing Bonds by Portsmou~th Redevelopment & Hous
<br />Authority for the "Company" in an amount not to exceed nine hundred thousand ($900,000) dolla
<br />to assist in financing the acquisition of land and the construction and equipping of the
<br />"Project".
<br />
<br /> BE IT FURTHER RESOLVLD 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 that neither the Com-
<br />monwealth of Virginia, City of Portsmouth, nor the. PRHA shall be oblfgated to pay the bonds
<br />the interest thereon or other costs incident thereto except from the revenues and monies
<br />pledged therefor, and neither the faith nor the credit of the taxing power of the Commonwealt~
<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 /> 85-63 Letter from the City M~nager recommending adoption of a motion to refund an unusc
<br />portion of 1984 City Business License to Rices Nachmans, Inc., in the amount of $2,947.68
<br />&without interest).
<br />
<br /> "The Commissioner of the Revenue is requesting a refund of 1984 City Business License
<br />to Rices Nachmans, Inc., 400 Granby Street, Norfolk, Virginia 23510.
<br />
<br /> The Rices Nachmans store at Tower Mall closed on February 2, 1985, and transferred
<br />ownership of inventory and personal property to Hess's on February 4, 1985. As Rices Nachman~
<br />paid $11,790.45 for their 1984 license, a ~efund of $2~947.68 (without interest) is requested
<br />for the unused portion.
<br />
<br />I recommend that Council adopt this motion, and a refund be granted."
<br />
<br />
<br />
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