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January 22, 1985
<br />
<br /> WHEREAS, the Portsmouth Redevelopment 5 Housing Authority
<br />Virglnma (PRHA) has been authorized by the Council of the City
<br />advertise and hold public hearings relative to the issuance of
<br />Bonds; and
<br />
<br />of the City of Portsmouth,
<br />of Portsmouth, Virginia, to
<br />Industrial Development Revenue
<br />
<br /> WHEREAS, the PRHA has considered the application of P. H. Boyette, Jr. 8 Company, Incor-
<br />porated, a Virginia Corporation (the "Company"), for the issuance by PRHA of Industrial Devel
<br />opment Revenue Bonds pursuant to Chapter 1 of Title 36 of the Code of Virginia, 1950, as
<br />amended, in a principal amount not to exceed Three Million, Five Hundred Thousand Dollars
<br />($3,500,000) to assist in financing the acquisition, construction, and equipping of a 108 uni
<br />multi-family residential rental apartment project located at the intersection of Elliott
<br />and Deep Creek Boulevard in the City of Portsmouth, Virginia (the "Project"), and has held a
<br />public hearing thereon on January 8, 1985; and
<br />
<br /> WHEREAS, the Company has described to PRHA the benefits which the Project will bring to
<br />the Commonwealth of Virginia and to the City of Portsmouth, Vir§inia in that the project will
<br />provide housing for persons of low or moderate income and thereby promote the public purposes
<br />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 th,
<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 />Housing Authority for the "Company" in an amount not to exceed Three Million, Five Hundred
<br />Thousand Dollars ($3,500,000) to assist in financing the acquisition, construction and equip-
<br />ping of the "Project".
<br />
<br /> BE IT FURTHER RESOLVED that the approval of the issuance of the bonds as required by the
<br />applmcable federal and state laws does not constitute an endorsement of the bonds, f~nanc~al
<br />viability of the "Project", or the credit worthines~ of the "Company", but, as required by th
<br />applicable provisions of the Code of Virginia, the ~onds shall provide that neither the Commo:
<br />wealth of Virginia, City of Portsmouth, nor the PRH~ shall be obligated to pay the bonds or t
<br />interest thereon or other costs incident thereto except from the revenues and monies pledged
<br />therefor, and neither the faith or the credit of the taxing power of the Commonwealth, the Ci
<br />nor PRHA shall be pledged thereto.
<br />
<br />This resolution shall take effect immediately upon its adontion."
<br />
<br />Ayes: Beamer, Corprew, Gray, Lucas, Webb, Whitlow, Holley
<br />Nays: None
<br />
<br /> 85-26 Letter from the City Manager recommending adoption of a resolution to authorize
<br />the transfer of City-owned property formerly known as Seaboard Coastline Building to the
<br />Portsmouth Redevelopment and Housing Authority.
<br />
<br /> "Attached is a resolution authorizing the transfer of property to the Portsmouth
<br />Redevelopment g Housing Authority. Property to be ~ransferred is the location of the
<br />Seaboard Coastline Railroad Building which City Couhcil and the Redevelopment 8 Housing
<br />Authority have recently approved for an adaptive reuse project.
<br />
<br /> It is now in order for Council to transfer the property to the Authority for final
<br />dissemination to the acceptable bidder.
<br />
<br /> I, therefore, recommend that the attached resolution be adopted."
<br /> On motion of Mrs. Webb and seconded by Mrs. Lu~as, the following resolution was adopted~
<br />and by the following vote: I
<br /> "A RESOLUTION AUTHORIZING THE CITY MANAGER TO ~ONVEY CITY-OWNED PROPERTY
<br /> (SEABOARD COASTLINE BUILDING) TO PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY
<br /> SUBJECT TO THE TERMS AND CONDITIONS OF THE DEViiLOPMENT AGREEMENT.
<br />
<br /> WHEREAS{ the City owns certain hereinafter-des,~ribed real property and improvements
<br />thereon which property and improvements are no longer needed by the City and are hereby de-
<br />clared to be surplus property; and
<br />
<br /> WHEREAS, the City, Portsmouth Redevelopment an~ Housing Authority and Seaboard Coastlin~
<br />Associates have entered into a development agreement dated October 3, 1984, for acquisition
<br />reconstruction of said property and improvements; a{d
<br /> WHEREAS, Section 2.09 of the Charter of the Ci{y of Portsmouth provides that property m
<br />be conveyed to the Commonwealth of Virginia or ~ political subdivision thereof Without adver-
<br />tisement or receipt of bids; and I
<br />
<br /> WHEREAS,~'Portsmouth Redevelopment & Housing Aulhority is a political subdivision of the
<br />Commonwealth of Virginia; and
<br />
<br />
<br />
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