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January 8, 1985
<br />
<br /> "~he Portsmouth Redevelopment and Housing Authority held a public hearing to consider
<br />the issuance of Industrial Development Revenue Bonds for Seaboard Coastline Associates, a
<br />Virginia General Partnership, in an amount not to exceed $3,000,000 for the acquisition,
<br />rehabilitation, construction and equipping of the former Seaboard Coastline Building for
<br />rental apartments 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 C~nc~l'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. Lucas and seconded by Mrs. Webb, the following resolution was adopted,
<br />and by the. following vote:
<br />
<br /> "A RE~OLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENU£ BONDS
<br /> BY TH~-pORTsMOUTH REDEVELOPMENT AND HOUSING AUTHORITY OF THE CITY OF PORTSMOUTH,
<br /> VIRGINIA FOR SEABOARD COASTLINE ASSOCIATES, A VIRGINIA GENERAL PARTNERSHIP, IN
<br /> AN AMOUNT NOT TO EXCEED $3,000,000 FOR A MULTI-FAMILY RENTAL HOUSING FACILITY AT
<br /> ONE HIGH STREET, 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 wit
<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 o.f Seaboard Coastline Associates, a
<br />Virginia General Partnership, Eot the issuance by PRHA of Industrial Development Revenue Bonds
<br />pursuant to Chapter 1, Title 36 of the Code of Virginia, 1950, as amended, in a principal
<br />amount not to exceed Three Million Dollars ($3,000,000) to assist in financing the acquisition
<br />rehabilitation, construction and equipping of approximately forty (40) apartment units to be a
<br />part of a multi-use commercial/ residential facility (the "Eacility") to be located in thc
<br />Seaboard Coast Line Building, One High Street, Portsmouth, Virginia; and
<br />
<br /> WHEREAS, Seaboard Coastline Associates has described to PRHA the benefits which the
<br />"facility" will bring to the Commonwealth of Virginia and the City of Portsmouth, Virginia, an.
<br />that at least twenty percent (20%) of the housing units shall be reserved for occupancy by
<br />individuals or ~amilies of low or moderate ~ncome as defined ~n ~8 of the United States Housin
<br />Act of 1937 which refer to the purposes of the PRHA and benefit the residents of the Common-
<br />wealth and ~he City by assisting in the provision of improved housing at rentals ~hich persons
<br />and families of low and moderate income can afford; and
<br />
<br /> WHEREAS, the PRHA has held a public hearing thereon in accordance with
<br />federal and state laws on December 11, 1984, and has requested City Council
<br />issuance of said bonds; and
<br />
<br />all applicable and
<br />to approve the
<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 required by the
<br />applicable federal and state laws have been provided to the City Counsel 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 Development Revenue Bonds by the Portsmouth Redevelopment
<br />and Housing Authority for Seaboard Coastline Associates, a Virginia General Partnership, in an
<br />amount not to exceed Three Million Dollars ($3,000,000) to assist in the financing of the~ cost
<br />of the acquisition, rehabilitation, construction and equipFing of the "~acility".
<br />
<br /> BE IT FURTHER RESOLVED that the approval of the issuance of the bonds as required by the
<br />applicable federal and state law does not constitute an endorsement of the bonds, financial
<br />viability of the "facility" or the credit worthiness of Seaboard Coastline Associates, but, as
<br />recuired by the applicable provismons of the Code of Virginia, the bonds shall provide that
<br />neither the Commonwealth of Virginia, the City of Portsmouth, nor the PRHA shall be obliga~ted
<br />to pay the bonds or the interest thereon or th~ costs incident thereto except [rom the revenue
<br />and monies pledged therefor, and neither the faith or credit of the taxing power of the Common
<br />wealth, the City, nor PRHA shall be pledged thereto.
<br />
<br />This resolution shall take effect immediately upon its adoption."
<br />
<br />Ayes: Beamer, Cor~rew, Gray, Lucas, Webb, Whitlow, Holley
<br />Nays: None
<br />
<br /> 85-6
<br />the City Manager to sign a deed of release
<br />the Municipal Building property.
<br />
<br />Letter from the City Manager recommending adoption of a resolution authorizing
<br /> certain easements in connection with the sale of
<br />
<br /> "In 1977, the City prepared and recorded
<br />along the waterfront and establishing certain
<br />were to facilitate the plan of development at
<br />and removal of the [ormer Seaboard Coast Line
<br />
<br />a plat depicting certain development parcels
<br />public utility easements and rights-of-way which
<br />that tmme. This ~lat anticipated the demolition
<br />building.
<br />
<br /> The present development plan for rehabilitation o£ that building requires that two of
<br />the easements established in 1977 must now be released in order to accommodate the new con-
<br />struction. Release of these easements has been reviewed and approved by the City Engineer as
<br />well as Engineers for the developers.
<br />
<br />
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