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December 117 1984
<br />
<br />Ayes: Beamer, Corprew, Gray, Lucas, Webb, Whitlow, Holley
<br />Nays: None
<br />
<br /> 84-460 Letter from the City Manager recommending adoption of a resolution to authorize
<br />the xssuance of $250,000 in Industrial Development Revenue Bonds for Colony Enterprises for
<br />the acqu~sltton and rehabilitation of an 8-unit multi-family rental housing facility ~n the
<br />City of Portsmouth.
<br />
<br /> "The Portsmouth Redevelopment and Housing Authority held a public hearing to consider
<br />the issuance of Industrial Development Revenue Bonds for Colony Enterprises, a Virginia
<br />general partnership, in an amount not to exceed S250,000 for the acquisition and rehabilita-
<br />tion of an 8-unit multi-family rental housing facility in the City of Portsmouth.
<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 la%, 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 Mr. Gray and seconded by Mrs. Lucas, the following resolution was adopted,
<br />and by the following vote:
<br />
<br />"A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY
<br />THE PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY OF THE CITY OF PORTSMOUTH,
<br />VIRGINIA, FOR COLONY ENTERPRISES, A VIRGINIA GENERAL PARTNERSHIP, IN AN AMOUNT
<br />NOT TO EXCEED $250,000 FOR AN 8 UNIX MULTI-FAMILY RENTAL HOUSING FACILITY AT
<br />430 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
<br />with the provisions of ~103 (k] of the Internal Revenue Code of 1954, as amended, and [15.1-
<br />1378.1 of the Code of Virginia, 1950, as amended; and
<br />
<br /> WHEREAS, the PRHA has considered the application of Colony Enterprises, a Virginia Geners
<br />Partnership, whose principal place of business is 430 High Street, Portsmouth, Virginia, for
<br />the ~ssuance by PRHA of Industrial Development Revenue Bonds pursuant to Chapter 1, Title 36
<br />of the Code of Virginia, 1950, as amended, in a principal amount not to exceed two Hundred
<br />Fifty Thousand Dollars ($250,000) to finance the acquisition, construction and equipping of
<br />an 8 unit multi-family rental housing project located at 430 High Street in Portsmouth,
<br />Virginia (the "facility"); and
<br />
<br /> WHEREAS, Colony Enterprises has described to PRHA the benefits which the "facility" will
<br />bring to the Commonwealth of Virginia and the City of Portsmouth, Virginia, and that at least
<br />twenty per cent (20%) of the housing units shall be reserved for occupancy by individuals or
<br />families of low or moderate income as defined in Section 8 of the United States Housing Act of
<br />1937 which refer to the purposes of the PRHA and benefit the residents of the Commonwealth and
<br />the City by assisting in the provision of improved housing at rentals which persons and fami-
<br />lies of low and moderate income can afford; and
<br />
<br /> WHEREAS, the PRHA has held public hearings thereon in acccrdance with all applicable
<br />federal and state laws on November 13, 1984, and has requested City Council to approve the
<br />issuance of said bonds; and
<br />
<br /> WHEREAS, a copy of PRHA's resolution approving the issuance of said bonds, subject to
<br />the terms and conditions contained therein, and the appropriate certifications and documentati
<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 I7 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 Colony Enterprises, a Virginia General Partnership, in an amount not
<br />to exceed Two Hundred Fifty rhousand Dollars ($250,000) to finance the cost of the acquisition
<br />construction, and equipping of the "facility".
<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 Colony Enterprises, but, as required b
<br /> the applicable provisions of the Code of Virginia, the bonds shall provide that neither the
<br /> Commonwealth of Virginia, City of Portsmouth nor the PRHA shall be obligated to pay the bonds
<br /> or the interest thereon or the costs incident thereto except from the revenues and monies
<br /> pledged therefor, and neither the faith or credit of the taxing power of the Commonwealth, the
<br />City, nor PRHA, shall be pledged thereto.
<br />
<br />This resolution shall take effect immediately upon its adoption."
<br />
<br />Ayes: Beamer, CorFrew, Gray, Lucas. Webb, Whitlow, Holley
<br />Nays: None
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