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315
<br />
<br />December 11. 1984
<br />
<br /> - ~84-46~:-~%ette~ fzomthe CityM~n~gerrecommendin~ adoption of a resolution to authorize
<br />the issuance of $1,750,000 in Industrial Development Revenue Bonds for CSW, a Virginia General
<br />Partnership, for the acquisition and rehabilitation of a 96-unit multi-family rental housxng
<br />facility in the 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 CSW, a Virginia General Partnership,
<br />in an amount not to exceed $1,750,000 for the acquisition and rehabilitatxon of a 96-unit
<br />multi-family rental housing facility xn 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 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 /> Councilman Whitlow stated he would abstain on the item because of personal interest in
<br />CSW Partnership.
<br />
<br /> On motion of Mr. Gray and seconded by Mrs. Webb, the following resolution was adopted,
<br />and by the following vote:
<br />
<br />"A RESOLUTION APPROVING IHE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY
<br />THE PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY OF FHE CITY OF PORTSMOUTH,
<br />VIRGINIA, FOR CSW, A VIRGINIA GENERAL PARTNERSHIP, IN AN AMOUNT NOT TO EXCEED
<br />$1,7S0,000 FOR A 96 UNIT MULTI-FAMILY RENTAL HOUSING FACILITY AT 3S00 WESTMINISTER
<br />DRIVE, 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 acccrdance wit
<br />the provisions of ~103 (k[ of the Internal Revenue Code of 1954, as amended, and 615.1-1378.1
<br />of the Code of Virginia, 1950, as amended: and
<br />
<br /> WHEREAS, the PRHA has considered the application of CSW, a Virginia General Partnership,
<br />for the issuance by PRHA of Industrial Development Revenue Bonds pursuant to Chapter 1, Title
<br />36 of the Code of Virginia, 1950, as amended, in a principal amount not to exceed One Million,
<br />Seven Hundred and Fifty Thousand Dollars ($1,750,000) to finance the acquisition, rehabilita-
<br />tion, development, maintenance and operation of a 96 unit multi-family rental housing facility
<br />now known as Windsor Homes Apartments (the "facility") located at 3500 Westminister Drive in
<br />Portsmouth, Virginia; and
<br />
<br /> WHEREAS, CSW has described to PRHA the benefits which the "facility" will bring to the
<br />Commonwealth of Virginia and the City of Portsmouth,!Virginia, and that at least twenty per
<br />cent (20%) of the housing units shall be reserved for occupancy bY individuals or families of
<br />low or moderate income as defined in Section 8 of the United States Housing Act of 1937 which
<br />refer to the purposes of the PRHA and benefit the residents of the Commonwealth and the City b
<br />assisting in the provision of improved housing at rentals which persons and families of low an
<br />moderate income can afford; and
<br />
<br /> WHEREAS, the PRHA has held public hearings thereon in accordance with all applicable
<br />federal and state laws on October 30, 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 documenta-
<br />tions required by the applicable federal and state laws have been provided to the City Council
<br />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 CSW in an amount not to exceed One Million, Seven Hundred Fifty
<br />Thousand Dollars ($1,750,000) to finance the cost of the acquisition, rehabilitation, develop-
<br />ment, maintenance and operation 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 CSW, but, as required by the applicabl
<br />provisions of the Code of Virginia, the bonds shall provide that neither the Commonwealth of
<br />Virginia, City of Portsmouth nor the PRHA shall be obligated to pay the bonds or the interest
<br />thereon or the costs incident thereto except from the revenues and monies pledged therefor, an
<br />neither the faith or credit of the taxing power of the Commonwealth, the City, nor PRHA, shall
<br />be pledged thereto.
<br />
<br />This resolution shall take effect immediately upon its adoption."
<br />
<br />Ayes: Beamer, Corprew, Gray, Lucas, Webb, Holley
<br />Nays: None
<br />Abstaining: Whitlow
<br />
<br />
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