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December 117 1984
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<br /> 84-462 - Letter from the City Manager recommending adoption of a resolution to authorize
<br />the issuance of $300,000 in Industrial Development Revenue Bonds for Spencer Scott, an indi-
<br />Vidual developer, for the acquisition and rehabilitation of a 12-unit multi-family rental
<br />housing 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 Spencer Scott, an individual develop-
<br />er, in an amount not to exceed $300,000 for the acquisition and rehabilitation of a 12-unit
<br />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 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
<br />been prepared by the City Attorney, and I recommend its approval."
<br />
<br />and
<br />
<br />On ~notion,o~.:Nrs LucaS~gnd. ~sec.onded By,)~/r. Co.rpre~, the:,~.oltow~i~g,~esolution K~s. ~do~ted
<br />
<br /> 'A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELCPMENT REVENUE BONDS
<br />BY THE PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY OF THE CITY OF PORTSMOUTH,
<br />VIRGINIA, FOR SPENCER SCOTT IN AN AMOUNT NOT TO EXCEED $300,000 FOR A 12 UNIT
<br />RENTAl HOUSING FACILITY AT 454-464 GREEN 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 ro the issuance of Revenue Bonds in accordance
<br />with the provisions of 6103 [k) of the Internal Revenue Code of 1954, as amended, and
<br />615.1-1378.1 of the Code of Virgmnma, 1950, as amended; and
<br />
<br /> WHEREAS, the PRHA has considered the application of Spencer Scott, an individual develope
<br />wkose address is 704 Plaza One, Norfolk, Virginia, for the issuance by PRHA of Industrial
<br />Development Revenue Bonds pursuant to Chapter 1, Title 36 of the Code of Virginia, 1950, as
<br />amended, in a principal amount not ro exceed Three Hundred Thousand Dcllars ($300,000) to
<br />finance the acquisition and rehabilitation of a 12 unit multi-family rental housing project
<br />known as the Tidewater Building Apartments (the "facility") located ar ~54-464 Green Street in
<br />Portsmouth, Virginia; and
<br />
<br /> WHEREAS, Spencer Scott has described to PRHA the benefits which the "facility" will brinj
<br />to the Commonwealth of Virginia and the City of Portsmouth, Virginia, and that ar least twent'
<br />per cent (20%) of the housing units shall be reserved for occupancy by individuals or familiei
<br />of low or moderate income as defined in Section 8 of the United States Housing Act of 1937
<br />which refer to the purposes of the PRHA and benefit the residents of the Commonwealth and the
<br />City by assisting in the provision of improved housing at rentals which persons and families
<br />low and moderate ~ncome can afford; and
<br />
<br /> WHEREAS, the PRHA has hold public
<br />federal and state laws on November 13,
<br />issuance of said bonds; and
<br />
<br />hearings thereon in accordance with all applicable
<br />1984, and has requested City Council to approve the
<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 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 Spencer Scott in an amount not to exceed Three Hundred Thousand
<br />Dollars ($300,000) to finance the cost of the accuisition and rehabilitation 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 Spencer Scott, but, as required by the
<br />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,
<br />the City, nor PRHA, shall be pledged thereto.
<br />
<br />This resolution shall take effect immediately upon irs adoption."
<br />
<br />Ayes: Beamer, Corprew, Gray, Lucas, Webb, Ighitlow, Holley
<br />Nays: None
<br />
<br /> 84-463 - Letter from the City Manager recommending adoption of a resolution to authorize
<br />the approval of the 1985 Community Development Program and the proposed statement of objectiw
<br />and use of funds.
<br />
<br /> !'Enclosed for your review is a resolution approving the i985 Community Development Block
<br />Grant Program and authorizing the filing of our Statement of Objectives and Use of Funds.
<br />A proposed statement of objectives was published in the Virginian-Pilot/Ledger-Star on
<br />October 30/31 and November 6/7, 1984, and was the subject of a Public Hearing on November 13,
<br />1984.
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