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October 9, 1984
<br />
<br />84-381 - Letter from the City Manager recommending adoption of a resolution to approve the
<br />issuance of Multi-Family Residential Housing Revenue Bonds in an~:amount not to exceed $32,000,£
<br />for the ac2uisition and rehabilitation of an 862-unit facility for Regency Apartments Associate
<br />Limited Partnership.
<br />
<br /> "The Portsmouth Redevelopment and Housing Authority held a public hearing on September 18
<br />1984, to consi~er-~he~issuance of Industrial Development Revenue Bonds for Regency Apartments
<br />Associates, a Limited Partnership, in an amount not to exceed $32,000,000 for the acc_uisition
<br />and rehabilitation of an 862-unit rental housing facility in the City of Virginia Beach, Virg-i~
<br />
<br /> The Portsmouth Redevelopment and Housing Authority adopted a Resolution of Intent to issue
<br />the Bonds, and in accordance with the applicable state and federal law, has recuested City
<br />Council's approval of same. The necessary documentation, including the fiscal Impact Statement
<br />for the project is enclosed for your information. The attached resolution has been prepared
<br />by the City Attorney and, I recommend its approval."
<br />
<br /> Barry'W...Hu~ter, Kaufman.and Canoles, Bond Counsel, P. O. Box 3037, Norfolk, representing
<br />Regency Apartments Associates Limited Partnership, was present to answer questions.
<br />
<br /> On motion of Mr. Whitlow and seconded by Mrs. Webb, the following resolution was adopted,
<br />and by the following vcte:
<br />
<br />"A RESOLUTION APPROVING THE ISSUANCE OF MULTI-FAMILY RENTAL HOUSING REVENUE
<br />BONDS BY THE PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY OF 7HE CITY OF
<br />PORTSMOUTH, VIRGINIA, IN AN AMOUNT NOT TO EXCEED $32,000,000 FOR REGENCY
<br />APARTMENTS ASSOCIATES LIMITED PARTNERSHIP TO ASSIST IN THE ACQUISITION AND
<br />REHABILITATION OF REGENCY APARTMENTS.
<br />
<br /> WHEREAS, the Portsmouth Redevelopment and Housing Authority (the Authority) has considere~
<br />the request of Regency Apartments Associates Limited Partnership (the Company), whose address
<br />is One Shelter Place, Greenville, South Carolina, 29602, for the issuance by the Authority
<br />of its Multi-family Rental Housing Bonds in an amount not to exceed $32,000,000 (the Bonds)
<br />to assist in financing of the Company's acquisition and rehabilitation of a 862 unit multi-
<br />family rental housing project (the Facility) known as the Regency Apartments, located at 2100
<br />Westminister Lane, in Virginia Beach, Virginia (the City), and to be owned or operated by the
<br />Company, and the Authority has held a public hearing thereon on September 18, 1984; and
<br />
<br /> WHEREAS, Section 103(k) of the Internal Revenue Code of 1954, as amended (the Code),
<br />provides that the applicable elected representatives of the governmental unit issuing the
<br />rental housing bonds and the applicable elected representatives of the governmental unit
<br />having jurisdiction over the area in which any facility financed with the proceeds of rental
<br />housing bonds is located shall approve the issuance of such bonds; and
<br />
<br /> WHEREAS, the Authority, as the issuing governmental unit, has no applicable elected
<br />representative and the City of Pcrtsmouth (the City) is the next highest governmental unit
<br />with such a representative; and
<br />
<br /> WHEREAS, the members of the City Council of the City (the Council) constitute the
<br />applicable elected representatives of the City; and
<br />
<br /> WHEREAS, Section 15.1-1378.1 of the Code of Virginia of 1950, as amended (the Virginia
<br />Code), provides that the Council shall, within sixty (60) calendar days from the public
<br />hearing, with respect to rental housing bonds either approve or disapprove the issuance of
<br />such bonds; and
<br />
<br /> WHEREAS, the Authority has recommended that the Council approve the issuance of the
<br />Bonds; and
<br />
<br /> WHEREAS, a copy of the Authority's resolution apBroving the issuance of the Bonds,
<br />subject to terms to be agreed upon, a record of the public hearing with respect to the
<br />Bonds and a Fiscal Impact Statement in the form prescribed by Section 15.1-1378.2 of the
<br />Virginia Code and a reasonably detailed summary of the comments expressed at the public
<br />hearing, if any, have been filed with the Council.
<br />
<br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia:
<br />
<br /> 1. The recitals made in the preambles to this Resolution are hereby adopted as a part
<br />of this resolution.
<br />
<br /> 2. The Council approves the issuance of the Bcads by the Authority for the henefit of
<br />the Company, to the ex~en~ required by Section 103(k' of the Code and Section 15.1-1378.1
<br />of the Virginia Code to permit the Authority to assist in the financing of the Facility.
<br />
<br /> 3. The approval of the issuance of the Bonds, as required by Section 103(k) of the
<br />Code and Section 15.1-1378.1 of the Virginia Code, does not constitute an endorsement to a
<br />prospective purchaser of the Bonds of the creditworthiness of the Company, but, as req¢ired
<br />by Section 36-29 of the Virginia Code, the Bonds shall provide that neither the City nor
<br />the Authority shall be obligated to pay the Bonds or the interest thereon or other costs
<br />incident thereto except from the revenues and moneys pledged therefor and neither the faith
<br />or credit nor the taxing power of the Commonwealth of Virginia, the City nor the Authority
<br />shall be pledged thereto.
<br />
<br />4. This resolution shall take effect immediately upon its adoption."
<br />
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