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252
<br />
<br />September 25~ 1984
<br />
<br /> WHEREAS, the IDA has requested the City Council to approve the issuance of the bonds to
<br />comFly with the applicable federal and state laws; and
<br />
<br /> WHEREAS, a copy of the IDA's resolution approvmng the issuance of the bonds, subject to
<br />the terms and conditions contained therein, and the approprmate certifications and documenta~
<br />~ions have been provided to the City Council for their consideration.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that
<br />the Council approves the issuance of Industrial Development Revenue Bonds by the Portsmouth
<br />Industrial Development Authority for the benefit of 1224 Cavalier Boulevard, Inc, a Virginia
<br />Corporation, for the purchase of and improvements to property located at 1224 Cavalier Boulew
<br />in the City of Portsmouth, Virginia.
<br />
<br /> BE IT FURTHER RESOLVED that the approval of the issuance of the bonds as required by the
<br />applicable federal and state laws does not constitute an endorsement of the bonds, financial
<br />viability of the facility, or the credit worthiness of the company, but, as recuired by ~15.1-
<br />1380 of the Code of Virginia, 1950, as amended, the bonds s~ll provide that neither the
<br />Commonwealth of Virginia, City of Portsmouth, nor IDA shall bie obligated to pay the bonds or
<br />the interest thereon, or other costs incident thereto except from the revenues and monies
<br />pledged therefor, and neither the Eaith or credit of the taxing power of the Commonwealth, thc
<br />City, nor the IDA 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: Ncne
<br />
<br /> 84-364 Letter from the City Manager recommending adoption of a resolution to approve
<br />the mssuance of Industrial Development Revenue Bonds by the Portsmouth Redevelopment and
<br />Housing Authority of the City of Portsmouth for Bay City Associates in an amount not to exceed
<br />$2,000,000 for the acquisition and rehabilitation of a 96-unit rental housing facility at
<br />910-958 Lincoln Street.
<br />
<br /> UBa~ City Associates has requested the Portsmouth Redevelopment and Housing Authority to
<br />assist them mn financing the acquisition and rehabilitation of a 96-unit rental housing facil-
<br />ity by the issuance of industrial development revenue bonds. This housing project is located
<br />inu~he 900 block of Lincoln Street, and was formerly called Abbey Apartments. The amount of
<br />the requested bond issue is not to exceed $2,000,000.
<br />
<br /> In accordance with F~deral law, PRHA has conducted a public hearing on~.the proposed
<br />finnnding of the pro~ect and has recommended that City Council approve the issuance of the
<br />bonds. The City Attorney has drafted the enclosed resolution for your consideration ~n accord
<br />ance with applicable laws. Therefore, [ submit this resolution for your consideration and re-
<br />commend that you approve i~s adoption."
<br />
<br /> Motion of Mrs. Nebb~and:~seconded ~y Mr. Beamer, to adopn the resolution.
<br />
<br /> Motion of Mr. Gray and seconded by Mrs. Webb, to suspend the rules For the representative
<br />of the Pental Housing ~cility ~o speak, and was adopted by unanimous vote.
<br />
<br /> Guy Friddell, Attorney, Wilcox, Savage Law Firm, Norfolk,
<br />stated that the rent would be consistent with the majority of
<br />the State on this~type of project.
<br />
<br />representin~ Bay C%ty Associate
<br />the g'~J~rly~u~ed~ousin~'t~ro~ghen
<br />
<br />On motion the following resolution was adopted, and by the following vote:
<br />
<br />'A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS
<br />BY THE PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHCRITY OF THE CITY OF PORTSMOUTH,
<br />VIRGINIA, FOR BAY CITY ASSOCIATES IN AN ~MOUNT NOT TO EXCEED $2,000,)00 FOR THE
<br />ACQUISITION AND REHABILITATION OF A 96 UNI? RENTAL HOUSING FACILITY AT 910-958
<br />LINCOLN 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 Industrial Development Revenue
<br />Bonds; and
<br />
<br /> WHEREAS, PRHA has considered the application of Bay City Associates, a Virginia Limited
<br />Partnership, for the issuance of PRHA Industrial Development Revenue Bonds in an amount not t~
<br />exceed Two Million Dollars ($2,000,000) to assist in the acquisition and rehabilitation of a 9
<br />unit rental housing facility at 910-958 Lincoln Street, Portsmouth, Virginia, and has held a
<br />public hearing thereon on August 7, 1984; and
<br />
<br /> WHEREA~, PRHA has requested the City Council to approve the issuance of the bonds
<br />comply with the applicable federal and state laws; and
<br />
<br /> WHEREAS, a copy of the resolution of PRHA approving the issuance of the bonds, subject to
<br />the terms and conditions contained therein, and the appropriate certification and documentatio~
<br />required by the applicable federal and state laws have been provided to the City Council for
<br />its ccnsidera~ion.
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<br />cd
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