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224
<br />
<br />August 28. 1984
<br />
<br /> WHEREAS, BMI Portsmouth Associates has described to PRHA the benefits which the "facility
<br />will bring to the Commonwealth of Virginia and to the City of Pcrtsmouth, Virginia, and that a
<br />lea'st twenty percent (20%) of the housing units shall be reserved for occupancy by persons of
<br />iow-income as defined in Section 8 of the United States Housxng Act of 1937 which refer to the
<br />purposes of the PRHA and benefit the residents of the Commonwealth and the City by assisting i
<br />the provisions of improved housing at rentals which persons and families of low-~ncome can
<br />afford; and
<br />
<br /> WHEREAS, the PRHA has held public hearing thereon in accordance with all applicable
<br />federal and state laws on July 24, 1984, and has requested City Council to approve the issuanc
<br />of said bonds; and
<br /> WHEREAS, a copy of PRHA's resolution approving the issuance of said bonds, subject to the
<br />terms and ccnditions contained therein, and the approprmate 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 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 EMI Associates in an amount not to exceed One Million Dollars
<br /> ($1,000,000) to finance the cost of the acquisition, rehabilitation, and operation of the
<br /> "facility".
<br />
<br /> BE IT FURTHER RESOLVED that the Council of the City of Portsmouth, Virginia, finds that
<br /> order to preserve, develop and protect safe and sanitary housing and promote a desirable
<br /> economic mix that at least twenty percent (20%) of the units will be rented or held available
<br /> for persons of low-income to the extent required by law.
<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 BMI Portsmouth Associates, but, as
<br /> required by the applicable provisions of the Code of Virginia, the bonds shall provide that
<br /> neither the Commonwealth of Virginia, City of Portsmouth nor the PRHA shall be obligated to pa
<br /> the bonds or the interest thereon or other costs incident thereto except from the revenues and
<br /> monies pledged therefor, and neither the faith or credit of the taxing power of the Common-
<br /> wealth, the City nor PRHA shall be pledged thereto.
<br />
<br />This resolution shall take effect immediately upon its adoption."
<br />
<br />Ayes: Beamer, Corprew, Gray, Lucas, Webb, Whitlow, Holley
<br />Nays: None
<br />
<br /> ~4-311 Letter from the City Manager recommending adoption of a resolution to authcrize
<br />the ~ssuance of Industrial Development Revenue Bonds for Portsmouth Medical Properties in an
<br />amount estimated at $1,500,000 for the purchase~df and improvements to property located at
<br />London Boulevar'd and Goode Way.
<br />
<br /> "On August 9, 1984, the Industrial Development Authority approved the issuance of Indus-
<br />trial Development Revenue Bonds for Portsmouth Medical Propert~Fs in an amsunt estimated at
<br />$1,500,000 for the purchase of and improvements to property lod~ted at London Boulevard and
<br />Goode Way. In accordance with the applicable federal and state law, the IDA has requested
<br />City Council to approve the mssuance of such bonds.
<br />
<br /> The intent of these bonds is to finance the acquisition of land.and construction and equ:
<br />Fing of a medical office building and ambulatory surgical facility. As noted in the enclosed
<br />Development Summary, this project meets the job and tax threshold criteria as established in
<br />the Council's Bond Approval Policy. In addition, this project represents a priority project
<br />in that.it is to be located on redevelopment property.
<br />
<br /> Th~ attached resolution has been prepared by the
<br />approval."
<br />
<br /> On motion of Mrs. Webb and seconded by Mr. Gray,
<br />and by the following vote:
<br />
<br />City Attorney and I recommend its
<br />
<br />the following resolution was adopted,
<br />
<br /> "A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAl DEVELOPMEN7 REVENUE BONDS BY
<br /> THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA, FOR
<br /> PORTSMOUTH MEDICAL PROPERTIES IN AN AMOUNT NOT TO EXCEED $1,500,000 FOR A MEDICAL
<br /> OFFICE BUILDING AND AMBULATORY SURGICAL CENTER AT LONDON BOULEVARD AND GOODE WAY IN
<br /> PORTSMOUTH, VIRGINIA.
<br />
<br /> WHEREAS, .the Industrial Development Authority of the City of Portsmouth, Virginia, (IDA)
<br />has been authorized by the Council of the City of Portsmouth, Virginia, to advertise and hold
<br />public hearings relative to the issuance of Industrial Development Revenue Bonds; and
<br />
<br /> WHEREAS, the IDA has considered the application of Portsmouth Medical Properties, a Vir-
<br />ginia General. Partnership, for the issuance of Industrial Development Revenue Bonds in an
<br />amount not to exceed One Million, Five Hundred Thousand Dollars ($1,S00,000) to finance the
<br />proposed acquisition, construction and equipping of a Medical Office Building and Ambulatory
<br />Surgical Center (the "facility"), at London Boulevard and Goode Way in the City of Pcrtsmouth,
<br />Virginia, and has held public hearings thereon on June 19, 1984, July 17, 1984 and August 9,
<br />1984; and
<br />
<br />
<br />
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