|
AuRust 28, 1984
<br />
<br />$2,995,000 ~aggregate principal amount of general obligation bonds and further authorizing and
<br />providing ~or the issuance and sale of general obligation bond antlcmpation notes in antici-
<br />pation of the issuance of such bonds and caused a certified copy of such resolution to be
<br />filed with the Circuit Court of the City of Portsmouth on , 19
<br />
<br /> Th.e proceeds of sale of such bonds and aotes shall be applied to the payment of the
<br />of the public improvement projects described below in substantially the amounts set forth
<br />
<br />opposite the descriptions of the
<br />
<br />PROJECTS
<br />
<br />respective projects:
<br />
<br />AMOUNTS
<br />
<br />Community Services $ -0-
<br />Education -0-
<br />Parks and Recreation -0-
<br />Public Safety. -0-
<br />Drainage, Cnrhs, Gutters, and
<br />Street Improvements -0-
<br />Urban Transportation 1,545,000
<br />Urban Renewal and Priority Action
<br />Programs 1,450,000
<br />
<br /> TOTAL
<br />
<br />provided, that if any such project shall require less
<br />forth above, the difference may be applied to pay the
<br />
<br /> $ 2,995,000
<br />
<br />than the entire respective amount set
<br />cost of any other project so set forth.
<br />
<br />6. This resolution shall take effect from the date df
<br />
<br />City Clerk
<br />City of Portsmouth,
<br />
<br />its adoption."
<br />
<br />Virgimia"
<br />
<br />Ayes: Beamer, Corprew, Gray, Lucas, Webb, Whitlow, Holley
<br />Nays: None
<br />
<br /> 84-510 Letter from the City Manager recommending adoption of a resolution to approve
<br />the issuance of Industrial Development Revenue Bonds by the Portsmouth Redevelopment and
<br />Housing Authority of the City of Portsmouth for BMI Portsmouth Associates in an amount not
<br />to exceed $1,000,000 for a llS-unit rental housing facility az 111½ Howard Street.
<br />
<br /> "The Portsmouth Redevelopment and Housing Authority held a public hearing on July 24,
<br />1984 to consider the issuance of Industrial Development Revenue Bonds for BMI Portsmouth
<br />Associates, a Virginia General Partnership, in an amount not to exceed $1,000,000 for the
<br />acquisition, renovation, and operation of a 115 unit rental housing facility known as Howard
<br />Homes which is located off Turnpike Road on the fringe of the Mt. Hermon area.
<br />
<br /> The PRHA adopted a Resolution of Intent to issue the Bonds, and in accordance with the
<br />applicable state and federal law, has requested City Council's approval of same. The necessaI
<br />documentation, including the physical impact development summary for the project, is enclosed
<br />for your information. The attached reselution has been prepared by the City Attorney and, I
<br />recommend its approval."
<br />
<br /> Keith Quinney, 1010 Plaza One, NorfOlk, representing BMI Portsmouth Associates'Ports-
<br />mouth Medical Properties, was available to answer questions. ~Items 84-310 g 84-311)
<br />
<br /> Berm Richels, 4545 Robin Hood Road, Norfolk, President of Berlin=~fl~s4 I~c.z, and General
<br />Partner of BMI Portsmouth Associates, stated the the current rent was $145 to $160 per month,
<br />and projected an inarease of 6% to 8% per year, but did not plan to raise the rent befor
<br />renovating.
<br />
<br /> On motion of Mrs. Webb and seconded by Mr. Whitlow, the following resolution was adopted
<br />and by the following vote
<br />
<br />'~A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS
<br />BY THE PORTSMOUTH REDEVELOPMENT AND HOUSING AUTHORITY OF THE CITY OF PORTSMOUTH,
<br />V~RGIN~A, FOR BMI PORTSMOUTH ASSOCIATES IN AN AMOUNT NOT TO EXCEED $1,000,000
<br />FOR A 115 UNIT RENTAL HOUSING FACILITY AT 111-1/2 HOWARD STREET, PORTSMOUTH, VIRGINIA.
<br />
<br /> ~FHEREAS, 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 accordance
<br />with the provisions of ~103 (k) of the ~nternal Revenue Code of 1954, as amended, and ~15.1-
<br />1378.1 of the Code of Virginia, 1950, as amended; and
<br />
<br /> WHEREAS, the PRHA has considered the application of BMI Portsmouth Associates, a Virgini~
<br />General Partnership, for the issuance by PRHA of Industrial Development Revenue Bonds pursuan~
<br />to Chapter 1, Title 36 of the Code of Virginia, 1950, as amended, in.a principal amount not t~
<br />exceed One Million Dollars ($1,000,000) to finance the cost of acquisition, renovation and
<br />operation of a 115 unit multi-family residential rental housing project known as Howard Homes
<br />and located at 111-1/2 Howard Street in the City of Portsmouth, Virginia, such improvements
<br />being collectively referred to as the ("facility"); and
<br />
<br />
<br />
|