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March 28, 2000
<br />
<br /> Motion by Mr. Benn, and seconded by Mr. Moody, to adopt the following
<br />resolution, and was adopted by the following vote:
<br />
<br />"A RESOLUTION GRANTING THE PORTSMOUTH SCHOOL BOARD OF THE CITY
<br />OF PORTSMOUTH AUTHORITY TO MAKE APPLICATION TO THE STATE BOARD
<br />OF EDUCATION FOR A LITERARY LOAN IN THE AMOUNT OF $4,000,000 FOR
<br />CONSTRUCTION OF THE NEW JOHN TYLER ELEMENTARY SCHOOL.
<br />
<br /> WHEREAS, the School Board of the City of Portsmouth desires to make
<br />application to the State Board of Education for a Literary Loan in the amount of four
<br />million dollars ($4,000,000) to be applied to the cost of construction of the new John
<br />Tyler Elementary School.
<br />
<br /> WHEREAS, Section 22.1-142 through 22.1-161, Code of Virginia, 1950, as
<br />amended, provides that the governing body shall authorize such application and shall
<br />provide for the payment of such loan.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of
<br />Portsmouth, Virginia, that the School Board of the City of Portsmouth is hereby
<br />authorized to make application to the State Board of Education for a Literary Loan in the
<br />amount of four million dollars ($4,000,000) for construction of the new John Tyler
<br />Elementary School.
<br />
<br /> BE IT FURTHER AUTHORIZED that the City will each year during the life of this
<br />loan, at the time of the fixing of regular levies, fix a rate of levy for schools or make a
<br />cash appropriation sufficient for operation expenses and to pay this loan in annual
<br />installments and the interest thereon as required by law regulating loans from the
<br />Literary Fund."
<br />
<br />Ayes: Benn, Griffin, Moody, Pitts, Robinett, Whitehurst, Holley
<br />Nays: None
<br />
<br />00 - 66 - Adoption of a resolution approving issuance of multi-family rental housing
<br />revenue bonds for Merrifield Estates, Inc.
<br />
<br />Recommendation:
<br />
<br />· Adoption of a resolution approving issuance of multi-family rental housing revenue
<br />bonds for Merrifield Estates, Inc.
<br />
<br />Purpose and Need:
<br />
<br />· Merrifield Estates, Inc., a Virginia non-stock, non-profit corporation, proposes to act
<br />as a developer to acquire and rehabilitate for continued use as multi-family rental
<br />housing the existing 64 unit apartment project located at 4200 Queenswood Drive. The
<br />developer will use various provisions of the U.S. Internal Revenue Code, the Code of
<br />Virginia, and the federal housing law administered by the U.S. Department of Housing
<br />and Urban Development to secure project financing. The total loan amount will not
<br />exceed $3.5 million.
<br />
<br />· Thirteen of the 64 units, twelve 1-bedroom units and one 2-bedroom unit, will be rent
<br />regulated. They will be reserved for persons whose income is 50 percent or less of
<br />area median gross income. The developer has stipulated the regulated rents and
<br />committed to the minimum market rents for the remaining 51 units which are a mix of
<br />two and three-bedroom units. See Attachment A.
<br />
<br />· In a project with this type of financing, the Portsmouth Redevelopment and Housing
<br />Authority (PRHA) is the lead local agency. However, City Council approval is required.
<br />
<br />· Out of a total project cost, the developer is committed to investing approximately
<br />$500,000 in the physical upgrade of the complex, which was originally constructed in
<br />the 1971-72 period. Included in the rehabilitation work will be completely redone
<br />kitchens (i.e. all new stoves, dishwashers, refrigerators, vinyl flooring, kitchen cabinets
<br />and countertops). All windows are being replaced throughout the project.
<br />
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