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March 28, 2000
<br />
<br />· In cooperation with the developer, City and PRHA staffs have reviewed the
<br />proposed project. As a result, the developer has agreed to incorporate a number of
<br />binding conditions, which will help assure the quality and longevity in good condition of
<br />the project. These conditions deal with the extent of the rehabilitation of the apartment
<br />buildings and the individual units, the inspections process, improvements to the present
<br />site plan regarding landscaping and dumpster placement and the minimum rent
<br />structure for the 80% of the units that will not be rent-regulated. The developer will be
<br />required to post a letter of credit while the apartment complex is being rehabilitated to
<br />ensure completion of all the conditions.
<br />
<br />· With the incorporation of the binding conditions, staff believe that the reinvestment in
<br />the Merrifield Estates Project will benefit present and prospective residents, the
<br />surrounding neighborhoods and the larger community.
<br />
<br />Financial Impact:
<br />
<br />· Neither the City nor PRHA incurs any financial liability for the proposed project. It is
<br />anticipated that with the increased investment in the apartment complex and the higher
<br />rent, the assessment on the project will increase from the present assessment of
<br />$1,523,260.
<br />
<br /> Motion by Mr. Robinett, and seconded by Mr. Whitehurst, to adopt the following
<br />resolution, and was adopted by the following vote:
<br />
<br />"A RESOLUTION APPROVING ISSUANCE OF MULTI-FAMILY RENTAL HOUSING
<br />REVENUE BONDS FOR MERRIFIELD ESTATES, INC.
<br />
<br /> WHEREAS, on July 6, 1998, the Portsmouth Redevelopment and Housing
<br />Authority (the "Authority") considered the application of Merrifield Estates, Inc., a
<br />Virginia non-stock, non-profit corporation (the "Company"), for the issuance of the
<br />Authority's multi-family rental housing revenue bonds in an amount not to exceed
<br />$3,500,000 (the "Bonds") to assist the Company in acquiring and rehabilitating a 64
<br />apartment unit multi-family residential rental housing facility ("Project"), located at 4200
<br />Queenswood Drive, in the City of Portsmouth, Virginia, such facility to be owned and
<br />operated by the Company, and the Authority adopted an inducement resolution
<br />("Inducement Resolution") for such facility; and
<br />
<br /> WHEREAS, on November 2, 1998, the Authority held a public hearing on the
<br />Company's application to the Authority for the issuance of the Bonds for the Project as
<br />required by Section 15.2-4906 of the Code of Virginia (1950), as amended, and adopted
<br />Resolution No. 4073, ratifying and confirming the Inducement Resolution; and
<br />
<br /> WHEREAS, on December 20, 1999, the Authority held a public hearing on the
<br />Company's application to the Authority for the issuance of the Bonds for the Project as
<br />required by Section 15.2-4906 of the Code of Virginia (1950), as amended, and adopted
<br />a Resolution, ratifying and confirming the Inducement Resolution; and
<br />
<br /> WHEREAS, on March 6, 2000, the Authority held a public hearing on the
<br />Company's application to the Authority for the issuance of the Bonds for the Project as
<br />required by Section 15.2-4906 of the Code of Virginia (1950), as amended, and adopted
<br />Resolution No. 4270, further ratifying and confirming the Inducement Resolution; and
<br />
<br /> WHEREAS, Section 147(0 of the Internal Revenue Code of 1986, as amended,
<br />and Sections 15.2-4906 and 36-19.2 of the Code of Virginia (1950), as amended,
<br />provide that the highest elected governmental officials of the governmental units having
<br />jurisdiction over the issuer of housing revenue bonds and over the area in which any
<br />facility financed with the proceeds of housing revenue bonds is located shall approve
<br />the issuance of such bonds; and
<br />
<br /> WHEREAS, the Project is to be located in the City of Portsmouth, Virginia (the
<br />"City"), and the members of the Portsmouth City Council constitute the highest elected
<br />governmental officials of the City; and
<br />
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