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June 12~ 1984
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED That the Council of the City of Portsmouth, Virginia,
<br />approve the issuance of Industrial Development Revenue Bonds by Portsmouth Redevelopment
<br />and Housing Authority for Cherry Properties Associates, a Virginia General Partnership, in
<br />an amount not to exceed Six Hundred Thousand Dcllars ($600,0001 to assist in the financing
<br />the construction and equipping of a commercial and office facility at 2915 London Boulevard
<br />in the City of Portsmouth, Virginia.
<br />
<br /> BE IT FURTHER RESOLVED that the approval of the ~ssuance of the bonds as required by
<br />the applicable federal and state laws does not constitute an endorsement of the bonds,
<br />financial viability of the facility, or the credit worthiness of Cherry Properties Associates,
<br />but, as required by ~15.1-1580 Code of Virginia, 1950, as amended, the bonds shall provide
<br />that neithe~the Commonwealth of Virginia, ~he City of Portsmouth, nor the Portsmouth
<br />Redev61opme~t end Housing Authority shall be obligated to pay the bonds or the interest
<br />thereon or other costs incident thereto except from the revenues and monies pledged therefor,
<br />and neither the faith or credit of the taxing power of the Commonwealth, the City nor PRHA
<br />shall be pledged thereto.
<br />
<br /> This resolution shall take effect immediately upon its adoption."
<br />
<br /> Ayes: Barnes, Beamer, Holley, Webb, Whitlow
<br /> Nays: None
<br />
<br /> 84-197 Letter from the City Manager recommending' adoption of a resolution approving
<br />the issuance of Industrial'Development Revenue Bonds by the Portsmouth Redevelopment and
<br />Housing Authority for Pepperwood Associates I1 in an amount not to exceed $1,700,000 for a
<br />45 unit multi-family residential rental housing project on Pepperwood Court near zhe inter-
<br />section of Townpcint Road and Twin Pines Road.
<br />
<br /> "The Portsmouth Redevelopmenz and Housing Authority held a public hearing on May 15,
<br />1984 to consider the issuance of Industrial Development Revenue Bonds for Pepperwood Associate
<br />II, a Virginia Limited Partnership, in an amount not to exceed $1,700,000 for a 45 unit multi-
<br />family residential rental housing project on Pepperwood Court near the intersection of Townpoi~
<br />Road and Twin Pines Road. The project in question is ]roup Housing Project GHP 83-8 which was
<br />approved by the City Council on January 24, 1984.
<br />
<br /> The Portsmouth Redevelopment and Housing Authority ad6pted a Resolution of Intent to
<br />issue said bonds, and in accordance with the applicable state and federal law, has recuested
<br />City Council's approval of same. The necessary documentation, including the fiscal impact
<br />development summary for the project, ~s enclosed for your information. The attached resolutio~
<br />has been prepared by the City Attorney, and I recommend its approval."
<br />
<br /> On motion of Mr. Barnes and,seconded by Mr. ~Vhitlow, the following resolution was adopted:
<br />and by the following vote:
<br />
<br />"A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY
<br />THE PORTSMOUTH REDEVELOPMENT AND HOUSINGAUTHORITY OF THE CITY OF PORTSMOUTH,
<br />VIRGINIA, FOR PEPPERWOOD ASSOCIATES II IN AN ~OUNT NOT TO EXCEED $1,~00,000
<br />FOR A 45 UNIT MULTI-F~ILY RESIDENTIAL RENTAL HOUSING PROJECT ON PEPPERWOOD COURT
<br />NEAR THE INTERSECTION OF TOWNE POINT ROAD AND TWIN PINES ROAD IN rHK CITY OF PORTS-
<br />MOUTH, VIRGINIA.
<br />
<br /> WHEREAS, the Portsmouth Redevelopment and Housing Authority of the City of Portsmouth,
<br />Virgmnia (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
<br />Revenue Bonds~ and
<br />
<br /> WHEREAS, the PRHA has considered the application of Pepperwood Associates II, a
<br />Virginia Limited Partnership, for the issuance by PRHA of Industrial Development Revenue
<br />Bonds pursuan~ to Chapter 1, Title 36 of the Code of Virginia, 1950, as amended, in a
<br />principal amount not to exceed One Million, Seven Hundred Thousand Dollars ($1,700,000)
<br />finance the cost ~o acquire, construct, equip and operate a forty-five (45) unit multi-
<br />family resential rental housing project on Pepperwood Court near the intersection of Towne
<br />Point Road and Twin Pines Road in the City of Portsmouth, Virginia (the "Project"[, and
<br />has held, a public hearing thereon on May i5, 1984; and
<br />
<br /> WHEREAS, Pepperwood Associates II has described to PRHA the benefits which the "Project"
<br />will bring to the Commonwealth of Virginia and to the City of Portsmouth, Virginia in that
<br />the project will provide housing for persons of low or moderate zncome and thereby promete
<br />the public purposes for which the PRHA was established: and
<br />
<br /> WHEREAS, the PRHA has requested the City Council to approve the issuance of the Bonds
<br />to comFly with the applicable federal and state law; and
<br />
<br /> WHEREAS, a copy of PRHA's resolution approving the issuance of said bonds, subject to
<br />the terms and conditions contained therein, and the appropriate certif~catxons and doc~mentati
<br />required by the applicable federal and state laws have been provided to the City Council
<br />for 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 Pepperwood Associates I1 in an amount not to exceed One Million,
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