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169
<br />
<br />June 12, 1984
<br />
<br />Seven Hundred Thousand dollars ($1,700,000) to finance the acquisition, cgnstruction, equippin.
<br />and operating of the "Project".
<br />
<br /> BE IT FURTHER RESOLVED that the approval of the issuance of the bonds as required by
<br /> the applicable federal and state law does not constitute an endorsement of the bonds,
<br /> financial viability of the "Project", or the credit worthiness of Pepperwood II, but, as
<br /> required by the applicable provision of the Code of Virginia, the bonds shall provide that
<br /> neither the Commonwealth of Virginia, City of Portsmouth, nor the Portsmouth Redevelopment
<br /> and Housing Authority shall be obligated to pay the bonds or the interest thereon or other
<br /> costs incident thereto except from the revenues and monies pledged therefor, and neigher
<br /> the faith or the credit of the taxing power of the Commonwealth, the City nor PRHA shall
<br />,be pl~ge~ 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 /> 84-198 Letter from the City Manager recommending adoption of a resolution approving
<br />the issuance of Industrial Development R~venue~ Bonds by the Portsmouth Redevelopment and
<br />Housing Auth6rity for Peachtree Apartments II in an amount not to exceed $7;000,000 for a
<br />192 unit multi-family residential rental housing project on rowne Point Road west of its
<br />intersection with Twin pines Road.
<br />
<br /> "The Portsmouth Redevelopment and Housing Authority held a public hearing on May 15,
<br />1984 to cnnsid~r'th~ i§snance offI~d~st~d D~e~pm~n~!R~enue~-B~nd~f~Peachtree Apart-
<br />ments ii, a Virginia Limited Partnership, in an amount not to exceed $7,000,000 for the
<br />"refinancing" of the existing Peachtree Apartments which is a 192 unit multi-family residen-
<br />tial rental housing project on TowneYPoint Road west of its intersection with Twin Pines
<br />Road.
<br />
<br /> The Portsmouth Redevelopment and Housing Authority adopted a Resolution of Intent to
<br />issue said bonds, and in accordance with the applicable state and federal law, has requested
<br />City Council's approval of same. The necessary documentation, including the fiscal impact
<br />development summary for the project, is enclosed for your information. The attached resolu-
<br />tion has been prepared by the City Attorney, and I recommend its approval."
<br />
<br /> On motion by Mr. Barnes and seconded b) Mrs. Webb, t~e [ollowing resolution was adopted,
<br />and by ~h,e.£ollowing vote:
<br />
<br />"A RE~OLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY THE
<br />PORTSMOUTH REDEV~LOPM£NT AND HOUSING AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA,
<br />FOR PEACHTREE APARTMENTS II IN AN AMOUNT NOT TO EXCEED $7,000,000 FOR A 192 UNIT
<br />MULTI-FAMILY RESIDENTIAL RENTAL HOUSING PROJECT ON TOWNE POINT ROAD WEST OF ITS
<br />INTERSECTION WITH TWIN PINES ROAD IN THE CITY OF PORTSMOUTH, VIRGINIA.
<br />
<br /> WHEREAS, 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, Virgini~ 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 Peachtree Apartments II, a Virginia
<br />Limited Partnership, for the issuance by PRHA of Industrial Development Revenue Bonds
<br />pursuant to Chapter 1, Title 36 of the Code of Virginia, 1950, as amended, in a principal
<br />amount not to exceed Seven Million Dollars ($7,000,000) go finance the acquisition, c
<br />equmpping and operating of ~ one hundred ninety two (192) unit multi-family residential
<br />rental housing project on Towne Point Road west of its intersection with Twin Pine's Road
<br />in the City of Portsmouth, Virginia (the "Project"), and has held a public hearing thereon
<br />on May 15, 1984; and
<br />
<br /> WHEREAS, Peachtree Apartments II has described to PRHA the benefits which the "Project"
<br />will bring ro the Commonwealth of Virginia and to the City of Portsmouth, Virginia ~n that
<br />the project will provide housing for persons of low or moderate income and thereby promote
<br />the public purposes for which the PRHA was established~ and
<br />
<br /> [~FrLEREAS, the PRHA has requested the City Council to approve the issuance of the Bonds
<br />to comply 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 certifications and documenta-
<br />tions required by the applicable federal and state laws have been provided to the City
<br />Council 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 Peachtree Apartments II, a Virginia Limited Partnership, in an
<br />amount not to exceed Seven Million Dollars ($7,000,000) go finance the acquisition, constructJ
<br />equipping and operating of the "Project".
<br />
<br /> BE IT FURTHER RESOLVED that the
<br />the applicable federal and state law
<br />financial viability of the "Project",
<br />
<br />approval of the ~ssuance of the bonds as required by
<br />does not constitute an endorsement of the bonds,
<br />or the credit worthiness of Peachtree Apartments II,
<br />
<br />
<br />
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