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June 12, 1984
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<br />but, as required by the applicable provision of the Code of Virginia, the bonds shall
<br />provide that neither the Commonwealth of Virginia, City of Portsmouth, nor the Portsmouth
<br />Redevelopment and 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 the credit of the taxing power of the Commonwealth, the City nor
<br />PRHA shall be pledged thereto.
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<br />This resolution shall take effect immediately upon its adoption."
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<br /> Ayes: Barnes, Beamer, Holley, Webb, Whitlow
<br /> Nays: None
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<br /> 84-199 - Letter from the City Manager recommending adoption of a resolution approving the
<br />issuance of Industrial Development Revenue Bonds by the Portsmouth Redevelopment and Housing
<br />Authority for Biltmore Commons, Ltd., in an amount not to exceed $3,5000,000 for a 108 unit
<br />rental housing facility at the intersection of Elliott Avenue and D~ep Creek Boulevard.
<br /> "The Portsmouth Redevelopment and Housing Authority held a public hearing on May 15, 1984
<br />to consider ~the issuance of Industrial Development Revenue Bonds for Biltmore Commons, Ltd.,
<br />a Virginia Limited Partnership, in an amount not tO exceed $3,500}000 to assist in the construc
<br />tion and equipping of a 108 unit multi-family residential rental housing project at the inter-
<br />section of Elliott Road and Deep Creek Boulevard. The project is Group Housing Project GHP-84-
<br />5 which was approved by the City Council on April 24, 1984.
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<br /> The~Po~t.smeuth Redevelopment and Housing Authority adopted a Resolution of Intent to issue
<br />said bonds, and in accordance with the applicable, staGe and federal law, has requested City
<br />Council's approval of same. The necessary documentation, including the fiscal impact develop-
<br />ment summary for the project, is enclosed for your information. The attached resolution has
<br />been prepared by, the City Attorney, and I recommend its approval."
<br />
<br /> Motion of Mr. Barnes and seconded by Mrs. Webb, the following resolution was adopted, and
<br />by the following vote:
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<br /> "A RESOLUTION APPROVING THE ISSUANCE OF INDUSIRIAL DEVELOPMENT REVENUE BONDS BY THE
<br /> PORTSMOUTH REDEVELOPMENT iAND HOUSING AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA
<br /> FOR BILTMORE coMMONS, LTD., IN AN AMOUNT ~OT TO EXCEED. $3,500,000 FOR A 108 UNIT
<br /> RENTAL HOUSING FACILITY AT THE INTERSECTION OF ELLIOTT AVENUE AND DEEP CREEK BOULEVARD
<br /> IN THE CITY OF PORTSMOUTH, VIRGINIA.
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<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, Virginia to
<br />advertise and hold public hearings relative to the issuance of Industrial Development
<br />Revenue Bonds; and
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<br /> WHEREAS, the PRHA has considered the application of Biltmore Commons, Ltd., 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 Three Million, Five Hundred Thousand Rollars ($3,500,000) to finance
<br />the acquisition,~ construction, equipping and operating of a One Hundred Eight (108) unit
<br />multi-family residential rental housing project at the intersection of Elliott Road and
<br />Deep Creek Boulevard in the City of Portsmouth, Virginia (the "Project"), and has held a
<br />public NeaRing thereon on May 15, 1984; and
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<br /> WHEREAS, Biltmore Commons, Ltd. has described to PRHA the benefits which the "Project"
<br />will bring to the Commonwealth of Virgin~ia and to the City o~ Portsmouth, Virginia in that
<br />the psoj'ect will provide housing for persons of ~low or moderate income and thereby promote
<br />the pub}i~ purpo§es for which the PRHA~was established; .and
<br /> WHEREAS, 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
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<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 documentatio
<br /> required by the applicable federal and state laws have been provided to the City Council
<br /> for its consideration.
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<br /> NOW[ T~EREFORE, 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 Biltmore Commons, Ltd., a Virginia Limited Partnership, in an
<br />amount ~ot to exceed Three Million, Five Hundred Thousand Dollars ($3,500,000) to finance
<br />the cost of acquisition, construction, equipping and~opera[ing the "Project".
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<br /> BE IT FURTHER RESOLYED 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 Biltmore Commons, Ltd.,
<br />but, as requi6d'by the applicable provision of the Code of Virginia, the bonds shall
<br />provide that neither the Commonwealth of Virginia, City of Portsmouth, nor the Portsmouth
<br />Redevelopment and 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 the credit of the taxing power of the Commonwealth, the City nor
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<br />LS
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