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_3.2
<br />
<br />April 24~ 1984
<br />
<br /> WHEREAS a copy of PRHA's resolution approving the issuance of said bonds, subject to the
<br />terms and conditions contained therein, and the appropriate certifications and ~documentations
<br />required by the applicable federal and state laws have been provided to the City Council for
<br />its consideration.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth, Virginia
<br />approves the ~ssuance of industrial development revenue bonds by the Portsmouth Redevelopment
<br />and Housing Authority for Elliott Avenue Associates in an amount not to exceed One Million
<br />i$1,000,000) Dollars to finance the cost of the construction and equipping of the "facility".
<br />
<br /> BE IT FURTHER RESOLVED that the Council of the City of Portsmouth, Virginia finds that in
<br />order ~o preserve, develop, and protect safe and sanitamy housing and promote a desirable
<br />economic m~x that at least twenty percent (20%) of the units will be rented or held available
<br />for persons of low income to the extent required by law.
<br />
<br /> BE I7 FURTHER RESOLVED that the approval of the issuance of the bonds as required by the
<br />applicable federal and state law does not constitute an endorsement of the bonds, financial
<br />viability of the "facility", or the credit worthiness of Elliott Avenue Associates, but, as
<br />required by the applicable provisions of the Code of ~irginia, the bonds shall provide that
<br />neither the Commonwealth of Virginia, City of Portsmouth, nor the Portsmouth Redevelopment and
<br />Housing Authority shall be obligated to pay the bonds or the interest thereon or other costs
<br />incident thereto except from the revenues and mon~es pledged therefor, and neither the faith o~
<br />the credit of the taxing power of the Commonwealth, the City nor PRHA shall be pledged thereto
<br />
<br />This resolution shall take effect immediately upon its adoption."
<br />
<br />Ayes: Barnes, Beamer~ Gray, Hollez, Webb, Whitlow, Johansen
<br />Nays: None
<br />
<br /> 84-141 Letter from the City Manager recommending adoption of a resolution so convey
<br />a 384.5 square foot parcel of property to PRHA for ultimate sale to the property owner at 354
<br />Dinwiddie ~treet.
<br />
<br /> "A physical survey of the property designated as 354 Dinwiddie Street in Olde Towne as
<br />part of a conveyance among private persons has revealed a title question and boundary issue
<br />between the owner of 354 Dinwiddie Street and the adjacent City-owned property. This small
<br />parcel in issue of 384.5 square feet has actually been improved and used by previous owners
<br />of 354 Dinwiddie Street. In order to clear up the title question and the boundary issue,
<br />the current owner ~s willing to pay the City the current value as established by the City
<br />Assessor, which is $480.
<br />
<br /> I would, ~herefore, recommend the adopt, ion of the attached resolution conveying this small
<br />parcel of property to Portsmouth Redevelopment and Housing Authority for ultimate sale to the
<br />property owner at 354 Dinwiddie Street."
<br />
<br /> On motion of Mrs. Webb and seconded by Mr. Beamer, the following resolution was adopted,
<br />and by the following vote:
<br />
<br />"A RESOLUTION AUTHORIZING THE CITY MANAGER TO CONVEY REAL PROPERTY TO PORTSMOUTH
<br />REDEVELOPMENT AND HOUSING AUTHORITY (WEST SIDE OF DINWIDDIE STREET).
<br />
<br /> WHEREAS, the City of Portsmouth owns certain real property located on the west side of
<br />Dinwiddie Street, which property is no longer required by the City of Portsmouth for public
<br />purposes and it is, hereby, declared to be excess property; and
<br />
<br />WHEREAS, said property is located in the Olde Towne Redevelopment Project area; and
<br />
<br /> WHEREAS, Portsmouth Redevelopment and Housing Authority has made a proposal to acquire
<br />said proper~y for the purpose of combining with other property for private development and
<br />ownership; and
<br />
<br /> WHEREAS, the Council of the.City of Portsmouth deems it to be in the best interest of the
<br />City to provide for development of said property; and
<br />
<br /> ~HEREAS, pursuant to §2.09 (c) of the Charter of the City of Portsmouth, real property mai
<br />be conveyed ro the Commonwealth or'Virginia or a political subdivision thereof without adver-
<br />tisement and receipt of bids; and
<br />
<br /> WHEREAS, Portsmouth Redevelopment and Housing Authority is a political subdivision of the
<br />Commonwealth of Virginia; and
<br />
<br />WHEREAS, said property has a current value of Four Hundred Eighty Dollars ($480).
<br />
<br /> NOW, THeReFORE, BE IT RESCLVED by the Council of the City of Portsmouth, Virginia, that
<br />the City Manager be, and he hereby is, authorized to convey to Portsmouth Redevelopment and
<br />Housing Authority for the sum of Four Hundred Eighty Dollars ($480) the following described
<br />property, to-wit:
<br />
<br /> Ail that certain piece or parcel of land, with the improvements thereon,
<br />situate, lying, and being in the City of Portsmouth, Virginia, bounded and des-
<br />cribed as follows:
<br />
<br />Beginning at the southwestern intersection of North Street and Dinwiddie Street;
<br />
<br />
<br />
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