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.T~T~r¥ 1 fl , 1 qR4
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<br /> "One of the key elements in your plan to improve the image of the City is the continuatio~
<br />and enhancement of City streets. The Street T~e~. Improvement Program is designed to replace
<br />older trees which have died and improve public and new development areas in the City by plant-
<br />ing new trees.
<br />
<br /> The attached documents outline this year's program and the proposed five-year program for
<br />tree planting. In order to take advantage of the most appropriate time for planing these tree
<br />I am reqq~..t1%~at you appropriate the $30,000 to set aside for this purpose in the 1983 CIP.
<br />With your approval and good weather staff should be able to plant the majority of the trees
<br />in this proposal prior to April 1st.
<br />
<br /> I therefore recommend your approval of the appropriation of $30,000 for the Street Tree
<br />Improvement Program." ']
<br />
<br /> motion of Mr. Gray and seconded b~ Mr. Whitlow, the following ordinance was approved
<br />on first reading, and by unanimous vote:
<br />
<br /> 1983-84"AN ORDINANCE TREE IMPROVEMENT TO APPROPRIATE PROGRAM." $30,000 FROM THE CAPITAL IMPROVEMENT FUND FOR THE
<br />
<br /> 84-8 - Letter from the City Manager yecommending adoption of a resolution approving the
<br />issuance of multi-family rental housing r~venue bonds by the PortsmoUth Redevelopment and Hous
<br />ing Authority of the City of Portsmouth, [irginia in an amount not to exceed ten million
<br />($10,000,000) dollars for Hampton Roads Investment Properties to assist in the acquisition,
<br />renovation and equipping of two existing ~ulti-family rental housing projects known as Lee-
<br />Hall Apartments and Norport Apartments.
<br />
<br /> "Portsmouth'Redevelopment and Housin~ Authority held a public hearing on December 27,
<br />1983 to consider the issuance of Multi-Family Housing Revenue Bonds for Hampton Roads Invest-
<br />ment Properties, a Virginia Limited Partnership, in which D. B. Frye, Jr. and D. B. Frye
<br />Associates, Inc. are General Partners, in the amount of $10,000,000 to Sssist in the financing
<br />acquisition, renovation, and equipping of two existing multi-family rental housing projects
<br />containing 500 apartment units known as L~e-Hall Apartments and Norport Apartments. After the
<br />public hearing, the PRHA adopted a Resolu:ion of Intent to issue said bonds, and in accordance
<br />with the ~ppli~.~ble state and federal law has requested the City Counci's approval of same.
<br />
<br /> The necessary documentation, includi g the physical impact/development summary for the
<br />project is enclosed for your information. The attached resolution has been prepared by the
<br />City Attorney, and I recommend its approval."
<br />
<br /> D. B. Frye, Jr., 5 Main Plaza East, ~orfolk, representing Hampton Roads Investment
<br />Properties, was present to answer questions as presented.
<br />
<br /> On motion of Mrs. Webb and seconded ~y Mr. Beamer, the following resolution was adopted,
<br />and by the following vote:
<br />
<br /> "A RESOLUTION APPROVING THE ISSUANCE OF M~LTI-F~4ILY RENTAL HOUSING REVENUE
<br /> BONDS BY THE PORTSMOUTH REDEVELOPMEN AND HOUSING AUTHORITY OF THE CITY OF
<br /> PORTSMOUTH, VIRGINIA IN AN ~MOUNT NOF TO EXCEED TEN MILLION ($10,000,000)
<br /> DOLLARS FOR HAMPTON ROADS INVESTMENT PROPERTIES TO ASSIST IN THE ACQUISITION,
<br /> RENOVATION AND EQUIPPING OF TWO EXISFING MULTI-FAMILY RENTAL HOUSING PROJEETS
<br /> KNOWN AS LEE-HALL APARTMENTS AND NORPORT APARTMENTS.
<br /> WHEREAS, the Portsmouth Redevelopmen~ and Housing Authority of the City of Portsmouth,
<br />Virginia (PRHA) has been authorized b~ thD~ Council of the City of Portsmouth, Virginia, to
<br />advertise and hold public hearings relatiFe to the issuance of revenue bonds in accordance wit
<br />the provisions of §103 (k) of the InternaR Revenue Code of 1954, as amended, and ~15.1-1378.1
<br />of the Code of Virginia of 1950, as amended; and
<br />
<br /> WHEREAS, the PRHA has considered the|applicatiOn of Hampton Roads Investment Properties,
<br />Virginia limited partnership, of which D.~B. Frye, Jr. and D. B. Frye Associates, Inc. are
<br />general partners, for the issuance by PRHK of its multi-family rental housing revenue bonds
<br />
<br />pursuant to Chapter 1, Title 36 of the Co
<br />amount not to exceed Ten Million ($10,000
<br />renovation, and equipping of two (2) exis
<br />an aggregate of five hundred (500) apartm
<br />1/2 Suburban Circle, Portsmouth, Virginia
<br />Portsmouth, Virginia (all such improvemen
<br />and'
<br />
<br />]e of Virginia, 1950, as amended, in a principal
<br />,000) Dollars to finance the cost of the acquisition,
<br />~ing multi-family rental housing projects containing
<br />~nt units known as Lee-Hall Apartments, located at 3-
<br />, and Norport Apartments, located at 9 Seminole Drive
<br />Ss being collectively referred to as the "Facility");
<br />
<br /> WHEREAS, Hampton Roads Investment Properties has described to PRHA the benefits which
<br />residential buildings will bring to the Commonwealth of Virginia and to the City of Portsmout~
<br />Virginia, which residential buildings will be rented or made available to persons and families
<br />of low and moderate income and which will further the purposes of the PRHA and benefit the
<br />residents of the Commonwealth and the City by assisting in the provision of improved housing
<br />rentals which persons and families of low and moderate income can afford; and
<br />
<br /> WHEREAS, the PRHA has held a public hearing thereon in accordance with all applicable
<br />federal and state laws on December 27, 1983, and has requested City Council to approve the
<br />issuance of said bonds; and
<br />
<br />
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