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December 13. 1983
<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, Virginia to
<br />advertise and hold public hearings relative to the issuance of revenue bonds in accordance
<br />with the provisions of ~ 103(k) of the Internal Revenue Code of 1954, as amended, and ~ 15.1-
<br />1378.1 of the Code of Virginia of 1950, as amended; and
<br />
<br /> WHEREAS, the PRHA has considered the application for Academy Park Associates and Twin
<br />Lakes Associates, two Virginia limited partnerships of which Bush Construction Corporation is
<br />the sole Managing General Partner of each such limited partnership, and whose address is 5532
<br />Raby Road, Norfolk, Virginia, for the issuance of PRHA's Loan-To-Lender Multifamily Housing
<br />Revenue Bonds (the "Bonds") in an aggregate amount estimated at Twenty Million Dollars ($20,00,
<br />to assist in the planning, development, acquisition, repair, rehabilitation and equipping of
<br />two existing multifamily rental housing projects containing an aggregate of one thousand, sever
<br />hundred ninety (1,790) apartment units known as Academy Park, located at 3741 Elliott Avenue,
<br />Portsmouth Virginia ("Academy Park"), and Twin Lakes, located at 75 Cambridge Avenue, Portsmout
<br />Virginia ("Twin Lakes") (all such improvements being collectively referred to as the "residen-
<br />tial buildings"); and
<br />
<br /> WHEREAS, in the City of Portsmouth there is a shortage of sanitary and safe residential
<br />housing affordable by persons of low and moderate income; and
<br />
<br /> WHEREAS, Academy Park Associates has described to PRHA the benefits which the residential
<br />buildings will bring to the Commonwealth of Virginia and to the City of Portsmouth, Virginia,
<br />which residential buildings will be rented or made available to persons of low income (persons
<br />who qualify for assistance under Section 8 of the United States Housing Act of 1937, as amended
<br />and
<br />
<br /> WHEREAS, the PRHA has held a public hearing thereon in accordance with all applicable
<br />federal and state laws on December 13, 1983, and has requested the City Council to approve the
<br />issuance of said Bonds; and
<br />
<br /> WHEREAS, a copy of PRHA's resolution approving the issuance of the aggregate Bonds in the
<br />estimate amount of $20,000,000, subject to the terms and conditions contained therein, and the
<br />appropriate certifications and documentations required by the applicable federal and state law~
<br />have been provided to the City Council for its consideration.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED that the Council of ~he City of Portsmouth, Virginia ap-
<br />proves the issuance of Loan-To-Lender Multifamily Housing Revenue Bonds by the Portsmouth
<br />Redevelopment and Housing Authority of the City of Portsmouth, Virginia and approves the loan
<br />to York Associates, Inc. in the amount of Twenty Million Dollars ($20,000,000) which amount in
<br />turn shall be loaned to Academy Park Associates and Twin Lakes Associates in the aggregate
<br />amount of $20,000,000 to finance the cost of ~he planning, development, acquisition, repair,
<br />rehabilitation and equipping of Academy Park and Twin Lakes, respectively.
<br />
<br /> BE IT FURTHER RESOLVED that the Council of the City of Portsmouth, Virginia specifically
<br />approves the application of Sixteen Million Five Hundred Thousand Dollars ($16,500,000) of the
<br />Loan-To-Lender Multifamily Housing Revenue Bonds by the Portsmouth Redevelopment and Housing
<br />Authority for the making of a loan to Academy Park Associates to finance the cost of the plannJ
<br />development~acquisition, repair, rehabilitation and equipping of Academy Park.
<br />
<br /> BE IT FURTHER RESOLVED that this approval of the application of an estimated $16,500,000
<br />Loan-To-Lender Multifamily Housing Revenue Bonds for Academy Park, when aggregated with the
<br />estimated $3,500,000 Loan-To-Lender Multifamily Housing Revenue Bonds applied to provide for
<br />Twin Lakes as approved by Resolution of this Council of the City of Portsmouth, Virginia dated
<br />as of this date, shall aggregate approximate $20,000,000 in Loan-To-Lender Multifamily Housing
<br />Revenue Bonds also authorized and approved herein.
<br />
<br /> BE IT FURTHER RESOLVED that the Council of the City of Portsmouth, Virginia finds that in
<br />order to preserve, develop, and protect safe and sanitary housing and promote a desirable
<br />economic mix that at least twenty percent (20%) of the units in each residential building will
<br />be rented or held available for persons of low income to the extent required pursuant to Secti¢
<br />36-19 of the Code of Virginia, 1950, as amended.
<br />
<br /> BE IT FURTHER RESOLVED that the approval of the issuance of~the Bonds as r~equired by the
<br />applicable federal and state laws does not constitute an endorsement of the Bonds, financial
<br />viability of the "residential building", or the credit worthiness of Academy Park Associates,
<br />but, as required by 915.1-1380 of the Code of Virginia, 1950, as amended, the Bonds shall
<br />provide that neither the Commonwealth of Virginia, City of Portsmouth nor PRHA shall be obli-
<br />gated to pay the Bonds or the interest thereon or other costs incident thereto except from t~e
<br />revenues and monies pledged therefor, and neither the faith or credit of the taxing power of
<br />the Commonwealth, the City nor the PRHA shall be pledged thereto.'
<br />
<br />This resolution shall take effect immediately upon its adoption."
<br />
<br /> Ayes: Barnes, Beamer, Gray, Holley, Webb, Whitlow
<br />Nays: None
<br />
<br />(b) On motion of Mr. Barnes and seconded by Mr. Gray, the following resolution was adopted,
<br />and by the ~ollowing vote:
<br />
<br />,ooo)
<br />
<br />
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