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December
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<br />'~A RESOLUTION APPROVING THE ISSUANCE OF AN ESTIMATED $20,000,000 AGGREGATE
<br />AMOUNT OF LOAN-TO-LENDER MULTIFAMILY HOUSING REVENUE BONDS BY THE PORTSMOUTH
<br />REDEVELOPMENT AND HOUSING AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA AND
<br />SPECIFICALLY APPROVING AN ESTIMATED AMOUNT OF $3,500,000 OF SAID BONDS FOR
<br />TWIN LAKES ASSOCIATES TO FINANCE THE COST OF THE DEVELOPMENT, ACQUISITION,
<br />RENOVATION, REHABILITATION, AND EQUIPPING OF AN EXISTING MULTI-FAMILY RENTAL
<br />HOUSING PROJECT KNOWN AS TWIN LAKES.
<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 wit
<br />the provisions of ~ 103(k) of the Internal Revenue Code of 1954, as amended, and ~ 15.1-1378.
<br />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
<br />($20,000,000) to assist in the planning, development, acquisition, repair, rehabilitation and
<br />equipping of two existing multifamily rental housing projects containing an aggregate of one
<br />thousand, seven hundred ninety (1,790) apartment units known as Academy Park, located at 3741
<br />Elliott Avenue, Portsmouth, Virginia ("Adademy Park"), and Twin Lakes, located at 75 Cambridge
<br />Avenue, Portsmouth, Virginia ("Twin Lakes") (all such improvements being collectively referre,
<br />to as the "residential 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, Twin Lakes 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 (person:
<br /> who qualify for assistance under Section 8 of the United States Housing Act of 1937, as amend-
<br /> ed); 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 documentation required by the applicable federal and state laws
<br />have been provided to the City 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 Loan-To-Lender Multifamily Housing Revenue Bonds by the Portsmouth
<br />Redevelopment and Housing Authority of the City of Portsmouth, Virginia for Academy Park
<br />Associates and Twin Lakes Associates in the aggregate amount of $20,000,000 to finance the cos
<br />of planning, development, acquisition, repair, rehabilitation and equipping of Academy Park ar
<br />Twin Lakes.
<br />
<br /> BE IT FURTHER RESOLVED that the Council of the City of Portsmouth, Virginia specifically
<br />approves the application of Three Million Five Hundred Thousand Dollars ($3,500,000) 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 Twin Lakes Associates to finance the cost of the plannit
<br />development, acquisition, repair, rehabilitation and equipping of Twin Lakes.
<br />
<br /> BE IT FURTHER RESOLVED that this approval of the application of an estimated $3,500,000
<br />Loan-To-Lender Multifamily Housing Revenue Bonds for Twin Lakes, when aggregated with the
<br />estimated $16,500,000 Loan-To-Lender Multifamily Housing Revenue Bonds applied to provide for
<br />Academy Park as approved by Resolution of this Council of the City of Portsmouth, Virginia
<br />dated as of this date, shall aggregate approximate $20,000,000 in Loan-To-Lender Multifamily
<br />Housing Revenue Bonds also authorized and approved herein.
<br />
<br /> BE IT FURTHER RESOLVED that the Council of the City of Portsmouth, Virginia finds that
<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 :
<br />Section 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 required by the
<br />applicable federal and state laws does not constitute an endorsement of the Bonds, financial
<br />viability of the "residential buildings", or the credit Worthiness of Twin Lakes Associates,
<br />but, as required by 815.1-1380 of the Code of Virginia, 1950, as amended, the Bonds shall pro-
<br />vide that neither the Commonwealth of Virginia, City of Portsmouth nor PRHA shall be obligate¢
<br />to pay the Bonds or the interest thereon or other costs incident thereto except from the
<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, Hol~ey, Webb, Whitlow
<br />Nays: None
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