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52¸
<br />
<br />~er~mher l~, lq~S
<br />
<br /> WHEREAS, the City of Portsmouth owns certain hereinafter-described real property on the
<br />west side of Hill Avenue, which property is no longer required for public purpose and is,
<br />hereby declared to be excess property; and
<br />
<br /> WHEREAS, the Portsmouth Port and Industrial Commission has developed, in conjunction with
<br />the Virginia Port Authority, plans for development of said property and other property in the
<br />vicinity of the Port operations; and
<br />
<br /> WHEREAS, the Council of the City of Portsmouth deems it to be in the best interest of the
<br />City to convey hereinafter-described property to the Portsmouth Port and Industrial Commission
<br />in order to facilitate such development; and
<br />
<br /> WHEREAS, pursuant to ~2.09 (c) of the Charter of the City of Portsmouth property may be
<br />conveyed to the Commonwealth of Virginia or a political subdivision thereof without advertise-
<br />ment and receipt of bids; and
<br />
<br /> WHEREAS, the Portsmouth Port and Industrial Commission is a political subdivision of the
<br />Commonwealth of Virginia; and
<br />
<br /> WHEREAS, the appraised value of said property is Two Hundred Six Thousand ($206,000)
<br />Dollars.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that
<br />the City Manager be, and he hereby is, authorized to convey to Portsmouth Port and Industrial
<br />Commission the hereinafter-described property, to-wit:
<br />
<br />PARCEL I
<br />
<br /> All those certain pieces or parcels of land situate, lying and being in the
<br />City of Portsmouth, Virginia, with the appurtenances thereunto belonging, described as
<br />Lots 34, 68, 69, Y0, 71, 72, 73, 74, 109, 110, 111, 112, 113, 114, 115, 116, 117,
<br />118, 119, 154, 155, 156, 157, 158, 159, 160, 161, 162, 163, 164, 165, 166, 167, 168
<br />and 169 on the plan of ,'Pinners Point :Land Company", recorded in Map Book 4, page
<br />7 in the Clerk's Office of the Circuit Court of the City of Chesapeake, Virginia.
<br />
<br />PARCEL II
<br />
<br /> Ail those certain pieces or parcels of land situate, lying, and being in the
<br />City of Portsmouth, with the appurtenances thereunto belonging, described as Lots
<br />288, 289, 290, 291, 292, 293, 294,302, 303, 304, 305, 306, 307, 308, 309, 310,
<br />311, 312, 313, 314, 315 and a portion of lots 295, 296, 297, 298, 299, 300 and
<br />301 on the plan of "Pinners Point Waterfront Company", recorded in Map Book 4, page
<br />32 in the Clerk's Office of the Circuit Court of the City of Chesapeake, Virginia.
<br />
<br />PARCEL III
<br />
<br /> That portion of Industrial Avenue (formerly Jackson Avenue) closed by the Council
<br />of the City of Portsmouth, Virginia, and that portion of Southern Avenue closed by
<br />the Council of the City of Portsmouth, Virginia, by resolution adopted June 26, 1962.
<br />
<br /> BE IT FURTHER RESOLVED that the City Manager be, and. he hereby is, authorized to sign suc]
<br />deeds and other documents as may be necessary to complete this transaction."
<br />
<br />Ayes: Barnes, Beamer, Gray, Holley, Webb, Whitlow
<br />Nays: None
<br />
<br /> 83-455 - Letter from the City Manager recommending adoption of a resolution approving
<br />the issuance of multi-family rental housing revenue bonds by the Portsmouth Redevelopment and
<br />Housing Authority for Academy Park-Twin Lakes Associates in an amount estimated at $20,000,000
<br />to finance the cost of the acquisition, renovation, and equipping of two existing multi-family
<br />rental housing projects known as Academy Park and Twin Lakes.
<br />
<br /> "On Tuesday, December 13, 1983, at 4:00 p.m., the Portsmouth Redevelopment & Housing
<br />Authority (PRHA) will hold a public hearing on the application and plan of financing of Academ~
<br />Park-Twin Lakes Associates. Bush Construction Corporation is the General Manager of this
<br />partnership and wants to issue up to $20,000,000 of multi-family rental housing revenue bonds
<br />for the acquisition, renovation and equipping of two existing multi-family rental housing pmO-
<br />jects known as Academy Park and Twin Lakes. If the PRHA acts in accordance with the applicabl~
<br />federal and state law, Bush Construction Corporation will request the City Council to approve
<br />the issuance of such bonds and a resolution to that effect is being placed upon your agenda
<br />anticipating the PRHA action."
<br />
<br /> Mark Sharp, Vice President of Bush Construction Corporation, 5532 Raby Road, Norfolk,
<br />was present to answer.~questions.
<br />
<br />(a) On motion of Mr. Barnes and seconded by Mrs. Webb, the following resolution was adopted,
<br />and by the following vote:
<br />
<br />"A RESOLUTION APPROVING THE ISSUANCE OF AN ESTIMATED $20,000,000 AGGREGATE AMOUNT
<br />OF LOAN-TO-LENDER MULTIF~MILY HOUSING REVENUE BONDS SERIES 1983A BY THE PORTSMOUTH
<br />REDEVELOPMENT AND HOUSING AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA AND SPECIFICALLY
<br />APPROVING AN ESTIMATED AMOUNT OF $16,500,000 OF SAID BONDS FOR ACADEMY PARK ASSOCIATES
<br />TO FINANCE THE COST OF THE DEVELOPMENT, ACQUISITION, RENOVATION, REHABILITATION, AND
<br />EQUIPPING OF AN EXISTING MULTIFAMILY RENTAL HOUSING PROJECT KNOWN AS ACADEMY PARK.
<br />
<br />
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