Minutes 02/22/2000 - Laserfiche WebLink

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February 22, 2000 "A RESOLUTION APPROVING ISSUANCE OF MULTI-FAMILY RENTAL HOUSING BONDS FOR THE BENEFIT OF YS PORTSMOUTH LIMITED PARTNERSHIP. WHEREAS, the Portsmouth Redevelopment and Housing Authority (the "Authority") proposes to issue its multi-family housing revenue bonds in an amount not currently expected to exceed $7,500,000 (the "Bonds") to finance a 160-unit multi-family housing project to be known as Yorkshire Square Townhouse Apartments located at 840 Lancer Drive and Yorkshire Road in Portsmouth, Virginia (the "Project"), for the benefit of YS Portsmouth Limited Partnership, a Virginia limited partnership; and WHEREAS, on February 22, 2000, the Authority held a public hearing on the issuance of the Bonds; and WHEREAS, the Authority has recommended that the City council of the City of Portsmouth, Virginia (the "Council"), approve the issuance of the Bonds; and VVHEREAS, a copy of the Authority's resolution approving the proposed Bonds, a record of the public hearing and a "fiscal impact statement" with respect to the Project have been filed with the Council; NOW THEREFORE BE IT RESOLVED by the Council of the City of Portsmouth Virginia that: 1. The Council hereby approves the issuance of the Bonds as proposed by the Authority, to the extent required by Section 147(0 of the Internal Revenue Code o 1986, as amended, and Section 15.2-4906 of the Virginia Code of 1950, as amended. 2. Such approval does not constitute and shall not be represented as constituting an endorsement of the Bonds, or the creditworthiness of the Project or any source of payment of the Bonds. The Bonds shall continue to provide that they shall not be a debt of the Commonwealth of Virginia or any political subdivision thereof (other than the Authority) and that neither the Commonwealth of Virgima nor any political subdivision thereof (other than the Authority) shall be liable thereon." Ayes: E~enn, Griffin, Moody, Pitts, Whitehurst, Holley Nays: None 00 - 46 - Non-Agenda Speakers 1. Helen Person, 1316 Green Street, expressed thanks to all for planned relocation. 2. Mark Geduldig-Yatrosky, 363 Middle Street, spoke on video technical difficulties. On motion, meeting adjourned at 7:35 p.m. Minutes prepared by: APPROVED - Mayor City Clerk *Councilman P. ward Robinett, Jr. was absent.