Legislation # 14-0119 Enactment Number none
Type Resolution Effective Date 3/12/2014
Introduction Date 3/12/2014
Title Resolution Concurring With And Approving The Hampton Redevelopment And Housing Authority of the City of Hampton’s Issuance of Multi-Family Housing Revenue Bonds, Series 2014, In An Amount Not to Exceed $11,500,000 For The Woodlands Hampton, L. P. Project also known as the Marlyn Development Corporation Project
 
Legislation History 14-0119
DateNotice Of ActionDescription
3/12/2014 Approved items 1 through 8 on the consent agenda.
3/2/2014 Received By Clerk's Office
 
View Attachments 14-0119
FileTypeSizeDescription
Woodlands Phoebus - HRHA Resolution & Certificate of Votes.pdf Other 453K HRHA Resolution
Woodlands Phoebus - HRHA Record of Public Hearing.pdf Other 103K Summary of Comments of the January 22, 2014 Public hearing Before the HRHA
Woodlands Phoebus - HRHA Fiscal Impact Statement.pdf Other 106K Fiscal Impact Statement
140529 LTR HRHA Revenue Bond Woodlands Hampton Project.tif Other 323K IRS Form 8038 - 5/29/14
 
Legislation Text 14-0119

 

City of Hampton, Virginia

Resolution

22 Lincoln Street

Hampton, VA 23669

www.hampton.gov

 

File Number: 14-0119

 

Enactment Number: -

 

Resolution Concurring With And Approving The Hampton Redevelopment And Housing Authority of the City of Hamptons Issuance of Multi-Family Housing Revenue Bonds, Series 2014, In An Amount Not to Exceed $11,500,000 For The Woodlands Hampton, L. P. Project also known as the Marlyn Development Corporation Project

 

RESOLUTION

 

WHEREAS, the Hampton Redevelopment and Housing Authority (the Authority) was created pursuant to the Virginia Housing Authorities Law (the Act), found in Chapter 1, Title 36, Code of Virginia of 1950, as amended (the Virginia Code), and is now existing and operating as a public body corporate and politic, and the Act empowers the Authority to issue its notes or bonds in accordance with the provisions of the Act for the purpose of making loans for the prevention and elimination of slum or blighted areas, for assistance in housing construction or rehabilitation by private sponsors and to refund prior obligations issued for any such purposes;

 

WHEREAS, Woodlands Hampton, L. P., a Virginia limited partnership (the Borrower), has applied to the Authority for the issuance of $11,500,000 of the Authoritys Multi-Family Housing Revenue Bonds (Woodlands Hampton, L. P. Project), Series 2014 (the Bonds), to provide financing for the acquisition, construction and equipping of a four-story, multi-family seniors residential rental housing project containing not to exceed 133 dwelling units on an approximately 5.18 acre site, to be known as The Woodlands at Phoebus Apartments and to be located at 54 Woodland Road, Hampton, Virginia 23663, together with the payment of certain issuance and other transaction costs (collectively, the Project);

 

WHEREAS, the Borrower, which will commence the acquisition, construction and equipping of the Project promptly following the issuance of the Bonds, has its principal place of business at 308 35th Street, Suite 101, Virginia Beach, Virginia 23451, in the City of Virginia Beach, Virginia;

 

WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended (the Code), requires, among other things, the approval by this Council of the issuance of any new issue of private activity bonds after the Authority has held a public hearing to consider the issuance of such bonds as one of the acts required in order for the interest on such bonds to qualify for exemption from the imposition of federal income tax;

 

WHEREAS, pursuant to due notice, the Authority has, on January 22, 2014, conducted a public hearing on the application of the Borrower for the issuance of such Bonds in compliance with the requirements of Section 147(f) of the Code, Section 15.2-4906 of the Code of Virginia of 1950, as amended, and Section 2 of Chapter 514 of the Acts of Assembly of 1983, and after such public hearing did adopt a resolution to assist in the issuance of $11,500,000 of its tax-exempt bonds, subject to the adoption of this resolution;

 

WHEREAS, pursuant to Section 146 of the Code, Title 15.2, Chapter 50 of the Virginia Code and the Virginia Private Activity Bond Allocation Guidelines, promulgated by the Virginia Department of Housing and Community Development (DHCD), an allocation from the State ceiling (as defined in Section 146 of the Code) limitation on the volume of private activity notes or bonds which may be issued in the Commonwealth of Virginia in 2014 (Volume Cap) must be granted by DHCD, in its capacity as Allocation Administrator, in order for the interest on the Bonds to be exempt from the imposition of federal income tax, for which allocation of Volume Cap an application must be submitted by the Authority to DHCD;

 

WHEREAS, the Authority has recommended that the Council approve the issuance of the Bonds and support the Authoritys application to DHCD for an allocation to the Bonds of a portion of the State ceiling of Volume Cap; and

 

WHEREAS, a Fiscal Impact Statement complying with the requirements of Section 15.2-4907 of the Virginia Code and Section 2 of Chapter 514 of the Acts of Assembly of 1983 of the General Assembly of Virginia, a record of the public hearing held by the Authority, and a copy of the Authority's resolution approving the issuance of the Bonds, subject to the terms to be agreed upon, have been filed with the Council.

 

NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Hampton, Virginia:

 

Section 1: That the recitals in the preambles hereto are found to be true and correct in all respects, and are adopted as findings of this Council as if fully rewritten herein.

 

Section 2: That the Project proposed to be financed by the issuance of the Bonds is deemed appropriate for such financing and, accordingly, the issuance of the Bonds is hereby approved.

 

Section 3: That the Council supports the Authoritys application to DHCD for an allocation for the Bonds of $11,500,000 of the State ceiling of Volume Cap.

 

Section 4: The approval of the issuance of the Bonds, as required by Section 147(f) of the Code and by Virginia Code, does not constitute an endorsement to a prospective purchaser of the Bonds of the creditworthiness of the Project or the Borrower and the Bonds shall provide that the City of Hampton shall not be obligated to pay the Bonds or the interest thereon or other costs incident thereto and neither the faith or credit nor the taxing power of the Commonwealth of Virginia or the City of Hampton shall be pledged thereto.

 

Section 5: That this resolution shall be in effect from and after its adoption.

 

Adopted at the regular meeting of the City Council of the City of Hampton, Virginia held on March 12, 2014.

 

 

 

 

Signed by ____________________________ Date _________________

George E. Wallace, Mayor

 

 

 

 

Attested by ____________________________ Date _________________

Katherine K. Glass, CMC

Clerk of the Council