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To approve the issuance by the Richmond Redevelopment and Housing Authority of its multifamily housing revenue bonds in amount up to $9,000,000 for the acquisition, construction, and equipping of the approximately 77-unit multifamily residential rental housing project at 101 West Commerce Road in the city of Richmond.
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WHEREAS, the Richmond Redevelopment and Housing Authority (the "Authority") is authorized to advertise and hold public hearings relative to the issuance of private activity bonds; and
WHEREAS, the Authority has considered the application of Standard School Venture LP (the "Borrower") requesting that the Authority issue its revenue bonds (the "Bonds") in a maximum stated principal amount of $9,000,000 to finance or refinance a portion of (a) the costs of acquiring, constructing and equipping a multifamily residential rental housing project consisting of approximately 77 units in aggregate located at 101 West Commerce Road in the city of Richmond (the "Project"), (b) the funding of reserve funds as permitted by applicable law and (c) the costs incurred in connection with the issuance of the Bonds (collectively, the "Plan of Finance") and has held a public hearing in connection therewith (the "Public Hearing"); and
WHEREAS, the Project shall be established and maintained as a "qualified residential rental project" within the meaning of Section 142(d) of the Internal Revenue Code of 1986, as amended (the "Code"); and
WHEREAS, Section 147(f) of the Code provides that the applicable elected representatives of the governmental unit having jurisdiction over the issuer of private activity bonds and over the area in which any facility financed with the proceeds of private activity bonds is located must approve the issuance of such bonds; and
WHEREAS, the Authority issues its bonds on behalf of the City of Richmond, Virginia (the "City") and the Project is located in the city; and
WHEREAS, the Authority, as the issuing governmental unit with respect to the Bonds, has no applicable elected representative, the City constitutes the next highest governmental unit with such a representative, and the members of the City Council of the City (the "Council") constitute the applicable elected representatives of the City; and
WHEREAS, the Authority has recommended that the Council approve the issuance of the Bonds; and
WHEREAS, a copy of the Authority's resolution approving the issuance of the Bonds, a certificate of the Public Hearing and a summary of the statements expressed at the Public Hearing have been filed with the Council;
NOW, THEREFORE,
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF RICHMOND:
1. That the Council approves the issuances of the Bonds by the Authority, in one or more series at one time or from time to time, in an aggregate maximum stated principal amount of $9,000,000 for the benefit of the Borrower or a party related to the Borrower, as required by Section 147(f) of the Code, Section 15.2-4906, as applicable to housing authorities, of the Code of Virginia of 1950, as amended (the "Virginia Code") and Section 36-19(9) of the Virginia Code to permit the Authority to assist in the financing of the Plan of Finance.
2. The approval of the issuance of the Bonds does not constitute an endorsement to a prospective purchaser of the Bonds of the creditworthiness of the Plan of Finance or the Borrower.
3. The Bonds shall provide that neither the City nor the Authority shall be legally, morally, or in any other way obligated to pay the Bonds or the interest thereon or other costs incident thereto except from the revenues and monies pledged thereto and that neither the faith and credit nor the taxing power of the City or the Authority is pledged to the payment of the principal of the Bonds or the interest thereon or other costs incident thereto. The Bonds shall not constitute an indebtedness within the meaning of any debt limitation or restriction.
4. In adopting this resolution, the City, including its elected representatives, officers, employees, and agents, shall not be liable for, and hereby disclaim all liability for, any damages to any person, direct or consequential, resulting from the Authority's failure to issue the Bonds for any reason.
5. This resolution shall take effect immediately upon its adoption.
DATE: October 30, 2025
TO: The Honorable Members of City Council
THROUGH: RJ Warren, Council Chief of Staff
THROUGH: Will Perkins, Senior Legislative Services Manager
FROM: Ellen Robertson, 6th District Councilmember
RE: Approval of RRHA Revenue Bonds for 101 West Commerce Road
CNL-2025-0058
PURPOSE: Expresses City Council's approval of approve the issuance of $9 million in bonds to finance the acquisition of property, construction, and equipping of the approximately 77-unit multifamily housing facility to be located at 101 West Commerce Road in the City of Richmond, VA. City Council's resolution approving the bond issuance is necessitated by Internal Revenue Code requirements that there is approval of the local housing authority's appointing/governing authority.
City Council's approval of the issuance of the bond(s) does not obligate the City or RRHA.
BACKGROUND: On October 15, 2025, RRHA Commissioners approved a resolution endorsing the issuance of bonds to finance the acquisition, construction, and equipping of 101 West Commerce Rd. The maximum financing amount is $9 million. The project is a qualified residential rental project within the meaning of ? 142(d) of the Internal Revenue Code. RRHA recommends Council approval of the project.
FISCAL IMPACT: N/A
DESIRED EFFECTIVE DATE: Upon adoption
REQUESTED INTRODUCTION DATE: November 3, 2025
CITY COUNCIL PUBLIC HEARING DATE: November 10, 2025
REQUESTED AGENDA: Consent
RECOMMENDED COUNCIL COMMITTEE: N/A
AFFECTED AGENCIES: Richmond Redevelopment and Housing Authority
RELATIONSHIP TO EXISTING ORD. OR RES.: None
ATTACHMENTS: None.
STAFF: Steve Taylor, Council Policy Analyst, (804-646-2780)
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