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To approve the issuance by the Richmond Redevelopment and Housing Authority of its multifamily housing revenue bonds in an amount up to $10,000,000.00 for the acquisition, construction, renovation, rehabilitation and equipping of an approximately 112-unit multifamily residential rental housing project, consisting of 14 buildings, a property office, and maintenance buildings, to be known as South Gate Apartments located at the intersection of East 36th Street and Maury Street in the city of Richmond.
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WHEREAS, the Richmond Redevelopment Housing Authority (the "Authority") is authorized to advertise and hold public hearings relative to the issuance of private activity bonds;
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WHEREAS, the Authority has considered the application of VST South Gate LLC (the "Borrower"), a Virginia limited liability company, requesting that the Authority issue up to $10,000,000.00 of its multifamily residential rental housing revenue bonds (the "Bonds") to assist
the Borrower or an affiliated entity in refinancing the acquisition, construction, renovation, rehabilitation and equipping of an approximately 112-unit multifamily residential rental housing project, consisting of 14 buildings, a property office, and maintenance buildings, over approximately 4.312 acres of land to be known as South Gate Apartments (the "Project") and the costs of issuance incurred in connection with the issuance of the Bonds and has held a public hearing in connection therewith on August 17, 2022 (the "Public Hearing"); and
WHEREAS, section 147(f) of the Internal Revenue Code of 1986, as amended (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 Richm...
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