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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 $11,000,000 for the acquisition, construction, and equipping of the approximately 69-unit multifamily residential rental housing project at 400 East Grace Street 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 Grace Street Preservation, LLC (the "Borrower") requesting that the Authority issue its revenue bonds (the "Bonds") in a maximum stated principal amount of $11,000,000 to finance a portion of (a) the costs of acquiring, constructing and equipping a multifamily residential rental housing project consisting of approximately 69 units, containing approximately 36,494 rentable square feet, along with related facilities (the "Project"), (b) the funding of capitalized interest and reserve funds, in each case 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 Autho...
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