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File #: RES. 2019-R058    Version: 1 Name:
Type: Resolution Status: Adopted
File created: 10/15/2019 In control: City Council
On agenda: Final action: 10/14/2019
Title: To approve the issuance by the Richmond Redevelopment and Housing Authority of its multifamily housing revenue bonds in an amount up to $16,000,000.00 for the acquisition, construction, renovation, rehabilitation and equipping of an approximately 125-unit multifamily residential rental housing project to be known as Shockoe Hill I Apartments located at 200 Hospital Street and 212 Hospital Street in the city of Richmond.
Patrons: Ellen Robertson
Attachments: 1. Res. No. 2019-R058 - Expedited 20191014
title
To approve the issuance by the Richmond Redevelopment and Housing Authority of its multifamily housing revenue bonds in an amount up to $16,000,000.00 for the acquisition, construction, renovation, rehabilitation and equipping of an approximately 125-unit multifamily residential rental housing project to be known as Shockoe Hill I Apartments located at 200 Hospital Street and 212 Hospital 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;
and
WHEREAS, the Authority has considered the application of Shockoe I Apartments VA LP (the "Borrower"), a Virginia limited partnership, requesting that the Authority issue up to $16,000,000.00 of its multifamily residential rental housing revenue bonds (the "Bonds") to assist the Borrower or an affiliated entity in financing or refinancing a portion of the cost of the acquisition, construction, renovation, rehabilitation and equipping of an approximately 125-unit multifamily residential rental housing project representing approximately 83,598 rentable square feet and one building to be used as a leasing office and community center to be known as Shockoe Hill I 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 September 18, 2019 (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 Richmond, Virginia (the "City"), an...

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