Share to Facebook Share to Twitter Bookmark and Share
File #: RES. 2020-R069    Version: 1 Name:
Type: Resolution Status: Adopted
File created: 12/15/2020 In control: City Council
On agenda: 1/11/2021 Final action: 1/11/2021
Title: To approve the issuance by the Richmond Redevelopment and Housing Authority of its multifamily housing revenue bonds in an amount up to $15,215,000.00 for the acquisition, construction, renovation, rehabilitation and equipping of an approximately 121-unit multifamily residential rental housing project to be known as Holly Springs Apartments located at 801 Holly Spring Avenue in the city of Richmond.
Patrons: Reva Trammell, Michael Jones, President Newbille
Attachments: 1. Res. No. 2020-R069
Title
To approve the issuance by the Richmond Redevelopment and Housing Authority of its multifamily housing revenue bonds in an amount up to $15,215,000.00 for the acquisition, construction, renovation, rehabilitation and equipping of an approximately 121-unit multifamily residential rental housing project to be known as Holly Springs Apartments located at 801 Holly Spring Avenue in the city of Richmond.
Body
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 VST Holly Springs LLC (the "Borrower"), a Virginia limited liability company, requesting that the Authority issue up to $15,215,000.00 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 121-unit multifamily residential rental housing project representing approximately 86,999 rentable square feet to be known as Holly Springs 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 November 16, 2020 (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"), and the Project is located in the City; and
WHEREAS, the Authority, as the issuing governmental unit with respect to the ...

Click here for full text