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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 $14,300,000.00 for the acquisition, construction, renovation, rehabilitation and equipping of an approximately 161-unit multifamily residential rental housing project, consisting of 49 buildings, a property office, and maintenance buildings, to be known as the Townes at River South Apartments located at East 9th Street and Everett 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 River South Preservation, L.P. (the "Borrower"), a Virginia limited partnership, an affiliate of Related Affordable, LLC, requesting that the Authority issue up to $14,300,000.00 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 161-unit multifamily residential rental housing project, consisting of 49 buildings, a rental office, and maintenance buildings, over approximately 16 acres to be known as the Townes at River South 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...
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