Title
Resolution Approving the Issuance by the Hampton Redevelopment and Housing Authority of Its Up to $12,000,000 Multifamily Housing Revenue Bonds (The Retreat At Trilogy) Series 2026
Purpose
PURPOSE/BACKGROUND:
The Hampton Redevelopment and Housing Authority ("HRHA"), pursuant to its authority under the Code of Virginia, is authorized to issue bonds and other obligations for its corporate purposes, including assisting private entities with the acquisition, construction, and equipping of multifamily residential rental housing. Trilogy Developers, LLC, a Virginia limited liability company ("Trilogy"), applied to HRHA for the issuance of up to $12,000,000 in tax-exempt multifamily housing revenue bonds to assist in financing or refinancing a portion of the costs of acquiring, constructing, and equipping a multifamily residential rental housing project to be known as The Retreat at Trilogy, consisting of 96 affordable apartments for seniors, to be located on an approximately 3-acre portion of land designated at LRSN 200040, adjacent to Michigan Drive, in the City of Hampton (the "Project").
The Project has been reviewed by City staff and determined to be consistent with the City's Consolidated Plan because it supports the development of affordable senior housing, a priority housing goal identified in the Consolidated Plan.
Section 147(f) of the Internal Revenue Code of 1986, as amended requires a public hearing and approval by the applicable local elected governing body before tax-exempt private activity bonds may be issued. Because the Project is located within the City of Hampton, City Council approval is required. In addition, Section 15.2-4906 of the Code of Virginia, as amended, requires City Council approval of the issuance of such bonds following a public hearing conducted by HRHA.
HRHA is scheduled to conduct the required public hearing at its meeting on September 23, 2026, at 8:30 am, after which it will consider a resolution authorizing the issuance of up to $12,000,000 of multifamily housing revenue bonds for the Project. Any such resolution adopted by HRHA will be subject to the subsequent approval of the Hampton City Council.
Because HRHA's public hearing and consideration of the authorizing resolution are scheduled to occur on the morning of September 23, 2026, draft forms of the transmittal letter, hearing certificate, hearing summary, and HRHA resolution are included in the agenda materials for administrative purposes. Executed versions of those documents, along with the certified notice, will be provided to the Clerk of Council following the HRHA meeting and prior to City Council's consideration of this item.
Discussion:
The bonds will not constitute a debt or pledge of the faith and credit of the City of Hampton, HRHA, or the Commonwealth of Virginia.
Impact:
The Project will provide 96 affordable apartment units for seniors in the City of Hampton.
Recommendation:
Rec
Approval of the Resolution
Body
WHEREAS, the Hampton 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 Trilogy Developers, LLC (the "Applicant") requesting that the Authority issue up to $12,000,000 of its revenue bonds (the “Bonds”) to assist the Borrower in financing or refinancing a portion of the costs of acquiring, constructing and equipping a multifamily residential rental housing project to be known as The Retreat at Trilogy, to consist of 96 affordable apartments for seniors, to be located on an approximately 3-acre portion of land designated as LRSN 2000401, adjacent to Michigan Drive, in the City of Hampton, Virginia (the “Project”). The Project will meet the requirements of a qualified residential rental project within the meaning of Section 142(d) of the Internal Revenue Code of 1986, as amended (the “Code”). The Project will be owned by the Applicant or an entity affiliated with and controlled by or under common control with the Applicant (the “Borrower”); 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 Hampton and the facilities related to the Project to be financed or refinanced with the Bonds are located in the City of Hampton; and
WHEREAS, the Authority, as the issuing governmental unit with respect to the Bonds, has no applicable elected representative, the City of Hampton constitutes the next highest governmental unit with such a representative, and the members of the Hampton City Council (the “Council”) constitute the applicable elected representatives of the City of Hampton; and
WHEREAS, the Authority has recommended that the Council approve the issuance of the Bonds;
WHEREAS, it has been determined that the Project is consistent with the City’s Consolidated Plan because it advances the creation of affordable senior housing through development, which is a priority housing goal within the Consolidated Plan; and
WHEREAS, a copy of the Authority’s resolution authorizing the issuance of the Bonds and a certificate of the public hearing (including a summary of statements expressed at the hearing) have been filed with the Council.
NOW, THEREFORE, BE IT RESOLVED BY THE HAMPTON CITY COUNCIL:
1. The Council approves the issuance of the Bonds by the Authority for the benefit of the Borrower, solely for the purpose(s) required by Section 147(f) of the Code and Section 15.2-4906 of the Code of Virginia of 1950, as amended, as applicable to Virginia Housing Authorities, to permit the Authority to assist in the financing of the Project.
2. The approval of the issuance of the Bonds does not constitute an endorsement to a prospective purchaser of the Bonds or the creditworthiness of the Project or the Borrower.
3. The Bonds shall provide that neither the City of Hampton nor the Authority shall be obligated to pay the Bonds or the interest thereon or other costs incident thereto except from the revenues and monies pledged thereto and that neither the faith and credit nor the taxing power of the City of Hampton or the Authority is pledged to the payment of the principal of the Bonds or the interest thereon or other costs incident thereto.
4. In adopting this resolution, the City of Hampton, including its elected members of city council, representatives, officers, employees and agents, shall not be liable for, and hereby disclaim all liability for, any damages to any person, direct or consequential, resulting from the Authority’s failure to issue the Bonds for any reason.
5. No Bonds will be issued by the Authority until such time as (i) all bond documents, financing documents, and related documents and proceedings have been reviewed and approved by counsel for the Authority, (ii) bond counsel has approved the Bonds and the related financing structure, and (iii) all legal requirements applicable to the issuance of the Bonds have been satisfied.
6. This resolution shall take effect immediately upon its adoption.