Title
Resolution Approving the Issuance by the Hampton Redevelopment and Housing Authority of its Revenue Bonds for the Acquisition, Rehabilitation, and Equipping of the Approximately 160-Unit Derby Run Apartments Multifamily Housing Facility Located in the City of Hampton, Virginia
Purpose
PURPOSE/BACKGROUND:
The Hampton Redevelopment and Housing Authority (HRHA) is authorized by the Code of Virginia to issue notes and bonds for several purposes, including assisting with housing rehabilitation by private entities. LRC-Derby Run 1, L.P. (the "Developer") applied to the HRHA for issuance of $12,000,000 in HRHA revenue bonds to assist the Developer in financing or refinancing a portion of the cost of acquiring, rehabilitating and equipping a multifamily residential rental housing project known as Derby Run apartments, consisting of fourteen garden-style buildings containing approximately 160 units representing approximately 176,800 net rentable square feet (of which an area of approximately 142,700 square feet is expected to be eligible for low income housing tax credits) and related parking spaces and other amenities (the “Project”) located at 300 Floyd Thompson Boulevard in the City of Hampton, Virginia.
Section 15.2-4906 of the Code of Virginia, as amended, requires approval by the City Council of the issuance of any new private activity bonds after the HRHA has held a public hearing to consider the issuance of the bonds. The HRHA held a public hearing on September 25, 2019 and adopted a resolution to issue $12,000,000 of its tax exempt bonds, subject to City Council approval.
The HRHA has recommended that the City Council approve its issuance of the bonds. As required by Section 15.2-4907 of the Code of Virginia, a fiscal impact statement has been provided to the City Council.
Discussion:
See Purpose/Background above.
Impact:
See Purpose/Background above.
Recommendation:
Rec
Approve the Resolution.
Body
WHEREAS, the Hampton Redeve...
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