HomeMy Public PortalAbout1985_08_14_R130The Town ofLeesburgin Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED August 14, 1985
85-130 ADOPTED August 14, 1985
INVITING THE SUFFOLK REDEVELOPMENT AND HOUSING AUTHORITY TO
ISSUE MULTI-FAMILY HOUSING REVENUE BONDS TO FINANCE THE EXETER
GARDEN APARTMENT PROJECT BY IMG/EXETER ASSOCIATES LIMITED
PARTNERSHIP
WHEREAS, IMG/Exeter Associates Limited Partnership, a Virginia limited
partnership (the "Developer"), desires to acquire, construct, and equip a garden
apartment project of up to 384 units to be located within the Exeter planned
residential neighborhood in the Town of Leesburg, Virginia (the "Project"); and
WHEREAS, the Developer desires to finance the project with the proceeds of
multi-family housing revenue bonds, to be issued pursuant to Section 36-19(fl)
of the Code of Virginia of 1950, as amended, and exempt from Federal income
taxation pursuant to Section 103(b)(4)(A) of the Internal Revenue Code of 1954,
as amended (the "Code"); and
WHEREAS, Virginia redevelopment and housing authorities are empowered to
make loans for assistance in housing construction outside of their jurisdictions
through the issuance of such bonds, and the Developer has received indications
that the Suffolk Redevelopment and Housing Authority is willing to assist with
the financing of the project;
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as
follows:
SECTION I. The Council hereby invites the Suffolk Redevelopment and
Housing Authority to assist the Developer in financing the Project and consents
to the issuance of bonds to finance the Project by said Authority.
SECTION II. This resolution shall not be deemed an endorsement of the cre-
ditworthiness of such bonds, the Project, the Developer or any other person or
entity, and the Town of Leesburg shall have no obligation whatsoever with
respect to the Project or the payment of the bonds.
IMGRE S. 1
Suffolk Redevelopment Housing Authority Resolution
Page 2
SECTION III. This consent is given on the express condition that the
Suffolk Redevelopment and Housing Authority permit other such authorities to
operate in the Town of Leesburg, as permitted by the Town Council.
PASSED this 14th day of August , 1985.
ATTE ST:
Town of Leesburg
Clerk ofyuncil '
IMGRE S. 2