Subject:
Title
Consider adopting a resolution approving issuance by Harrisonburg Redevelopment and Housing Authority of Revenue Bonds for the acquisition, construction, and equipping of an approximately 186 Unit multifamily residential rental housing project known as Helios (the “Project”) in the County of Henrico, Virginia.
Body
Presented By: Chris Brown, City Attorney
Recommendation and Review
HRHA is requesting Council pass the above referenced resolution approving a bond issuance. Council approval of HRHA’s issuance of the bonds is required by state law. There is no liability incurred by the City as a result of this approval and the issuances of the bonds by HRHA.
HRHA routinely acts as the issuer of private activity bonds to finance housing projects around Virginia. Fees generated by such bond issuances are used by HRHA to finance some of its work in Harrisonburg. HRHA is acting as the issuer of such bonds for the Helios project in the County of Henrico, Virginia, located at 5701 Chamberlayne Road, Henrico, Virginia and more particularly described in the resolution attached to the agenda for this item. Under Virginia law, City Council must approve HRHA’s issuance of the bonds prior to the issuance. There is no liability assumed by the City in approving the attached resolution or in the issuance of the bonds.