Subject:
Title
Consider adopting a Resolution approving issuance by Harrisonburg Redevelopment and Housing Authority of Revenue Bonds for the acquisition and construction of Brookland Park Apartments located in the City of Richmond.
Body
Presented By: Chris Brown, City Attorney
Recommendation and Review
HRHA is requesting Council pass the above referenced resolution. 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 issuance 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 a project in the City of Richmond, Virginia.