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PRESENTATION:
<br />ALLAN BOHACHE,
<br />JOB TRAINING &
<br />PARTNERSHIP ACT
<br />PROGRAM
<br />
<br />APPROPRIATION.:
<br />CDBG REALLOCA-
<br />TIONS
<br />
<br />RESOLUTION:
<br />AUTHORIZING
<br />INDUSTRIAL
<br />DEVELOPMENT
<br />BONDS FOR
<br />ELITE ELECTRIC
<br />CO.
<br />
<br /> Mr. Allan Bohache, Director of the Job Training and Partnership Act
<br />Program, summarized the program. Mr. Bohache state'd that the program
<br />contrazts with agencies in the area to provide.occupational assessmentg~:
<br />place people.in competitive jobs, give training in vocational skills,
<br />provide training for the handicapped, and provide on-the-job training.
<br />Mr. Bohache stated that the JTPA program replaced CETA.
<br />
<br /> Mr. Hendrix stated that this appropriation would accomplish the
<br />reprogramming of CDBG funds previously approved by .Council.
<br />
<br /> Mr. Conover moved the CDBG reallocation appropriation, Dr. Gunter
<br />seconded the motion, and it was carried over to the next meeting for
<br />consideration.
<br />
<br /> Mr. Lloyd Smith, representing the Elite Electric Company, requested
<br />that Council approve the issuance of $2S5,000 in industrial development
<br />bonds to enable the company to purchase and renovate a warehouse on 6th
<br />Street, and expand and relocate from their present location in the County.
<br />
<br /> On motion by Dr. Hall, seconded by Mrs. Gleason, the resolution
<br />Authorizing. 'Industrial Development Bonds for Elite Electric Company was
<br />unanimously approved by Council.
<br />
<br /> WHEREAS., the Industrial Development Authority of the City of
<br />Charlottesville,-Virginia (the "Authority"), has:considered the
<br />application of Elite Electric and Utility Supply Corp. (the "Company")
<br />requesting the issuance of the Authority's industrial development
<br />revenue bonds i.n an amount not to exceed $.2S5,000 (the "Bonds'-') to
<br />assist in the financing of the Company's acquisition and rehabilitation
<br />of office and warehouse sp.ace consisting-of approximately 27,000 square
<br />feet (the "Project") to be located at 1501 Sixth Street, S.E., in the
<br />City of Charlottesville, Virginia, and has held a public hearing thereon
<br />on April 10, 1984; and
<br />
<br /> WHEREAS, Section 103(k.) of the Internal Revenue Code of 19.54, as
<br />amended,, provides that the governmental unit having jurisdiction over
<br />the issuer of industrial development bonds and over the area in which
<br />any facility financed with the proceeds of industrial development bonds
<br />is located must approve the issuance of the bonds; and
<br />
<br /> WHEREAS, the Authority issues its bonds on behalf'of the City of
<br />Charlottesville, Virginia (.the "City"); the Project is located in the
<br />City and the Council of the City of Charlottesville, Virginia (the
<br />"Council") constitutes the highest elected governmental unit in the City,
<br />and '
<br />
<br /> WHEREAS, the Ordinance adopted by the Council on July 19, 1976, as
<br />amended on February 3, 1980, which created the Authority (the "Ordinance"),
<br />provides that the Authority shall nor finance any facility until the
<br />location and financing of such facility have been approved by the Council'
<br />and ,
<br />
<br /> WHEREAS, Section S of the Ordinance sets forth certain standards to
<br />be considered by the Authority and the Council in determining the nature
<br />and location of facilities to be financed by the Authority; and
<br />
<br /> WHEREAS, the Authority has recommended that the Council approve the
<br />issuance of the Bonds; and
<br />
<br /> WHEREAS, a copy Of the Authority's resolution approving the issuance
<br />of the Bonds, subject to the terms to be agreed upon, a certificate of
<br />the public hearing, and a Fiscal Impact Statement have been filed with the
<br />Council;
<br />
<br /> BE IT RESOLVED BY THE COUNCIL OF THE CITY OF CHARLOTTESVILLE, VIRGINIA:
<br />
<br /> 1. The~council approves the location and financing of the Project
<br />and the issuance of the Bonds by the Authority for the benefit of the
<br />Company, as required by Section 10S(k) and Section 1S.1-1378.1 of the
<br />Virginia Code, to permit the Authority to assist in the financing of the
<br />Project. ~
<br />
<br /> 2. It is hereby found and determined that the Project meets the
<br />criteria set forth in Section 5 of the Ordinance.
<br />
<br /> 3. The approval of the issuance of the Bonds does not constitute
<br />an endorsement to a prospective purchaser of the Bonds of the credit-
<br />worthiness of the Project or the Company.
<br />
<br /> 4. Pursuant to the limitations contained in Temporary Income Tax
<br />Regulations Section Sf.10S-2('f)(1), this Resolution shall remain in
<br />effect for a period of one year from the date of its adoption.
<br />
<br />
<br />
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