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RESOLUTION:
<br />AUTHORIZING
<br />INDUSTRIAL
<br />REVENUE BONDS
<br />FOR CENTRAL
<br />PLACE LTD.
<br />
<br />ORDINANCE:
<br />PERPETUAL CARE
<br />FUNDS
<br />(2nd reading)
<br />
<br /> Mr. Roger Wiley reported that Council had approved the sale of
<br />
<br />Central Place at the r ~'
<br /> p e¥1ous meeting. Mr. Craig Redinger, a partner
<br />
<br />in the Central Place project, requested approval of the Industrial
<br />Revenue .Bonds.
<br />
<br /> In regard to .the~renovation of the Paramount Theatre, Mr. Redinger
<br />stated that Council·
<br />for retail and{o ~ eno~r, ep space would meet with their approval. He
<br /> noted
<br /> his
<br />willingness t ~ Council informed of the project.
<br />
<br /> Mr. Conover moved, Mrs. Gleason seconded, and the resolution was
<br />unanimously approved:
<br />
<br />approval was not necessary, but felt that the design
<br />
<br /> WHEREAS, the Industrial Development Authority of the City of
<br />Charlottesville, Virginia (the "Authority"), has considered the
<br />application of Central Place Limited Partnership (the "Applicant")
<br />requesting the issuance of the Authoritv's industrial development
<br />revenue bonds in an amount not to exceed $2,240,000 {the "Bonds")
<br />to assist in the financing of the Applicant!s acquisition, construction,
<br />renovation and eqaiPping of an office and retail facility with ancillary
<br />common areas (the "Project") to be located at the northeast corner of
<br />Second and East M in Street, in the City of Charlottesville, Virginia,
<br />and has held a public hearing thereon on June 14, 1983.
<br />
<br /> · WHEREAS, SecFion 103(k) of the Internal Revenue COde of 19S4
<br />as amended (the "Code"), provides that the governmental unit '
<br /> having
<br />jurisdiction over the ~ssuer of industrial development bonds and over
<br />the area in which any facility financed with the proceeds of industrial
<br />development 5onds 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 /> rirginia (the "City")' the PrOject is to be located in
<br /> ~ttesville and the Council of the City of Charlottesville
<br /> ~ncil") ,
<br /> constitutes the highest elected governmental
<br /> ~ity; and
<br />
<br />Charlottesville,
<br />the City of Charl
<br />Virginia (the "Co~
<br />officials of the
<br />
<br /> WHEREAS, the Ordinance adopted by the Council on July 19, 1976, as
<br />amended on Februa~.y 3, 1980, which created the Authority (the "Ordinance")
<br />provides that the Authority shall not finance any facility until the
<br />location and fina cing of such facility have been approved'by the Council'
<br />and ,
<br />
<br /> WHEREAS, Sect
<br />be considered by
<br />and location of fs
<br />
<br /> WHEREAS, the
<br />issuance of the Bo
<br />
<br /> WHEREAS, a co
<br />of the Bonds, subj
<br />of the public hea~
<br />
<br />ion 5 of the Ordinance sets forth certain standards to
<br />he Authority and the Council in determining the nature
<br />cilities to be financed by the Authority; and
<br />
<br />Authority has recommended that the Council approve the
<br />nds; and
<br />
<br />py of the Authority's resolution approving the issuance
<br />ect to the terms to be agreed upon, and a certificate
<br />lng has been filed with the Council.
<br />
<br /> BE IT RESOLV D BY THE COUNCIL OF THE CITY OF CHARLOTTESVILLE,
<br />VIRGINIA:
<br />
<br /> I. The Council approves the issuance of the Bonds by the Authority
<br />for the benefit of the Applicant, as required by Section 103(k) of the
<br />Code, to permit th~ Authority to assist in the financing of the Project.
<br />
<br /> 2. It is hereby found and determined that the Project meets the
<br />criteria set forth in Section $ of the Ordinance.
<br />
<br /> 3. The appro-~al of the issuance of the Bonds, as required by
<br />Section 103(k) of the Code, does not constitute an endorsement to a
<br />prospectiYe purcha~;er of the Bonds of the creditworthiness of the
<br />Project or the App.[icant.
<br />
<br /> ~ution shall take effect immediately upon its adoption.
<br />
<br /> amending the Code to increase city cemetary fees and
<br />
<br /> of accounting for the perpetual care fund entitled
<br />"AN ORDINANCE TO ~ ~ND AND REORDAIN SECTIONS 6-3, 6-7.1 AND 6-9 OF THE
<br />
<br /> 4. This Resol
<br />
<br /> The ordinance
<br />changing the metho
<br />
<br />CODE OF THE CITY Ot
<br />
<br />CEMETARY FEES AND
<br />
<br />FUNDS'~ which was o
<br />
<br />the following vote
<br />Hall. Noes: None
<br />
<br /> CHARLOTTESVILLE, !9%6, AS AMENDED, TO INCREASE CITY
<br />O CHANGE~ METHOD OF ACCOUNTING FOR PERPETUAL CARE
<br />fered at the meeting of Jun~ 6, 1983 was adopted by
<br />
<br /> Ayes: Mr. Buck, Mr. Conover, Mrs. Gleason, Dr.
<br />
<br />
<br />
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