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26'6 ORDINANCE: REZONING OF PROPERTY LOCATED ON CHERRY AVENUE AND LANKFORD AVENUE FROM R3 TO B3 STAFF REPORT: DRAINAGE STUDY RESOLUTION: AUTHORIZING INDUSTRIAL REVENUE BONDS FOR WOODARD PROJECT and the remainder of the list for new construction be deferred until a report on Jefferson Park Circle could be prepared. Council unanimously agreed to adopt the first and second items on the priority list, deferring the remainder until a report is received. Mr. Satyendra ~Huja, Director of Community Development, reported the Planning Commission's recommendations regarding a request to rezone six acres of land on Cherry and Lankford Avenues from R3 to B3. The Planning Commission recommended denial of the rezoning for the following reasons: 1) it is contrary to the comprehensive .plan, 2) it would hurt the integrity of the residential neighborhood, and 3) would remove developable R3 land. Dr. Hall moved to deny rezoning of the property at Cherry and Lankford Avenues from R3 to B3. Dr. Gunter seconded the motion and it was unanimously denied by Council. Consideration of the drainage'report was deferred to the next meeting. Mr. George Gilliam, representing Mr. Keith Woodard, requested Council's authorization of Industrial Revenue Bonds to enable Mr. Woodard to purchase and renovate the building previously occuped by M. C. Thomas Furniture Store to house retail stores on the downtown mall. Mrs. Gleason moved approved of the resolution, Dr. Hall seconded t'he motion, and the following resolution was unanimously approved by Council: WHEREAS, the Industrial Development Authority of the City of Charlottesville,. Virginia (the "Authority") has considered the application of Keith O. Woodard and Elaine A. Woodard (the "Applicant") requesting the issuance of the Authority's industrial development revenue bonds in an-~.amount not to exceed $700,000 (the "Bonds") to assist in the financing of the Applicant's acquisition, renovation and equipping of an office and/or retail facility located at 201-203-205-207 West Main Street in Charlottesville, Virginia (the "Project"), and has held a public hearing thereon on August 26, 1983. WHEREAS, Section 103(k) of the Internal Revenue Code of 1954, as amended (the "Code") and Section 15.1-1378.1 of the Code of Virginia of 1950~, as amended (the "Act',), provides that the governmental unit having jurisdiction over the issuer of industrial development bonds and over the area in which any facility financed with the proceeds of industrial development bonds is located must approve the issuance of the bonds; and WHEREAS, the Authority issues its bonds on behalf of the City of Charlottesville, Virginia (the "Cit~'~' y..~, the Project is located in the city of Charlottesville and the Council of the City of Charlottesville, Virginia (the "Council!') constitutes the highest elected governmental officials of the City; and WHEREAS, the Ordinance adopted by the Council on July 19, 1976, as amended on February 3, 1980, which created the Authority (the "Ordinance"), provides that the Authority shall not finance any facility until the location and financing of such facility have been approved by the Council; and WHEREAS, Section 5 of the Ordinance sets forth certain standards to be considered by the Authority and the Council in determining the nature and. location of facilities to be financed by the Authority; and WHEREAS, the Authority has recommended that the Council approve the issuance of the Bonds; and WHEREAS, a copy of the Authority's resolution approving the issuance of the Bonds, subject to the terms to be agreed upon, and a certificate of the public hearing has been filed with the Council. BE IT. RESOLVED BY THE COUNCIL OF THE CITY OF CHARLOTTESVILLE, VIRGINIA: 1. The Council approved the issuance of the Bonds by the Authority for the benefit of the Applicant, as required by Section 103(t) of the Code and Section 15.1-1378.1 of the Act, to permit the Authority to assist~in the financing of the Project. 2. It is hereby found and determined that the Project meets the criteria set forth in Section 5 of the Ordinance.