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276 <br /> <br />RESOLUTION: <br />DESIGNATING <br />PUBLIC <br />DEPOSITORIES <br /> <br />ORDINANCE: <br />AUTHORIZING SALE <br />OF LAND TO <br />CENTRAL PLACE <br />LTD. PARTNERSHIP <br /> <br />Charlottesville, Virginia (the Authority), has considered the <br />application of East Market Square, Ltd. (the Company) for the <br />issuance of the Authority's industrial development revenue bonds <br />in an amount not to exceed $525,000 (the Bonds) to 'assist in the <br />financing of the Company's acquisition, construction and equipping <br />of a complex for sfudio office, warehouse and multipurpose <br />commercial uses (the Project) to be located on the south side of <br />East Market Street in the City of Charlottesville, Virginia, and <br />has held a public hearing thereon on September 13, 1983; and <br /> -WHEREAS, the Authority has requested the City council (the <br /> Council) of the City of Charlottesville, Virginia (the City) to <br /> approve the issuance of the Bonds to comply with Section 103(k) <br /> of the Internal Revenue Code of 1954, as amended; and <br /> WHEREAS, a copy of the Authority's resolution approving the' <br /> issuance of the Bonds, subject to terms to be agreed upon, a record <br /> of the public hearing and a "fiscal impact statement" with respect <br /> to the Project have been filed with the Council; <br /> BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CHARLOTTESVILLE, <br /> VIRGINIA: <br /> 1. The City Council of the City of Charlottesville, Virginia, <br /> approves ~the .issuance of the Bonds by the Industrial Development <br /> Authority of the City of Charlottesville, Virginia, for the benefit <br /> of East Market Square, Ltd., tO the extent required by Section 103(t), <br /> to permit the Authority to assist in the financing of the Project. <br /> 2. The approval of the issuance of the Bonds, as reqUired by <br /> Section 103(k), does not constitute an endorsement of the-Bonds or <br /> the creditworthiness of the Company, but, as required by Section <br /> 15.1-1380 .of the Code of Virginia of 19S0, as amended, the Bonds <br /> shall provide that neither the City nor the Authority shall be <br /> obligated to pay the Bonds or the interest thereon or other costs <br /> incident thereto except from the revenues and moneys pledged therefor, <br /> and neither the faith or credit nor the taxing power of the Commonwealth, <br /> the City nor the Authority Shall be pledged thereto. <br /> <br /> 3. This resolution shall take effect immediately upon its adoption. <br /> <br /> Mr. Hendrix stated that this was a standard resolution which required <br /> <br />Council's approval. <br /> Mrs. Gleason moved the Resolution Designating Public Depositories, <br />Mr. Conover seconded, and the resolution was unanimously approved by <br /> <br />Council. <br /> <br />RESOLVED, that the following banking institutions: <br /> <br />NAME <br /> <br />CITY COUNTY State <br /> <br />Central Fidelity Bank <br />Virginia National Bank <br />National Bank ~ Trust Co. <br />United Virginia Bank <br />Firs.t Virginia Bank <br /> <br />Charlottesville <br />Charlottesville <br />Charlottesville <br />Charlottesville <br />Charlottesville <br /> <br />Albemarle <br />Albemarle <br />Albemarle <br />Albemarle <br />Albemarle <br /> <br />Virginia <br />Virginia <br />Virginia <br />Virginia <br />Virginia <br /> <br />which have qualified as public depositories under The Virginia Security <br />for Public Deposits Act of the Virginia Statutes, shall be and are <br />hereby designated as public depositories for all public moneys coming <br />into the hand of L. Gene Harding as treasurer of the Charlottesville of <br />Virginia, Albemarle County, State of Virginia. <br /> Mr. Craig Redinger, representing Central Place, Ltd., requested <br />Council's approval~of the sale of land in order that the project, <br />which was previously approved, could begin. <br /> Mr. Wiley stated that the conditions of the contract had been met, <br /> and asked that Council waive the second reading so that groundbreaking <br /> <br />could begin within the week. <br /> Mr. Redinger added that the projected completion date is June of~' <br /> <br />1984. <br /> Mr. Conover moved the ordinance entitled "AN ORDINANCE AUTHORIZING <br />THE SALE OF CITY PROPERTY TO CENTRAL PLACE LIMITED PARTNERSHIP" and <br />the waiving of the second reading. Mrs. Gleason seconded the motion and <br />it was approved by the following vote. Ayes: Mr. Buck, Mr. Conover, <br />Mrs. Gleason, Dr. Gunter, Dr. Hall. Noes: None. <br /> <br /> <br />