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 />
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