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RESOLUTION:
<br />AUTHORIZING
<br />INDUSTRIAL
<br />DEVELOPMENT
<br />BONDS FOR
<br />HI-STARR LTD.
<br />PARTNERSHIP
<br />
<br />RESOLUTION:
<br />AUTHORIZING
<br />INDUSTRIAL
<br />DEVELOPMENT
<br />BONDS FOR
<br />SOUTHERN
<br />TITLE
<br />
<br /> 303
<br />present: Mr. Buc-k, .Mr, Conover, Mrs. Gleason, Dr. Hall. Absent: Dr. Gunter.
<br />
<br /> Mr. George Gitliam, representing Hi-Starr Ltd., addressed Council
<br />concerning the project prop.6sed for the Start Hill 'area. Mr. Gilliam
<br />stated that $224,000 Would be used for acquisition of the property and
<br />approximately $500,000 for new construction and renovation. Mr. Gilliam
<br />added that existing leases would be honored.
<br />
<br /> ~'Dr. Hall moved the resolution authorizing Industrial Development Bonds
<br />for Hi-Starr Ltd. Partnership, Mrs~ Gleason seconded the motion, and it 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 application
<br />of Hi-Starr Limited Partnership (the "Company") requesting the issuance 6f
<br />the Authority's industrial development revenue .bonds in amount not to
<br />exceed $600,000 (the "BOnds.") to assist in the financing of the Co'mpany's
<br />acquisition and'renovation of three (3)commercial office and retail
<br />facilities consisting of approximately 8,000 square feet, in the aggregate,
<br />(the "Project") to be located at 811-817 West Main.'Street, 801 West Main
<br />Street and ~122 8th Street, N.W., in the City of Charlottesville, Virginia,
<br />and has held a public hearing thereon on November 29, 1983; and
<br />
<br /> WHEREAS, Section 103(k) of the Internal Revenue Code of 1954, as
<br />amended, provides that the governmental unit having jurisdiction over
<br />the issuer of industrial development bonds and over the area in which any
<br />facility financed with the proceeds of industrial development bonds is
<br />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 to be located in
<br />the Citx and the City Council of the City of Charlot. tesville, Virginia
<br />(the ."Council") constitutes the highest elected governmental unit of the
<br />City; and
<br />
<br /> WHEREAS; the Authority has recommended that the Counc'il 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 %he
<br />Council;
<br />
<br /> BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CHARLOTTESVILLE,
<br />VIRGINIA:
<br />
<br /> 1. The Council appzoves the issuance of the Bonds by the Authority
<br />for the benefit of the Company, as required by Section 103(k) and Section
<br />15.1-13Y8~1 of. the Virginia Code, to permit-the Authority to assist in the
<br />financing of the Project. ~
<br />
<br /> 2. The approval of the issuance of the Bonds does not constitute
<br />an endorsement to a prospective purchaser of the BOnds of the Creditworthi-
<br />ness of the Project or the Company.
<br />
<br />3. This Resolution~shall take effect immediately upon its adoption.
<br />Mr. Gilliam summarized the Southern Title Insurance proposal to
<br />acquire and renovate property located at 401 Park Street, stating that
<br />approximately $200,000 would be used to purchase'the property and $100,000
<br />to renovate the interior and exterior of the building.
<br />
<br /> Mr. Conover moved approval of the resolution authorizing Industrial
<br />Development Bonds for Southern Title, Mrs. Gleason seconded the motion,
<br />and it was unanimously approved by Council.
<br />
<br /> WHEREAS, Ihe Industrial DevelOpment Authority of the City of
<br />Charlottesville, Virginia (the "Authority")., has considered the
<br />application of Southern Title Insurance Corporation (the "Corporation")
<br />requesting the issuance of the Authority's industrial development revenue
<br />bonds ~n an amount not to exceed $275,000-(the "Bonds") to assist in the
<br />financing of the Corporation's acquisition, construction, renovation and
<br />equipping of an office facility consisting of approximately 4,410 square
<br />feet (the '.'Project") to be located at 401 Park Street, in the City of
<br />Charlottesville, Virginia, and has held a public hearing thereon on
<br />November 29, 1983; and
<br />
<br /> WHEREAS, Section 103(k) of .the Internal Revenue Code of 1954, 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 i ",
<br /> "C ty )- the Project is to be located in
<br />the City and the City Council of the City of CharlotteSville, Virginia
<br />
<br />
<br />
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