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3O8
<br />
<br />RESOLUTION:
<br />AUTHORIZING
<br />INDUSTRIAL
<br />DEVELOPMENT BONDS
<br />FOR LANGHAM-HILL
<br />PETROLEUM COMPANY
<br />
<br />be considered by the Authority and the Council in determining
<br />the nature and location of facilities to be financed by the
<br />Authority; and
<br /> WHEREAS, the Authority on November 15, 1983, adopted an
<br />inducement resolution agreeing to assist University of Virginia
<br />Health Services Foundation (the "Hospital") in the financing of
<br />the acquisition and renovation of the Hospital's administration
<br />building, the acquisition of certain real .estate and the construc-
<br />tion and equipping of an ambulatory surgical facility located in
<br />the City'of Charlottesville, Virginia (the "Project"), by the
<br />issuance of the Authority's industrial development revenue bonds
<br />in an amount estimated not to exceed $3,300,000; and
<br /> WHEREAS, preliminary plans for the Project and the financing
<br /> have been described to the Council in a presentation by repre-
<br /> sentatives of the Hospital; and
<br /> WHEREAS, the Project is located at 1.400 Jefferson Park
<br /> Avenue, 1312 Lane Road, 337 15th Street, 15th Street Parking Lot
<br /> and 435 Monroe Lane in the City of Charlottesville, Virginia.
<br /> NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL. OF THE CITY
<br /> OF CHARLOTTESVILLE, VIRGINIA:
<br /> 1. It is hereby found and determined that the Project Will
<br /> be in the public interest and will promote the safety, health,
<br /> welfare, convenience or prosperity of the City of Charlottesville,
<br /> Virginia, and its citizens.
<br /> 2. The Council hereby approves the location and financing
<br /> of the Project.
<br /> 3. I'~is hereby found and determined that the Project meets
<br /> the criteria set forth in Section 5 of the Or.dinance.
<br /> 4. This Resol'ution shalI take effect immediately.
<br />
<br /> Dr. Hall made a motion to authorize the Mayor to sign an
<br /> agreement with the Foundation concerning fees in lieu of taxes,
<br /> Mrs. Gleason seconded the motion, and it was unanimously approved
<br />
<br />by Council.
<br />
<br /> Ms. Ann Bergen, representing Langham-Hill Petroleum Company,
<br />introduced Ms. Martha Garrison, Vice-President in charge of
<br />
<br />finance for Langham-Hill.
<br /> Ms. Garrison stated that Langham-Hill intended to purchase the
<br />building located on Holiday Drive which neqded extensive renovation.
<br />Ms. Garrison stated that'Langham-Hill was relocating several persons
<br />from their office in Houston who are in high stress jobs.
<br /> Mrs. Gleason moved the resolution authorizing Industrial
<br />Development Bonds for Langham-Hill Petroleum Company, Mr. Conover-
<br />seconded the motion, and it was unanimously approved by Council.
<br /> WHEREAS, the Industrial Development Authority of the City of
<br />Charlottesville, Virginia (the "Authoritx"), has considered the
<br />application of Langham-Hill Petroleum Co., Ltd., a Texas limited
<br />partnership (the "Company") requesting the issuance of the Authority's
<br />industrial development revenue bonds in an amount not to exceed
<br />$1,500,000 (the "Bonds") to assist in the financing of the Company's
<br />acquisition, construction, renovation and equipping of an office
<br />facility to be used by the Company as a national headquarters in its
<br />business as a petroleum products wholesaler, consisting of approxi-
<br />mately 10,000 square feet (the "Project") to be located at 2000
<br />Holiday Drive in the City of Charlottesville, Virginia, and has he'ld
<br />a public hearing thereon on December 13, 1983; and
<br /> WHEREAS, Section 103(k) of'the Internal Revenue Code of 1954,
<br /> as amended, provides that the governmental unit having jurisdiction
<br /> over the issuer of industrial development bonds and over the area
<br /> in which any facility financed with the proceeds of industrial
<br /> development bonds is located must approve the issuance of the bonds;
<br /> and
<br />
<br /> WHEREAS, the Authority issues its bonds on behalf of the
<br /> City of Charlottesville, Virginia (the "City"); the Project is to
<br /> be located in the City and the Council of the City of Charlottesville,
<br /> Virginia (the "Council") constitutes the highest elected governmental
<br /> unit of the City; and
<br />
<br /> WHEREAS, the Authority has recommended that the Council approve
<br /> the issuance of the Bonds; and
<br /> WHEREAS, a copy of the Authority's resolution approving the
<br /> issuance of the Bonds, subject to the terms to' be agreed upon, a
<br />
<br />
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