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RESOLUTION:
<br />AUTHORIZING
<br />INDUSTRIAL
<br />DEVELOPMENT
<br />BONDS FOR
<br />IVY PROPERTIES
<br />
<br />ORDINANCE:
<br />REDUCING TAX
<br />RATES ON
<br />CERTAIN CATE-
<br />GORIES OF
<br />BUSINESS AND
<br />PROFESSIONAL
<br />LICENSES
<br />
<br />PUBLIC
<br />
<br />OTHER BUSINESS
<br />
<br />beenCertificatefiled, with°f thethePUbt,~c~, h~e~Zi~g~i':~-~nd'~ acouncil;. Fiscal Impact ~ tatement have
<br />
<br /> BE IT RESOLVED BY THE COUNCIL OF THE CITY OF CHARL
<br />VIRGINIA:
<br />
<br /> 1. The Council approves the issuance of the Bond.
<br />luth°rity for the benefit of the Company, as required by
<br />10S(k) and Section 15.I-1378.1 of the Virginia Code,.to.
<br />the Authority to assist in the financing of the Project'.
<br />
<br /> 2. The approval of the issuance of the Bonds does
<br />an endorsement to a prospective purchaser of the Bonds o~
<br />worthiness of the Project or the Company.
<br />
<br /> 3. This Resolution shall ~ake effect immediately
<br />adoption.
<br />
<br />0TTESVILLE,
<br />
<br /> by the
<br /> Section
<br />~ermit
<br />
<br />~ot constitute
<br /> the credit-
<br />
<br />~on its
<br />
<br /> Mr. Eric Heiner, a partner in Ivy Properties, expl~ined that the
<br /> business was hoping to reIocate from Belleview to Harris Street, which
<br /> would allow for an eventual doubling of business.
<br />
<br /> Mr. Conover moved the resolution authorizing Indus Development
<br />Bonds for Ivy Properties, noting tha~ he felt this was t] type project
<br />which was close to the ideal for issuance of Industrial Bonds,
<br />Mrs. Gleason seconded the motion, and it was unanimously ~roved by Council.
<br /> WHEREAS, the Council of the Cit of
<br />"C ..... ~',~ ~-- ~ - . y Char!°ttesv~ll~ , Virginia (the
<br />~~ ~, nas create~ the Indust.~mal Development Authority of the City
<br />of Charlottesville, Virginia (the- Authority ), pursuant to the Virginia
<br />Industrial Development and ReVenue BOnd Act to fulfill th purposes of
<br />Such Act; and
<br />
<br /> WHEREAS, the Ordinance~adopted by the Council-on Jui_y 19, 1976, as
<br /> amended on February 3, 1980, which created the Authority ~the "Ordinance"),
<br /> provides that the Authority shall not finance any fac until the location
<br /> and financing of such facility have been approved by the ouncil; and
<br />
<br /> WHEREAS, Section S of the Ordinance sets forth cert.~n standards
<br />to be considered by the Authority and the Council in de mining the
<br />nature and location of facilities to be financed hy the 'thority; and
<br /> WHEREAS, the Authority. on December 16, 198 adopted n inducement
<br />resolution agreeing to assist Ivy Properties Partnership the "Company")
<br />or its assigns in financing an industrial and commercial ty ~n the
<br />City of Charlottesville, Virginia (the "Project"), by the ~ssuance of the
<br />Authority's industrial development revenue bonds in an amo not to
<br />exceed $400,-000; and
<br />
<br /> WHEREAS, preliminary plans for the Project and the f
<br />been describe'd to the Council in a presentation by the
<br />
<br /> WHEREAS, the Project will be located in the City of
<br />Virginia.
<br />
<br /> ng have
<br />; and
<br />
<br />:tesville,
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
<br />CHARLOTTESVILLE, VIRGINIA:
<br />
<br /> 1. It is hereby found and determined that the acquisition,
<br />construction and equzpping of the Project will be in the public interest
<br />and will promote the commerce, safety, health, welfare, convenience or
<br />prosperity of the City oflCha'rlottesville., Virginia, and its citizens.
<br />
<br />2. The Council hereby approves the location and financing of the
<br />Project.
<br />
<br /> 3. It is hereby found and determined that the Project meets the
<br /> criteria set forth in Section S of the Ordinance.
<br />
<br /> 4. This Resolution shall take effect immediately.
<br />
<br /> Mr. Wiley stated that beginning the previous year the City had to
<br />
<br /> roll back license tmxes for financial, rela estate and professional services.
<br />
<br /> Mr. Conover moved the ordinance entitled "AN ORDINANCE TO AMEND AND
<br />REORDAIN SECTIONS 15-113 AND 15-114 OF THE CODE OF THE CITY OF CHARLOTTES-
<br />VILLE, 1976, AS AMENDED, IN ORDER TO REDUCE THE RATE OF BUSINESS, PROFESSIONAL
<br />AND OCCUPATIONAL LIC~NSES,~ Dr. Hall seconded the mo~ion and the ordinance
<br />
<br />was carried over to the next meeting for consideration.
<br /> There were no matters by the public.
<br />
<br /> Mr. Wiley requested that the appropriation of $9.5 million in general
<br />Obligation bonds be amended .so that .it would not specify the source.
<br />
<br /> Mrs. Gleason moved the amendment, Dr.-Hall seconded, and it was carried
<br />
<br />
<br />
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