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330
<br />
<br />RESOLUTION:
<br />AUTHORIZING
<br />$2,560,000 IN
<br />INDUSRIAL
<br />DEVELOPMENT
<br />BONDS FOR
<br />ANGUS ROAD LTD.
<br />
<br />RESOLUTION:
<br />AUTHORIZING
<br />MAYOR TO SIGN
<br />CONTRACT FOR
<br />AUDITING
<br />SERVICES
<br />
<br />Mr. Bill Strickland, representing Angus Road Ltd., stated
<br />
<br />that Council had approved the Industrial Development Bonds for
<br />this project in 1981, but that permanent financing was not feasible
<br />at that time due to unfavorable rates. Mr. Strickland added that
<br />
<br />a public hearing had been held by the Industrial Development
<br />Authority and the Authority recommended approval of the bonds.
<br />Mr. Strickland said that the building had been constructed and
<br />
<br />there had been no changes in the project since the bonds were
<br />
<br />originally approved.
<br />
<br />On motion by Dr. Hall, seconded by Mr. Conover, the resolution
<br />
<br />authorizing $2,560,000 in Industrial Development Bonds for Angus
<br />
<br />Road Ltd. was unanimously approved by Council.
<br />
<br /> WHEREAS, the IndustriaI Development Authority of the City of
<br />Charlottesville, Virginia (the "Authority"), has considered the
<br />application of Angus Road Limited Partnership (the "Company")
<br />requesting the issuance~of the Authority's industrial development
<br />revenue bonds in an amount not to exceed $2,650,000 (the "Bonds")
<br />to assist in the financing, of the Company's acquisition, construction
<br />and equipping of a retail sales and office facility consisting of
<br />approximately 26,-730 square feet (the "Project',).to be located at
<br />2116~Angus Road in the City of Charlottesville, Virginia, and has
<br />held a public hearing thereon on February 14, 1984;-and
<br />
<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 the 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 City
<br />of Charlottesville, Virginia (the "City"); the Project is located
<br />in the City and the Council of the City of Charlottesville, Virginia
<br />(the "Council")~ constitutes the highest elected ~governmentaI unit
<br />of the City; and
<br />
<br /> WHEREAS, the Authority has recommended that the Council approve
<br />the issuance of the Bonds; and
<br />
<br /> WHEREAS, the Authority on October 27, 1981 adopted an inducement
<br />resolution agreeing to assist the Company in financing the Project in
<br />the City of Charlottesville, Virginia~by the issuance of the Authority's
<br />industrial development revenue bonds in an amount not to exceed
<br />$2,650,000; and
<br />
<br /> WHEREAS, on FebrUary-14, 1984 the Authority held a public hearing
<br />and~adopted a resolution ratifying and reaffirming its action of
<br />October 27, 1981; and
<br />
<br /> WHEREAS, a copy of the Authority's ratifying resolution approving
<br />the issuance of the Bonds', subject to the terms to be agreed upon, a
<br />certificate of the publi~c hearing, and a Fiscal Impact Statement have
<br />been filed with the Council;
<br />
<br /> BE IT RESOLVED BY THE COUNCIL OF THE CITY OF CHARLOTTESVILLE,
<br />VIRGINIA:
<br />
<br /> 1. The Council approves the issuance of the Bonds by the
<br />Authority for the benefit of the Company, as required by Section
<br />10S(k) and Section 15.1-1378.1 of the Virginia Code, to permit the
<br />Authority to assist in the financing of the Project.
<br />
<br /> 2. The approval of the issuance of the Bonds does not
<br />constitute an endorsement to a prospective purchaser of the Bonds
<br />of the creditworthiness of the Project or the Company.
<br />
<br /> 3. This Resolution shall take effect immediately upon its
<br />adoption.
<br />
<br /> Mr. Hendrix stated that the Audit Review Committee, composed
<br />of members of Council, the School Board, and City and School staffs,
<br />recommended thee firm of Peat, Marwick, Mitchell and Co. to perform
<br />
<br />the audit for both the City and Schools.
<br />
<br /> Mr. Conover stated that he agreed with-the recommendation and
<br />praised Peat, Marwick, Mitchell and Co. as being a nationally
<br />recognized firm which had formerly provided the City with innovative
<br />
<br />ideas.
<br />
<br />
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