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RESOLUTION: APPROVING SALE OF $650,000 REVENUE BONDS AND MODIFICATION OF TERMS TO MILL TOWN LTD. PARTNERSHIP NOTICE OF SPECIAL MEETING A SPECIAL MEETING OF THE COUNCIL WILL BE HELD ON Monday,.February 27, 1984 AT following Housing Authority Meeting at 7'S0 p.m. IN THE Basement Conference Room. THE PROPOSED AGENDA IS AS FOLLOWS: Resolution: Approving sale of $650,000 Revenue Bonds and modification of terms tO Mill Town Limited Partnership BY ORDER OF THE MAYOR BY Jeanne Cox (signed) Clerk BASEMENT CONFERENCE ROOM _ February 27, 1984 Council met in special session on this date with the following members present: Mr. Buck., Mr, Conover, Mrs. Gleason, Dr. Gunter, Dr. Hall. Absent: None. On motion by Dr. Hall, seconded~by Dr. Gunter, Council unanimously approved'the resolution approving the sale of $650,000 Revenue Bonds and modification of terms, to Mill Town Limited Partnershio. WHEREAS, the Charlottesville Redevelopment and HOusing Authority (the "Authority"), has considered the application of Mill Town Limited Partnership (the ,Company") reqUesting that the Authority consider the modification of the terms of the Authority's $650,000 Revenue-BOnds (Milt Town Limited Partnership) (the "Bonds") to facilitate the sale of the Bonds. The Bonds were issued by the Authority on October 21, 1981 to assist in the financing of the Company's acquisition, renovation and equipping of a building for retail sales'and commercial use consisting of approximately 9,000 square feet (the "Project") located at 414 East Market Street in the City 'of Charlottesville, Virginia, and the Authority has held a public hearing thereon on February 27, 1984; and WHEREAS, Section 103(k) of the Internal Revenue .Code of 1954, as amended (the-"Code"), provides-that-the governmental unit having jurisdiction over the issuer of industrial development bonds and over the issuer of industrial development bonds and over the area in which any facility financed with the proceeds of industrial development bonds is located must approve the issuance:of-the bonds' and ' WHEREAS, the Authority issues its bonds on behalf of the City of Charlottesville, Virginia (the "City"); the Project is located in the City, and the Council of the City of Charlottesville, Virginia (the "Council") constitutes the highest elected governmental unit of the City; and WHEREAS, the'Authority has recommended that the Council a~rove the modification of the terms of the Bonds and the sale thereo~i and WHEREAS, a copy of the Authority's resolution approving the modification of the terms of the Bonds and the sale thereof pursuant to the terms of a Modification.Agreement, dated as of .February 1~ 1984 (the 'Modification Agreement"), -.a certificate of the public hearing and a Fiscal Impact Statement have been filed with the Council; BE IT RESOLVED BY THE COUNCIL OF THE CITY OF CHARLOTTESVILLE, VIRGINIA: 1. The Council approves the sale of the Bonds and the modification of the terms thereof, as described in the Autho,rity's resolution and the Modification Agreement, pursuant to Section 103(k) of the Code to permit the Authority to assist in the sale of the Bonds and the modification of the terms thereof. 2. The approval of the sale 'of the Bonds and the modification of the terms thereof does not constitute an endorsement to a prospec- tive purchaser of the Bonds or of the creditworthiness of the Project or the Company. 3. Pursuant to the limitations contained in Temporary Income Tax Regulations Section 5f.103-2(f)(1), this Resolution shall remain i~n effect for a period of one year from the date of its adootion. 4. This Resolution shall take effect immediately upon its adoption. On motion by Dr. Hall, seconded by Mrs. Gleason, .Council unanimously voted to meet in executive session to discuss legal matters as exempted by Section 2.1-344(a)(6) of the Virginia Freedom of Information Act. Council reconvened in open session. On motion by Mrs. Gleason, seconded by Dr. Hall, Council authorized