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334;i
<br />
<br />RESOLUTION:
<br />AUTHORIZING $8.85
<br />MILLION IN
<br />INDUSTRIAL
<br />DEVELOPMENT BONDS
<br />FOR THE CORNER
<br />GROUP, INC.
<br />
<br />III. Grants Fund
<br /> A.
<br />
<br /> RSVP Division
<br />
<br /> The appropriation previously made to expenditure account
<br /> 11-S1070 for vehicle ooeration by the Retired Senior
<br /> Volunteer Program (RSVP) is hereby reduced by $2,068.00 and
<br /> the revenues estimated to be received by the Grants Fund as
<br /> contributions to RSVP are reduced by' a like amount.
<br />
<br /> B. The amount actually received in the Grants Fund as
<br /> revenue from the Jefferson Area Board for Aging for
<br /> operation by RSVP of the senior discount card program,
<br /> estimated at $.4,048.50, is hereby appropriated to expenditure
<br /> account 11-51051 for that program.
<br />
<br /> C. The amount actually received in revenue by the Grants Fund
<br /> from the Jefferson Area Board for Aging. for publication by
<br /> RSVP of the Senior Citizens' Newsletter, estimated at
<br /> $3,007.50, is hereby appropriated to expenditure account
<br /> 11-51053 for that purpose.
<br /> Mr. George Gilliam, representing The Corner Group, Inc., stated
<br />that approval of the $8.85 million in industrial development bonds,
<br />which the Industrial Development Authority had unanimously recommended,
<br />would allow the acquisition and development of 240,000 square feet of
<br />retail space in Seminole Square Shopping Center. Mr. Gilliam added
<br />that the project would establish approximately 560 new jobs. Mr.
<br />Gilliam stated that the bonds would not be issued until leases have
<br />
<br />been signed.
<br /> Mrs. Gleason commented that she hoped the developers would
<br />
<br />landscape the project as soon as possible.
<br /> Dr. Hall moved the resolution authorizing $8.85 million in
<br />industrial development bonds for The Corner Group, Inc., 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 "Authority"), has considered the
<br />application of The Corner Group, Inc. (the "Company") requesting
<br />the issuance of the Authority's industrial development revenue
<br />bonds in an amount not to exceed $8,850,000 (the "Bonds") to assist
<br />in the financing of the Company's acquisition, construction and
<br />equipping of a retail and office complex and related facilities
<br />(the "Project"), or the approval of a plan of financing therefor,
<br />to be located east of Route 29 North on three parcels of land known
<br />as "Seminole Square" in the City of Charlottesville, Virginia,
<br />which complex consists more specifically of: (1) approximately
<br />50,000 square feet of retail space to be located on the parcel of
<br />land which is east of Route 29 North and between and bordering on
<br />Zan Road, Line Drive and India ROad, known as Block "A" of Seminole
<br />Square; (2) 'approximately 50.,000 square feet of retail space to be
<br />located on the parcel of land which is west of Zan Road and south
<br />of Seminole Court, known as Block "B" of Seminole Square; and (3)
<br />approximately 140,000 square feet of retail space and 20,000 square
<br />feet of office space to be located on the parcel of land which is
<br />east of Zan Road and south of Seminole Court, known as Block "D" of
<br />Seminole Square; 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 industrial
<br /> development bonds is located must approve the issuance of the bonds;
<br /> and
<br /> wHEREAS, the Authority issues its bonds on behalf of the City
<br /> of Charlottesville, Virginia (the "City"); the Project is to be
<br /> located in the City and the Council of the City of Charlottesville,
<br /> Virginia (the "Council") constitut'es the highest elected governmental
<br /> unit of the City; and
<br /> WHEREAS, the Council has created the Authority pursuant to the
<br /> Virginia Industrial Development and Revenue Bond Act to fulfill the
<br /> purposes of such Act by an Ordinance adopted by the Council on
<br /> July 19, 1976, as amended on February 3, 1980 (the "Ordinance"),
<br /> which provides that the Authority Shall not finance any facility
<br /> until the location and financing of such facility have been approved
<br /> by the Council; and
<br /> WHEREAS, Section 5 of the Ordinance sets forth certain standards
<br /> to be considered by the Authority and the Council in determining
<br /> the nature and location of facilities to be financed by the Authority.
<br />
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