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RESOLUTION:
<br />AUTHORIZING
<br />RELOCATION OF
<br />CORNER GROUP
<br />IN SEMINOLE
<br />SQUARE
<br />
<br /> WHEREAS, the Authority wit!I :e~ter into a Second Amendment to its
<br />agreement with the Project develOper ("Second Amendment to Memorandum
<br />of Agreement"); and
<br />
<br /> wHEREAS, the City and the Authority now desire to further amend
<br />the Cooperation Agreement through the adoption .of Amendment No. 2
<br />thereto in order to reflect certain changes concerning the development
<br />and financing of the Project as a result of the Second Amendment to
<br />Memorandum of Agreement;
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the-City of
<br />Charlottesville,
<br />
<br /> 1. That the Mayor for and on behalf of the City of Charlottesville,
<br />be and is hereby authorized and directed to execute Amendment No. 2 to
<br />the Cooperation Agreement, which Amendment is dated May 21, 1984, and'~
<br />which Amendment shall be substantially in the form as presented to this
<br />meeting and attached to this Resolution.
<br />
<br /> Mr. George Ray stated that the Corner Group., which had previously been
<br />approved for industrial development bonds, was now requesting that they be
<br />allowed to locate in another parcel in Seminole Square which was felt to
<br />be more aesthetically pleasing and more financially viable. Mrl Ray added
<br />that the Industrial Development Authority had approved the request.
<br />
<br /> Ms. Page O'Neill and Mr. Dan O'Neill, representing the Corner Group,
<br />presented illustrations ~of the proposed site.
<br />
<br /> On motion by Mr. Conover, seconded by Mrs. Gleason, the resolution
<br />authorizing the relocation of the Corner Group in Seminole Squar'e was
<br />unanimously approved by Council.
<br />
<br /> WHEREAS, on February 21, 1984, the Industrial Development Authority
<br />of the City of Charlottesville, Virginia (the ".Authority") adopted an
<br />inducement resolution (the "Inducement ResOlution"), agreeing to assist
<br />The Corner Group., Inc. (the "Company"), in financing the acquisition,
<br />construction and equipping of a retail and office complex and related
<br />facilities (the "Project") by issuing its revenue bonds in an amount not
<br />to exceed $8,8S0,000;
<br />
<br /> WHEREAS, the Council of the City of Charlottesville, Virginia (the
<br />"Council"), adopted a resolution on March 5, 1984, approving the issuance
<br />of the bonds by the Authority fOr the benefit of ~he Company;
<br />
<br /> WHEREAS, the Company has determined that a portion Of the proposed
<br />site as described to the Authority and the Council is .unsuitable for the
<br />construction of the Project; and
<br />
<br /> WHEREAS, the Company has determined that a portion of the proposed
<br />site as described to the Authority and the Council is unsuitable for the
<br />construction of the Project; and
<br />
<br /> WHEREAS, the Authority has considered the request of the Company that
<br />the Authority approve the relocation of a portion of %he site for the
<br />Project from the parcel of land east of Route 29 North and between and
<br />bordering on Zan Road, Line Drive and India Road, known as Block "A" of
<br />Seminole Square and the parcel of land west of Zan Road and south of Seminole
<br />Court, known as Block "B" of ~Seminole Square to the parcel of land east of
<br />Route 29 North and north of Seminole Court, known as Block "C" of Seminole
<br />Square, in the City of Charlottesville, Virginia, and has held a public
<br />hearing thereon on May 8, 1984;
<br />
<br /> WHEREAS, Section 103(k) of the Internal Revenue Code of 195.4, as
<br />amended, provides that the governmental unit having jurisdiction over the
<br />issuer of industrial development bonds and over the area in which any
<br />facility financed'with the proceeds of industrial devel~opment bonds ~s
<br />located must approve the issuance of the bonds; and
<br />
<br /> WHEREAS, the Authority issues, its bonds on behalf of the City of
<br />Charlottesville, Virginia (the "Ci.ty"); the' Project is to be located in
<br />the City and the Council constitUtes the highest elected governmental unit
<br />of the City; and
<br />
<br /> WHEREAS, the Council has created the Authority pursuant~ to the Virginia
<br />Industrial Development and Revenue Bond Act to fulfill the purposes of such
<br />Act by an Ordinance adopted by the Council on July 19, 1.976, as amended on
<br />February 3, 1980 (the "Ordinance"), which provides that .the Authority shall
<br />not finance any facility until the location and financing of such facility
<br />have been approved by the Council; and'
<br />
<br /> WHEREAS, Section S of the Ordinance ~sets forth certain standards tO be
<br />considered by the Authority and the Council in determining the nature and
<br />location of 'facilities to be financed by ~he Authority; and
<br />
<br /> WHEREAS, the Authority has recommended that the Council approve the
<br />relocation of a portion of the site of the Project; and
<br />
<br />
<br />
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