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APPROPRIATION:
<br />UTILITY FUNDS
<br />
<br />RESOLUTION:
<br />AUTHORIZING
<br />MODIFICATION
<br />AGREEMENT ON
<br />BEHALF OF
<br />INLAND SERVICE
<br />CORPORATION
<br />
<br />ORDINANCE:
<br />CLOSING A
<br />PORTION OF
<br />YORKTOWN DR.
<br />FROM NORTHERN
<br />CURBLINE OF
<br />BRANDYWINE DR.
<br />
<br /> Mr. Hendrix-stated thaf th& funds for the machines could remain
<br />unappropriated.
<br />
<br /> Dr. Gunter moved the Capital Improvements Budget as amended, Dr. 'Halt
<br />seconded the motion, and it was carried over to the next meeting for
<br />consideration.
<br />
<br /> Mr. Conover moved the Utility Fund Appropriation, Mrs. Gleason seconded
<br />the motion, and it was carried over to the next meeting for consideration.
<br />
<br /> Ms. Carol Hurt from McGuire, Woods and Battle, request'ed that Council
<br />approve the modification on behalf of Inaldn Services Corporation. Ms. Hurt
<br />stated that the modification had been approved by National Bank, the purchaser
<br />of the bonds, and by the Industrial Development Authority.
<br />
<br /> On motion by Dr. Hall, seconded by Dr. Gunter, the resolution was un-
<br />animous.ly approved by Council.
<br />
<br /> WHEREAS, the IndustriaI Development Authority of the City of
<br />Charlottesville, Virginia (the "Authority") has considered the application
<br />of Inland Service Corpor. ati~n (the "Company") requesting that the
<br />Authority approve the modification of the terms of its $1,000,000
<br />Industrial bevelopment RevenUe. Bond (Inland Service Corporation), Series
<br />of 1980 (the "Bond"), ~ssue~ on December 11, 1980, to assist the Company's
<br />acquisition of a warehouse distribution facility (the "Project")
<br />located in the City of Char.ottesville, Virginia, and has held a public
<br />hearing thereon on May 31, .984; and
<br />
<br /> WHEREAS, Section t03(k
<br />amended, provides that the
<br />the issuer of industrial de~
<br />any facility financed with
<br />is located must approve the
<br />
<br /> WHEREAS, the Authority
<br />Charlottesville, Virginia (~
<br />City,' and the Council of the
<br />constitutes the highest ele,
<br />
<br />WHEREAS, the Council ha
<br />Virginia Industrial Developn
<br />purposes of such Act by an
<br /> , lon Fe~ruar
<br />1976 as amended
<br />that the Authority shall nol
<br />financing of such facility
<br />
<br /> WHEREAS, Section 5 of ~
<br />be considered by the Author]
<br />and location of the facilit
<br />
<br /> WHEREAS, the Authority
<br />modification to the Bond and
<br />
<br /> WHEREAS, a copy of the
<br />cati.on to the Bond and relat
<br />hearing, and a Fiscal Impact
<br />
<br />BE IT RESOLVED BY THE C
<br />
<br />1. The Council approve
<br />
<br /> o£ the Internal Revenue Code~ of 19S4, as
<br />overnmental unit having jurisdiction over
<br />elopment bonds and over the area in which
<br />zhe proceeds of industrial development bonds
<br />issuance of the bonds; and
<br />
<br />issues its bonds on behalf of the City of
<br />he'"City"), the project is located in the
<br /> City of Charlottesville, Virginia (the "Council")
<br />ted governmental unit of the City; and
<br />
<br />s created the Authority pursuant to the
<br />.ent and Revenue Bond Act to fulfill the
<br />rdinance adopted by the Council on July 19,
<br /> 3, 1980 (the "Ordinance"), which provides
<br /> finance any facility Until the location and
<br /> ~s been approved by the Council; and
<br />
<br />he Ordinance sets forth certain standards to
<br />ty and the Council in determining the nature
<br />es to be financed by the Authority; and
<br />
<br />has recommended that the. Council approve the
<br />-rel~ated documents; and
<br />
<br />Authority's resolution approving the modifi-
<br />ed documents, a certificate of the public
<br /> Statement have been filed with the Council.
<br />
<br />OUNCIL OF THE CITY OF CHARLOTTESVILLE, VIRGINIA:
<br />
<br />s~the Bond and the modifications to the Bond
<br />
<br />and related doCuments for the benefit of the Company, as required by Section
<br />103(k)~and Section 1S.1-1378.1 of the-Virginia Code, to permit the Authority
<br />to assist in the sale of the Project by the Company.
<br />
<br /> 2, The ~approval of the Bond~and the modifications thereto does not
<br />constitute an ~dorsement to a prospective purchaser of the Bond or the
<br />creditworthiness of the Projec~ or the Company.
<br />
<br />3. This Resolution shall take effect immediately upon its adoption.
<br />
<br />Mr. Wiley stated that viewe.rs 'had been appointed and had completed
<br />
<br />their reports which
<br />
<br />Mr. Wiley added that
<br />
<br />indicateI that they foundno problem with the closing
<br />staff felt that street access should remain for the
<br />
<br />parcels of land owned by Mr. Kneedler. Mr. Wiley also stated that Mr.
<br />Kneedler had agreed to divide the parcels in such a way that this would be
<br />possible.
<br />
<br /> The ordinance entitled "AN ORDINANCE CLOSING, VACATING AND DISCONTINUING
<br />A PORTION OF YORKTOWN DRIVE" was moved by Mr. Conover, seconded by Dr. Gunter,
<br />and carried over to the next meeting for consideration.
<br />
<br />
<br />
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