1984-08-20 - Laserfiche WebLink

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Mr. Wiley stated that a cap of $75 per capita was allocated to localities and allocations unused by October. 1 would be put into a state-wide pool which locaI'ities could then apply for. Mr. Wiley stated that only one other known project was before the Industrial Development AUthority at this time. Mrs. Gleason moved the resolution, Dr. Gunter seconded the motion, and it was unanimously approved by Council. WHEREAS, the Industrial Development Authori.ty of the City of Charlottesville, Virginia (the "Authority"), has considered the application of Virginia Ventures II Limited (the "Applicant") requesting the issuance of the Authority's industrial development revenue bonds in an amount not to exceed $1,100,000 (the "Bonds") to assist in the financing of the Applicant's acquisition, con- struction and equipping of a medical office facility consisting of approximately 12,000 square feet (the "Project") to be located on Milmont Street, adjacent to the David C. Wilson Hospital, in the City of Charlottesville, Virginia, and has held a public hearing thereon on June 19, 1984; and WHEREAS,.Section 103(k) of the Internal Revenue Code of 1954, as amended, provides that the governmental unit having jursidiction over the issuer of industrial develonment 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 to be 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 Ordinance adopted by the Council on July 19, 1976, as amended on February 3, 1980, which created the Authority (the "Ordinance"), provides that the Authority shall not finance any facility until the location and financing of such facili-ty have been approved by the Council; and WHEREAS, Section 5 of the Ordinance sets forth certain standards to be considered by the Authority and the Council in determining the nature and location of facilities to be financed by the Authority; and WHEREAS, the AUthority has recommended that the Council approve the issuance of the Bonds; WHEREAS, a copy of the Authority's resolution approving the .issuance of the Bonds, subject to the terms to be agreed upon,, a certificate of the public hearing, and a Fiscal Impact Statement have been filed with the Council; and WHEREAS, pursuant tO the Deficit Reduction Act of 1984, the Governor of Virginia issued~E×ecutive Order 50(84) (the "Order") authorizing the Council to allocate its portion of the State Ceiling, as defined in the Order; BE I~T RESOLVED BY THE COUNCIL OF THE CITY OF CHARLOTTESVILLE, VIRGINIA: 1.. The Council approves the location and financing of the Project and the issuance of the Bonds by the Authority for the benefit of the Applicant, as required by Section 103(k) and Section 15.1-1378.1 of the Virginia Code, to permit the Authority to assist in the financing of the Project. 2. It is hereby found and determined that th'e Project meets the criteria set forth in Section $ of the Ordinance. 3. The approval of the issuance of ~he Bonds does not constitute an endOrsement to a prospective purchaser of the Bonds of the creditworthiness of the Project or the Applicant. 4. The Council hereby allocates $900,000 of the State Ceiling to which the City is entitled pursuant to the Order to the Authority to be used by the Authority to issue the Bonds to finance the Project. 5. Pursuant to' the limitations-contained in Temp. orary Income Tax Regulations Section Sf.103-2(f)(1), this Resolution shall remain in effect for a period of one year from the date of its adoption. 6. This ResolUtion shall take effect immediately upon its adoption.