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ORDINANCE: AMENDING SECTION 15-118 RELATING TO BUSINESS LICENSE TAX (2nd reading) ORDINANCE: CLOSING, VACATING AND DISCONTINUING A PORTION OF McELROY DRIVE (the "Company") requesting development revenue to assist in the fin equipping of a S,300 located at 1140 and Virginia, and has hel. '~ ~i~uance of the Authority's industrial ~nds in an amount not to exceed $185,000 (the "Bonds") ~cing of the Company's acquisition, construction and ;quare foot office building (the "Project") to be [78 East Market Street, ~n the City of Charlottesville, a public hearing thereon on September 11, 1984; and WHEREAS, Sectio~ 103(k) of the Internal Revenue Code of 1954, as amended, provides tha~ the governmental unit having jurisdiction over issUer of industrial ~evelopment bonds and over the area in which any facility~financed wit~ the proceeds of industrial development bonds is located must approve the issuance of the Bonds; and the WHEREAS, the Aut Charlottesville, Virg the City and the Coun "Council") constitut~ and WHEREAS, the Ord~ amended on February 4 provides that' the Aut] location and financin and ~ority issues its Bonds on behalf of the City of ~nia (.the "City"); the Project is to be located in :il of the City of Charlottesville, Virginia (the the highest elected governmental unit of the City; nance adopted by the Council on July 19, 1'976, as 1980, which created the Authority (the "Ordinance"), ~ority shall not finance any facility until the of such facility have Been approved by the Council; 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 aoorove the issuance of the Bonds'; and 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; BE IT 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 Company, as required by Section 103(k) and Section 1S.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 the Project meets the criteria set forth in Section 5 of the Ordinance. 3. The approval of the issuance of the Bonds does not constitute an endorsement to a prospective purchaser of the Bonds of the creditworthiness of the Project or the' Company. 4. The Bonds shall-not be issued unless they shall have received.an allocation of the State Ceiling (as defined in Executive Order Number SO of the GoVernor of the Commonwealth of Virginia, dated'August 1, 198S), and nothing in this resolution shall be construed as any assurance that such allocation~will be available or, if available, will be made. S. Pursuant to the limitations contained in Temporary 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. The ordinance entitled "AN ORDINANCE TO AMEND AND REORDAIN SECTION 1S-118(d) OF THE CODE OF THE CITY OF CHARLOTTESVILLE RELATING TO ANNUAL BUSINESS LICENSE TAX" which was offered at the meeting ~on Seotember 4th was approved by the following vote. Ayes: Mr. Barnes, Mr. Buck, Mrs. Gleason, Dr. Gunter, Dr. Hall. Noes: None. Mr. Wiley stated that viewers had been appointed and neither the staff had objections to closing an unnamed cul de sac off of McElroy Drive. Mr. Gaston Fornes, owner of property on the west side of Moore's Creek, opposed the closing of the street because he uses.it to access a por'tion of his property which he stated is otherwise inaccessible. Mr. Peter Helweg, one of the petitioners requesting the street closing, stated his purpose in wanting the street closed was to preven~ using the street as access to the property zoned high-density in the county behind his property. Mr. Wiley stated that it was correct that the land had been set aside for eventual access to the land that is in the county, which the City now has no control over.