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456 <br /> <br />RESOLUTION: <br />AFFIRMING' ISSUANCE <br />OF_ INDUSTRIAL <br />DEVELOPMENT BONDS <br />FOR ELECTRONIC <br />TECHNOLOGIES, INC. <br /> <br />Mr. Roger Rydin of Cabell Avenue, stated, that Alpha Phi <br /> <br />had been good neighbors but that traffic was bad because his <br /> <br />residence is surrounded by apartments without adequate parking. <br /> <br />Mr. Gilpin added that he felt the expansion was the best <br /> <br />use of the site and would be preferable to apartments. <br /> <br />Mr. Buck stated that he was~concerned with the effect of <br /> <br />having 40 SO people at-the house for meals twice a day. <br /> <br />There were no further speakers. <br /> <br />Dr. Gunter stated that the density problem was not new to <br /> <br />Council and criticized the sorority for not meeting.With .the <br /> <br />Neighborhood Association as she felt housing-thirty .persons in a <br /> <br />previously single family house would present problems for the <br /> <br />surrounding neighbors. <br /> <br /> · Mr. Buck stated that while the d~sign of the expansion is <br /> <br />attractive, he would vote to deny the permit because he felt. the <br /> <br />increase in the volume of~traffic would have a significant adverse <br /> <br />impact on the neighberhood. <br /> <br />Dr. Gunter moved to deny the special permit, Dr. Hall seconded <br /> <br />the motion and the special pe.rmit for Alpha Phi Sorority was unani- <br /> <br />mously denied by Council. <br /> <br />Mr. George .Ray, Economic Development Coordinator, stated this <br /> <br />resolution would reaffirm t.he. bonds issued 18 months earlier and that <br /> <br />the project was not subject to the State cap. <br /> <br />Mr. William B. Mart spoke on behalf of Ovenaire and briefly <br /> <br />· outlined the project. <br /> <br />On motion by Dr. Hall, seconded by Dr. Gunter, the resolution <br /> <br />affir$ing the issuance of industrial development bonds for Electronic <br /> <br />Technologies, Inc. was unanimously approved by Council. <br /> <br /> WHEREAS, the Industrial Development ~uthority of the City of <br /> Charlottesville, Virginia. (the "Authority"), has considered the <br /> application of Electronic Tecynologies, Inc. (the "Company") <br /> requesting the issuance of the Authority's industrial development <br /> revenue bonds in an amount not to exceed $S,000,000.~(the "Bonds") <br /> to assist in the financing of the Company's renovation of a <br /> manufacturing facility and construction and equipping of an <br /> expansion thereof consisting of approximately 54,000 square feet <br /> (the "Project,') -to be located at 706 Forrest Street, in the City <br /> of Charlottesville, Virginia, and has held a pUblic hearing thereon <br />~on December 11, 1984; 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 locatedmust approve the issuance of the bondS; <br />and <br /> <br /> WHEREAS, the Authority 'issues its bonds on behalf of the City <br />of Charlottesville, Virginia (the ".City")_; the Project is located <br />in the City and the Council of the City of CharIottesville, Virginia <br />(the "Council") constitutes the highest elected governmental.unit <br />of the City; and <br /> <br /> WHEREAS, the Authority has recommended that the Council approve <br />the issuance of the Bonds; and <br /> <br /> WHEREAS, a~copy of the Authority's resolution approving the <br />issuance of the Bonds, subject to the terms to be agreed upon, a <br />certificate of the public hearing, and a Fiscal Impact Statement <br />have been filed with the Council; <br /> <br /> BE IT RESOLVED BY THE COUNCIL OF THE CITY OF CHARLOTTESVILLE, <br />VIRGINIA: <br /> <br /> <br />