1984-12-17 - Laserfiche WebLink

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RESOLUTION: APPROVIN~ ISSUANCE OF INDUSTRIAL DEVELOPMENT BONDS FOR WELLINGTON CORPORATION The Council appro'~eS'~t~e/~ssuance of the Bonds by the Authority for the benefit of the Company, as required by Section I03(k) and Section 1S.t-1378.t of the Virginia Code, to permit the Authority to assist in the financing of the Project. 2. The 'app~roval of the issuance .of the Bonds does not constitute an endorsement to a prospective purchaser of the Bonds of the credit- w.orthiness of the Project or'the Company. 3. 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. 4. This Resoluti~on shall take effect immediately upon its adoption~ Mr. Ray introduced Mr. Richard Gibson, Mr. Roger Weinheimer, and Mr. Gregory Cooley representing the Wellington Corporation. Mr. Weinheimer stated the proposed project would involve renovating the warehouse at the corner of Preston and Harris Avenues for office space and adding a Rax £amily-style restaurant to .the front of the property. Mr. Barnes moved the resolution approving the issuance of industrial development bonds for Wellington Corporation, Dr. Gunter seconded the motion and it was unanimously approved by Council. WHEREAS, the Industrial Development Authority Of the City of Charlottesville, Virginia (the "Authority"), has considered the application of Wellington Corporation (the "Company'S) .requesting the issuance of the Authority's industrial development revenue bonds in an amount not to exceed $1,000,000 (the "Bonds") to assist in the financing of the Company's acquisition, construction, renovation and equipping Of an office and retail facility.consi'sting of a total of approximately 44,000 square feet, including the acquisition and renovation of two existing structures for office space and the construction of new office space and a restaurant, to be located on the southeast corner of Preston Avenue and Harris Street (known as the "Old Coal Yard"), in the City of Charlottesville,. Virginia, and has held a public hearing thereon on December 11~ 1984; and WHEREAS, Section 103(k) of the Internal-Revenue Code of 19S4, as amended, provides that the governmental unit having jurisdiction over the issuer of the industrial development 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 located in the City and the Council of the City of Charlottesville, Virginia (the "Council") constitutes the highest elected governmental unit in the City; and WHEREAS, the Ordinance adopted by the CoUncil on July 19, 1976, as amended on February.3, 198'0, which created the Authority (the "Ordinance'!), provides that the Authority shall not finance any facility until the location and financing of such facility have been approved by the Council; and WHEREAS, Section S 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; 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 S 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. 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 adootion.