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4 5:8
<br />
<br />RESOLUTION:
<br />RE~G
<br />PREVIOUSLY
<br />ALLOCATED
<br />INDUSTRIAL
<br />DEVELOPMENT
<br />BONDS
<br />
<br />RESOLUTION:
<br />APPROVING ISSUANCE
<br />OF INDUSTRIAL
<br />DEVELOPMENT BONDS
<br />FOR KEITH &
<br />ELAINE WOODARD
<br />WATER STREET
<br />PROJECT
<br />
<br /> 5. This-Resolution shall take effect immediately upon its
<br />adoption.
<br /> Mr. Ray expl-~ined [haUl'the C ~& O Railway station project did
<br />not materialize .and the resolution would reassign funds previously
<br />allocated for it to the ~ellington c.orpo~ati.on ....
<br />
<br /> On motion, by Mrs.. Gleason., seconded by Dr. Hall, the
<br />resolution reassigning previously allocated industrial development
<br />
<br />bonds was unanimously~approved by Council.
<br />
<br /> WHEREAS, on July 18, 1984, the Presiden.t of the United'States
<br />signed into law the Deficit Reduction Act of 19'84 (the "Act")
<br />which placed certain limitations on the volume of private activity
<br />bonds to be issued by any State;
<br />
<br /> WHEREAS, pursuant to the authority vested in him pursuant
<br />to the Ac~, the Governor of Virginia on July 31, 1984 issued
<br />Executive Order 50 (84) (the "Order") providing a formula for
<br />the allocation of the State Ceiling, as defined in the Order;
<br />
<br /> WHEREAS, Section. C.1; o.f the Order. authorizes:the Council
<br />of the City of Charlottesville (the "Council") to alloc.ate its
<br />portion of the State Ceiling to the issuing authorities within
<br />the City of Charlottesville (the "City");
<br />
<br /> WHEREAS, the CoUncil allocated its portion of the State
<br />Ceiling to the Industrial Development Authority of the City of
<br />Charlottesville, ¥i'rginia (the "Authority") to cover the
<br />issuance by the Authority of certain industrial development revenue
<br />bonds.,, including an allocation, of_$1,O00,000 for the Benefit of
<br />Piedmont Vi.rginia Property Group;
<br />
<br /> WHEREAS, .by letter dated November 27, 11984, Piedmont
<br />Virginia Property Group has stated that its $1,000,000 allocation
<br />will not be used on or before December 31, 1984 and that the
<br />Council may reassign such $1,000,00.0 allocation; and.
<br />
<br /> WHEREAS,.the Council now desires to regssign such $1,000,000
<br />of i.ts portion of the. State Ceiling to the Authority to. cover the
<br />issuance by the Authority of industrial development revenue bonds
<br />for Wellington .Corporation.
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED BY THE...COUNCIL OF THE CITY
<br />OF CHARLOTTESVILLE, VIRGINIA:
<br />
<br /> 1. The council hereby reassigns the $1,000'}060 of its
<br />portion of the State Ceiling on private, activity bonds, which
<br />was previously allocated to'Piedmont Virginia Property Group,
<br />to the Authority in order to cover the issuance by the Authority of
<br />a $1,000,000 industrial .development revenue bond, the proceeds of
<br />which are to. be used to finance-the acquisition, construction,
<br />renovation and equipping of a retail and office facility for
<br />Wellington Corporation.
<br />
<br /> 2. This Resolution shall take effect immegiately upon its
<br /> adOption.
<br />
<br /> Mr. George Gilliam, representing Keith and Elaine WoOdard,
<br />
<br />stated that the proposed project involved renovating the old
<br />
<br />Student Services buildingon Water Street for.residential use,
<br />
<br />which would not involve use of the bonds, and for commercial use,
<br />with below grade parking. Mr. Gilliam added that if the project
<br />is not able to close before the end of :the year, it was understood
<br />
<br />that the project would have to start over with a '~ew allocation.
<br />
<br /> On motion by Mrs. Gleason, seconded by Dr.. Gunter, the
<br />resolution approving the issuance of industrial development bonds
<br />
<br />for Keith and Elaine Woodard Water Street Project was unanimously
<br />
<br />approved by Council.
<br />
<br /> WHEREAS, the Industrial Development Authority of the City of
<br />Charlottesville, Virginia (the "Authority"), has considered the
<br />application of Keith O. Woodard and Elaine A. Woodard (the "Developers")
<br />requesting the issuance of the Authority's industrial development
<br />revenue bonds in an amount'not to exceed $800,000 (the "Bonds") to
<br />assist in the financing of the Developers' acquisition, construction
<br />and equipping of a retail sales facility consisting of approximately
<br />6,000 square feet with approximately 6,400 square feet of parking
<br />space (the '!Project") to be-located at 213-215 West Water Street, in
<br />the City of Charlottesville, Virginia,.and has held a public hearing
<br />thereon on December 13, 1984; and
<br />
<br />
<br />
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