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WHEREAS, Section 10S ~he Internal Revenue Code of 1954, as
<br />amended, provides that the governmental unit having jurisdiction
<br />over the ~ssuer of industrial development bonds and over the area in
<br />which any facility financed With the proceeds of industrial development
<br />bonds is located must approve the issuance of the bonds; and
<br />
<br /> WHEREAS, the Authority issues its bonds on behalf of the City of
<br />Charlottesville, Virginia (the "City"); the Project is to be located
<br />in the City'and the Council of the City of Charlottesville, Virginia
<br />(the "CounCil") constitutes the highest elected governmental unit of
<br />the City; and
<br />
<br /> WHEREAS, the Authority has recommended t~hat the Council approve
<br />the issuance of the Bonds; and
<br />
<br /> WHEREAS, a copy of the Authority's resolution approving the issuance
<br />of the Bonds, subject to the terms to be agreed upon, a certificate of
<br />the public hearing, and a Fiscal Impact Statement have been filed with
<br />the Council;
<br />
<br />BE iT ~RESOLVED BY THE COUNCIL OF THE CITY OF CHARLOTTESVILLE, VIRGINIA:
<br />
<br /> 1. The Council approves the issuance of the Bonds by the Autho2i~y
<br />for the. benefit of the Developers, as required by Section 103(k) and
<br />Section 1S.1-1378.1 of the Virginia Code, to permit the Authority to
<br />assist in the financing of the Project.
<br />
<br /> 2. The approval of the issuance of the Bonds does not constitute
<br />an endorsement to a prospective purchaser of the Bonds of the credit-
<br />worthiness of.the Project or. the Developers.
<br />
<br /> 3. The bonds shall not be issued unless they shall have received
<br />an allocation of the State Ceiling (as defined in Executive Order Number
<br />50 of the Governor of the Commonwealth of Virginia, dated August 1, 1984),
<br />and nothing in this resolution shall be construed as any assurance that
<br />such allocation will be available or, if available, wi. il be made.
<br />
<br /> 4. Pursuant to the limitations contained in Temporary Income Tax
<br />Regulations Section Sf.103-2(f)(1), this Resolution shall remain in
<br />effect for a period of one year from the date of' its adoption.
<br />
<br />RESOLUTION:
<br />
<br />APPROVING
<br />ISSUANCE OF
<br />INDUSTRIAL
<br />
<br /> S. This Resolution shall take effect immediately upon its adoption.
<br />
<br /> Mr. Landess, representing H & H, Inc. stated that the bonds would
<br />be used to construct a 100-unit motel adjoining Shoney's Restaurant'on
<br />
<br />DEVELOPMENT BONDS Arlington Boulevard.
<br />FOR H & H, INC.
<br /> Mr. Ray stated that approval would not grant H & H, Inc. any special
<br />
<br /> standing 198S should the project not close before the end of the year.
<br />
<br />On motion by
<br />
<br />approving the iss~
<br />
<br />was unanimously ap
<br />
<br /> WHEREAS, the
<br />Charlottesville, V
<br />application of Ht~
<br />the ~ssuance of
<br />in an amount not t
<br />the financing of t
<br />of a motel with an
<br />28,000 square feet
<br />Boulevard, in the
<br />public hearing the
<br />
<br />Mrs. Gleason, seconded by Dr. Hall,' the resolution
<br />ance of industrial development bonds for H & H, Inc.
<br />
<br />proved by Council.
<br />
<br />Industrial Development Authority of the City of
<br />irginia (the "Authority"), has considered the
<br /> H CO. of Charlottesville (the "Company") requesting
<br />s Authority's industrial development revenue bonds
<br />o exceed $'2,000,000~00 (the "Bonds") to assist in
<br />he Company's acquisition, construction and equipping
<br />zilliary retail space consiSting of approximately
<br /> (the. "Project") to be lOcated at 1900 Arlington
<br />%ity of Charlottesville, Virginia, and has held a
<br />teen on.December 17, 1984; and
<br />
<br /> WHEREAS, Section 103(k) of the Internal Revenue Code of 1954,
<br />as amended, providDs that the governmental unit having jurisdiction
<br />over the issuer ~of industrial development bonds and ove~ the area
<br />in which any facility financed with the proceeds of %ndustrial bonds
<br />is located must approve the issuance of the bonds; and
<br />
<br /> WHEREAS, the
<br />of Charlottesville
<br />located in the.Cit'
<br />Virginia (the "Cou
<br />unit of the City;'
<br />
<br /> WHEREAS, the
<br />the issuance of ti
<br />
<br />\uthority issues its bonds on behalf of the City
<br /> Virginia (the "City"); .the Project is to be
<br /> and the Council of. tha City of Charlottesville,
<br /> ~ciI") constitutes the highest elected governmental
<br /> ~nd
<br />
<br />tuthori, ty has recommended that the Council approve
<br /> Bonds; and
<br />
<br /> WHEREAS, a cc y of the Autority's resolution approving the
<br />issuance of the Bo ~ds, subject to the. terms to be agreed upon, a
<br />certificate of the public hearing, and a Fiscal Impact Statement have
<br />been filed with the Council;
<br /> BE IT RESoLvE~ BY THE COUNCIL OF THE CITY OF CHARLOTTESVILLE,
<br />VIRGINIA:
<br />
<br />45'9
<br />
<br />
<br />
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