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248 <br /> <br /> WItEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended (the <br />"Code"), provides that the governmental unit having jurisdiction over the issuer of private <br />activity bonds and over the area in which any facility financed with the proceeds of private <br />activity bonds is located must approve the issuance of the bonds; <br /> <br /> WHEREAS, Section 15.1-1378 of the Industrial Development and Revenue Bond Act, <br />Chapter 33, Title 15.1, Code of Virginia of 1950, as amended ("Act"), provides that if a <br />locality has created an industrial development authority, no industrial development authority <br />created by a second locality may finance a facility .located in the first locality' unless the <br />governing body of such first locality concurs with the inducement created by the second <br />locality; <br /> <br /> WHEREAS, the Project is located in the City of Charlottesville, Virginia ("City") and <br />the City Council of the City of Charlottesville, Virginia ("Council") constitutes the highest <br />elected governmental unit of the City; <br /> <br /> WHEREAS, the Authority has recommended that the Council approve the issuance of <br />the Bonds; and <br /> <br /> WHEREAS, a copy of the Authority's resolution approving the issuanceofthe Bonds, <br />subject to the terms to be agreed upon, a certificate of the public hearing and a Fiscal Impact <br />Statement have been filed with the Council. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE <br />CITY OF CHARLOTTESVILLE, VIRGINIA: <br /> <br /> 1. The Council .approves the issuance of the Bonds by the Albemarle Authority for the <br />benefit of the Foundation, as required by Section 147(0 of the Code and Section 15.1-1378 <br />of the Code of Virginia of 1950, as amended ("Virginia Code")to permit the Authority to <br />assist in the financing. <br /> <br /> 2. The Council concurs with the resolution adopted by the Industrial Developmem <br />Authority of Albemarle County, Virginia and approves the issuance of the bonds by the <br />Industrial Development Authority of Albemarle County, Virginia for the benefit of the <br />Foundation as required by Section 15.1-1378 of the Act. <br /> <br /> 3. The approval of the issuance of the Bonds does not constitute an endorsement to a <br />prospective purchaser of the Bonds of the creditworthiness of the Project or the Foundation. <br /> <br /> 4. Pursuant to the limitations contained in Temporary Income Tax Regulations Section <br />5f. 103-2(f)(1), this resolution shall remain in effect for a period of one year from the date of <br />its adoption. <br /> <br />RESOLUTION: APPROVING SPECIAL PERMIT TO ALLOW FRATERNITY AT 125 <br />CHANCELLOR STREET <br /> <br /> Mr. Satyendra Huja, Director of Community Development, stated that the Planning <br />Commission recommended approval of the special permit for the following reasons: 1) It is <br />in harmony with the Land Use Plan of the Comprehensive Plan; 2) It will not have a <br />significant adverse impact on the surrounding area if conditions are met; and 3) The use is <br />compatible with surrounding uses. <br /> <br /> Rev. Edwards and M~. Vandever said they thought Council had agreed a few years ago <br />not to add any new fraternities or sororities in the neighborhoods adjacent to the University. <br /> <br /> Mr. Huja replied that he understood that Council had indicated their preference to look <br />at requests for new fraternities and sororities on a .case by case basis. <br /> <br /> <br />