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183 <br /> <br />considered the application of Safeway, Inc. ("Company") <br />requesting the issuance of the Authority's industrial <br />development revenue refunding bonds in an amount not to <br />exceed $2,250,000 ("Bonds") to current refund the outstanding <br />principal amount of the Authority's $2,250,000 Industrial <br />Development Revenue Bonds (Safeway Stores, Incorporated <br />Project), Series 1981, the proCeeds of which were used to <br />assist in the financing of the Company's acquisition, <br />construction and equipping of a grocery store facility <br />consisting of approximately 43,335 square feet ("Project") <br />located at the Barracks Road Shopping Center on Emmet Street, <br />in the City of Charlottesville, Virginia, and has held a <br />public hearing thereon on April 9, 1991; <br /> <br /> WHEREAS,~Section 147(f) of the Internal Revenue Code of <br />1986, as amended (the "Code"), provides that the governmental <br />unit having jurisdiction over the issuer of private activity <br />bonds and over the area in which any facility financed with <br />the proceeds of private activity bonds is located must <br />approve the issuance of the bonds; <br /> <br /> WHEREAS, the Authority issues its bonds on behalf of the <br /> City of Charlottesville, Virginia (,'city"); the Project is <br /> located in the City and the City Council of the City of <br /> Charlottesville, Virginia ("Council"), constitutes the <br /> highest elected governmental unit of the City; <br /> <br /> WHEREAS, the Authority has recommended that the Council <br />approve the issuance of the Bonds; and <br /> <br /> WHEREAS, a copy of the Authority's resolution approving <br />the issuance of the Bonds,~ subject to the terms to be agreed <br />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 <br />THE CITY OF CHARLOTTESVILLE, VIRGINIA: <br /> <br /> 1. The Council approves the issuance of the Bonds by <br />the Authority for the benefit of the Company, as required by <br />Section 147(f) of the Code and Section 15.1-1378.1 of the <br />Code of Virginia of 1950, as amended (,'Virginia Code."), to <br />permit the Authority to assist in the refinancing of the <br />Project. <br /> <br /> 2. The approval of the issuance of the Bonds does not <br />constitute an endorsement to a prospective purchaser of the <br />Bonds of the creditworthiness of the Project or the Company. <br /> <br /> 3. Pursuant to the limitations contained in Temporary <br />Income Tax Regulations Section 5f.103-2(f)(1), this <br />resolution shall remain in effect for a period of one year <br />from the date of its adoption <br /> <br /> 4. This resolution shall take effect immediately upon <br />its adoption. <br /> <br />RESOLUTION: APPROVING GRANT APPLICATION FOR M.O. MOHR CENTER <br /> <br /> Mr. Louie Chapman, Assistant City Manager, explained <br />that both the M. O. Mohr Center and "On Our Own" program <br />are requesting Council's endorsement of their grant <br />applications to the Virginia Department of Housing and <br />Community Development. Mr. Chapman explained that "On Our <br />Own" receives no City funding, but the M. O. Mohr Center will <br />use the funds approved in the City budget as its local match. <br /> <br /> On motiOn by Ms. Waters, seconded by Mr. Vandever, the <br />resolution approving the grant appliCatiOn for the M. O. Mohr <br />Center was unanimously approved by Council. <br /> <br />BE IT RESOLVED by the Council of the City of <br /> <br /> <br />