1998_Resolutions - Laserfiche WebLink

Home Browse Search

Prepared April 1, 1998 • THIS OPTION AGREEMENT is made as of the 24`" day of March, 1998, by and between THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF CHARLOTTESVILLE, VIRGINIA ("Authority") and PIEDMONT BUILDING & DEVELOPMENT CORPORATION ("Optionee"). RECITALS A. Authority is the owner of certain real property situated in the City of Charlottesville, Virginia, shown and described as Parcels A-2.1.1 and A-2.1.2 containing approximately 45,107 square feet (the "Property"), and shown on the plat of Thomas B. Lincoln Land Surveyor, Inc., dated November 22, 1995, revised December 20, 1995, which is attached to the Land Purchase and Development Agreement (the "Purchase Agreement") attached hereto as Exhibit A. B. In its continuing effort to maintain and improve the business base of the City of Charlottesville ("City"), Authority has solicited proposals for the purchase and development of the Property. Authority has determined that: (1) The public interest will be best served by granting the Optionee certain rights in the Property consistent with the terms and conditions of this Agreement; • (2) Optionee's proposed development of the property will generate substantial benefits for the City; (3) Optionee's proposed development of the Property is in harmony with and will further the fulfillment of the duly adopted comprehensive plan of the City; (4) Optionee's proposed development of the Property is likely to produce increases in revenue from property, sales, license, and other taxes to the City and is likely to produce expanded employment opportunities for the citizens of the City and surrounding jurisdictions; and (5) Optionee's proposed development and use of the Property will be unlikely to produce pollution or adverse environmental consequences and is unlikely to necessitate significant expenditures of additional public funds for the provision of essential or customary public services. C. Authority and Optionee have negotiated certain agreements regarding the development of the Property and wish to set forth their agreements in writing. •