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2004_Resolutions
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RESOLUTION <br />• AUTHORIZING A LOAN IN THE AMOUNT OF $2,400,000 <br />TO THE CHARLOTTESVILLE INDUSTRIAL DEVELOPMENT AUTHORITY <br />WHEREAS, the Charlottesville Industrial Development Authority ("CIDA") is an <br />independent political subdivision of the Commonwealth of Virginia which is charged with the <br />development and promotion of industry, trade and commerce within the City; and <br />WHEREAS, the City previously has held a public hearing and leased to CIDA, for the <br />purposes of economic development, the property located on 7th Street, N.E., known as the <br />Downtown Amphitheater and a portion of the Downtown Recreation Center ("Amphitheater <br />Area"); and <br />WHEREAS, the property is in need of renovation and rehabilitation to enhance its role in <br />the development of the downtown Charlottesville economy; and <br />WHEREAS, funding has been appropriated to the Department of Economic <br />Development's Strategic Investment Account for Strategic Planning for the purpose of <br />promoting economic development within the City. <br />NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Charlottesville <br />endorses the sublease of the property located on 7`h Street, N.E., known as the Downtown <br />Amphitheater and a portion of the Downtown Recreation Center, by the Charlottesville Industrial <br />• Development Authority in a form substantially the same as attached hereto. <br />BE IT FURTHER RESOLVED that the sum of $2,400,000 previously appropriated to the <br />Department of Economic Development's Strategic Investment Account for Strategic Planning is <br />transferred to the Charlottesville Industrial Development Authority as a loan to be utilized for the <br />Amphitheater Area. <br />BE IT FURTHER RESOLVED that the City Manager is authorized to execute on behalf <br />of the City any necessary legal and financial documents including but not limited to a promissory <br />note executed on behalf of CIDA by the Chair of the CIDA Board of Directors. The term of the <br />Note shall be for twelve (12) years, beginning on the date that funds are transferred from the City <br />to CIDA. The Note shall require semi-annual payments of principal and interest on a twelve <br />year amortization schedule for $1,400,000, with a balloon payment of $1,000,000 due at the end <br />of the twelve (12) year term and all unpaid principal and accrued interest due at the end of the <br />twelve (12) year term. Interest on the $1,000,000 balloon payment shall be paid semi-annually. <br />The rate of interest charged for the loan shall be two percent (2%). Said Note and any other <br />documents shall be approved by the City Attorney prior to execution by the City Manager. <br />Approved by Council <br />June 7, 2004 /`/��' <br />C elk of City Council <br />
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