2006_Resolutions - Laserfiche WebLink

Home Browse Search

RESOLUTION OF THE CITY COUNCIL • OF THE CITY OF CHARLOTTESVILLE, VIRGINIA The Industrial Development Authority of the City of Charlottesville (the "Authority"), has considered the application of the University of Virginia Foundation (the "Foundation"), whose principal business address is 465 Crestwood Drive, Charlottesville, Virginia 22903, requesting the issuance of the Authority's revenue bonds in a principal amount not to exceed $170,000,000 (the "Bonds"). The proceeds of the Bonds will be used to assist the Foundation in (a) financing the cost of (i) the acquisition, construction and equipping of the Advanced Research Technology building (the "ART Building") located at 550 Ray C. Hunt Drive in the Fontaine Research Park in Albemarle County, Virginia (the "County"), (ii) the acquisition and construction of the West Main Street parking garage fronting on I I' Street, S.W., in the City of Charlottesville (the "City") located one-half block southwest of the intersection of West Main Street and 11`h Street, S.W. and to be used in part by tenants of a future office building to be built adjacent thereto, (iii) the construction of the West Main Street connector, an above -ground walkway which connects the parking garage fronting on 11`h Street with the University of Virginia Hospital in the City, (iv) the acquisition, construction and equipping of the Life Sciences Annex attached to the ART Building and to be used for laboratory space located at 550 Ray C. Hunt Drive in the Fontaine Research Park in the County, and (v) the construction of a road in the University of Virginia Research Park off of Airport Road, which is located on the west side of U.S. Route 29 approximately 6 miles north of the City limits of the City in the County, and (b) refinancing the cost of (i) the acquisition, construction and equipping of the Dynamics Building used by the University of Virginia for office space and located at 2015 • Ivy Road in the City, (ii) the acquisition, construction and equipping of the Blake Center Building used by the University of Virginia for office space and located at 1224 Jefferson Park Avenue in the City, (iii) the acquisition, construction and equipping of a building used by the University of Virginia for office space and other purposes located at 400 Ray C. Hunt Drive in the County, (iv) certain land located in the University of Virginia Research Park and possibly other locations and (v) the acquisition, construction and equipping of buildings used primarily for the housing of students attending the University of Virginia that are located at (1) 2021 Ivy Road, (2) 600 Brandon Avenue and (3) 411, 413-415 and 417-419 Brandon Avenue consisting of 48 units, 44 units and 47 units, respectively, all in the City (all of the foregoing in clause (a) and in clause (b) being collectively referred to herein as the "Projects"). The proceeds of the Bonds will also be used to finance certain costs of the issuance of the Bonds. Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), and Section 15.2-4906 of the Code of Virginia of 1950, as amended (the "Virginia Code"), provide that the highest elected governmental unit of the locality having jurisdiction over the issuer of private activity bonds and over the area in which any facility financed with the proceeds of private activity bonds is located must approve the issuance of the bonds. The Authority issues its bonds on behalf of the City. The City Council of the City (the "Council") constitutes the highest elected governmental unit of the City. Some of the Projects are located in the City, and some are located in the County. Thus, the Board of Supervisors of the County, as the highest elected governmental unit over the area in which some of the Projects are located, must also approve the bond issue, which it is scheduled to consider on December 6, 2006.