2007_Resolutions - Laserfiche WebLink

Home Browse Search

RESOLUTION OF THE CITY COUNCIL OF THE • CITY OF CHARLOTTESVILLE, VIRGINIA WHEREAS, the Economic Development Authority of the City of Charlottesville, Virginia (formerly [he Industrial Development Authority of the City of Charlottesville, Virginia) (the "Authority") has been requested by Martha Jefferson House (the "Borrower"), a non-profit, Virginia nonstock corporation, to approve the issuance of a revenue bond in an amount not'to exceed $5,000,000 ("Bond") to assist the Borrower in financing an expansion to its senior living facility consisting of an additional twelve independent living apartments (the "Project"), located 1600 Gordon Avenue, in the City of Charlottesville, Virginia (the "City"), and has held a public hearing on October 9, 2007; WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), provides that the governmental unit having jurisdiction over the area in which any facility financed with the proceeds of private activity bonds is located must approve the issuance of the bonds; WHEREAS, the Authority has held a public hearing and has recommended that the Council approve the issuance of the Bond; and WHEREAS, a copy of the Authority's resolution approving the issuance of the Bond, subject to the terms to be agreed upon, a certificate of the public hearing and a Fiscal Impact Statement have been filed with the Council. • NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CHARLOTTESVILLE, VIRGINIA: 1. The Council approves the issuance of the Bond by the Authority for the benefit of the Borrower, as required by Section 147(f) of the Code, to permit the Authority to assist in the financing of the Project. 2. The approval of the issuance of the Bond does not constitute an endorsement to a prospective purchaser of the Bond of the creditworthiness of the Project or the Borrower. 3. The Council approves the Authority's designation of the Bonds as a "qualified tax-exempt obligation" within the meaning of Section 265(b)(3) of the Code for calendar year 2007. 4. This resolution shall take effect immediately upon its adoption. Approved by Council November 5, 2007 of City Council 0