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the site plan, to provide screening for the drive-in window. <br /> <br />RESOLUTION: AUTHORIZING $7,000,000 IN INDUSTRIAL DEVELOPMENT <br />BONDS FOR MICHIE COMPANY <br /> <br /> Mr. O'Connell stated that the Charlottesville <br />Industrial Development Authority had recommended approval by <br />Council of the $7,000,000 in Industrial Development Bonds <br />for the Michie Company which would complete the final phase <br />at Carlton Business Park. Mr. O'Connell stated that the <br />bonds would come from the State allocation. <br /> <br /> Mr. Barnes stated that he would abstain due to a <br />conflict of interest. <br /> <br /> On motion by Mrs. Gleason, seconded by Mr. Towe, <br />Council authorize the $7,000,000 in Industrial Development <br />Bonds for the Michie Company, with Mr. Barnes abstaining. <br /> <br /> WHEREAS, the Industrial Development Authority of the <br />City of Charlottesville, Virginia ("Authority,,), has <br />considered the application of The Michie Company ("Company"), <br />requesting the issuance of the Authority's revenue bonds in <br />an amount not to exceed $7,000,000 ("BondS") to assist in the <br />financing of the Company's acquisition, construction and <br />equipping of a manufacturing facility consisting of <br />approximately 78,000 square feet ("Project") to be located <br />near the intersection of Carlton Avenue and Carlton Road, in <br />the City of Charlottesville, Virginia, and has held a public <br />hearing thereon on May 24, 1988; <br /> <br /> WHEREAS, Section 147(f) of the Internal Revenue Code of <br />1986, as amended, provides that the governmental unit having <br />jurisdiction over the issuer of private activity bonds and <br />over the area in which any facility financed with the <br />proceeds of private activity bonds is located must approve <br />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 to <br />be located in the City and the City Council of the City of <br />Charlottesville, Virginia ("Council") constitutes the highest <br />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) and Section 15.1-1378.1 of the Code of <br />Virginia of 1950~ as amended ("Virginia Code"), to permit the <br />Authority to assist in the financing of the 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. The Council~directs the City Manager to request an <br />allocation of the State Ceiling (as defined in Section 15.1- <br />1399.10 of the Virginia Code) in accordance with the <br /> <br />143 <br /> <br /> <br />