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89 <br /> <br /> Mr. Jack Horn of Martin-Horn stated that his firm <br />had been looking for a suitable location for two years <br />and it was their intention to make a first-class <br />development. <br /> <br /> On motion by Mr. Towe, seconded by Mrs. Gleason, <br />the resolution approving the financing by the <br />Charlottesville Industrial Development Authority for <br />the Barnes Lumber Company project was approved, with <br />Mr. Barnes abstaining~ <br /> <br /> WHEREAS, Carlton Limited Partnership, a Virginia <br />limited partnership ("Carlton"), is the owner of a <br />parcel of land containing 10.496 acres, more or less, <br />situated in the City of Charlottesville, Virginia (the <br />"City") at the intersection of Carlton Road and <br />Carlton Avenue, along the southern boundary of the <br />Chesapeake & Ohio Railway right-of-way, which land <br />is commonly known and referred to as the Barnes Lumber <br />Corporation property (the "Property"); and <br /> <br /> WHEREAS, the Property is one of the very few <br />remaining tracts of land located within the city limits <br />of the City that is available for development; and <br /> <br /> WHEREAS, Carlton is willing to sell the Property <br />to the Industrial Development Authority of the City of <br />Charlottesville, Virginia ("Authority") on the terms <br />and conditions set forth in that certain Purchase <br />Agreement dated December 9, 1986 between Carlton, as <br />Seller, and the Authority, as Purchaser, a copy of <br />wh'ich agreement has been presented at this meeting <br />for review by the members of the City Council; and <br /> <br /> WHEREA~, Jef~ferson National Bank, a national <br />banking corporation ("Jefferson") is willing to <br />purchase a portion of the Property for development <br />of an office/warehouse facility to house Jefferson's <br />operations center, purchasing division, security <br />division and some storage facilities, ali on the <br />terms and conditions set forth in that certain <br />Development Agreement dated December 9, 1986 between <br />the Authority and Jefferson, a copy of which agreement <br />has been presented at this meeting for review by the <br />members of the City Council; and <br /> <br />WHEREAS, F. Warren Martin and Jack M. Horn <br />("~artin & Horn") are willing to purchase 'a portion <br />of the Property for development of a 8,000 square foot <br />office building for Martin/Horn, Inc. and 17,500 square <br />feet of condominium space, all on the terms and <br />conditions set forth in that certain Land Purchase and <br />Development Agreement dated December 9, 1986 between <br />the Authority and Martin & HOrn, a copy o~f which <br />agreement has been presented at this meeting for review <br />by the members of the City Council~ a~d <br /> <br /> WHEREAS, at a meeting of the Authority duly called <br />and held on December 9, 1986, the Authority found that <br />the acquisition of the Property by the Authority and <br />subsequent sales of portions o~f the Property to <br />Jefferson National Bank and Martin ~ Horn, all as set <br />fort~ in such agreements, will enable the Authority to <br />control development of the Property in such a way that <br />wil~ be mn harmony with and in furtherance of the <br />fulfillment of the duly adopted comprehensive plan of <br />the City~ that will produce the greatest increases in <br />revenue from property sales, license and other taxes to <br />the City, that will produce expanded employment opportunities <br />for the citizens of the City and surrounding jurisdictions, <br /> <br /> <br />