Laserfiche WebLink
235 <br /> <br /> WHEREAS, the Industrial Development Authority of the <br />City of Charlottesville, Virginia ("Authority") has <br />considered the application of Rivanna Partners, L.P. <br />("Company") requesting the issuance of the Authority's <br />industr-ial development revenue bonds in an amount not to <br />exceed $2,235,000 ("Bonds") to assist in the financing of <br />the Company's renovation, construction and equipping of a <br />manufacturing facility consisting of approximately 60,000 <br />square feet ("Project") to e located at 700 Harris Street, <br />in the City of Charlottesville, Virginia, and haS held a <br />public hearing thereon on June 16, 1987~; <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 indusstrial development <br />revenue bonds and over the area in which any facility <br />financed with the proceeds of industrial development revenue <br />bonds is located must approve the issuance of the bonds; <br /> <br /> WHEREAS, the Authority issues its bonds on behalf of <br />the City of Charlottesville, virginia ("CitY")~ the Project <br />is located in the City and the City Council of the City of <br />Charlottesville, Virginia ("Council") constitutes the <br />highest 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 /> WHERAS, 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 <br />Impact 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 145(f) and Section 15.1-1378.1 of the Virginia Code, <br />to permit the Authority to assist in the financing of the <br />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 limitatiosn cont~ainedlin 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 from~the State Reserve, as defined in Executive <br />Order 28(86), to cover the issuance of the Bonds. <br /> <br /> 5. ~ This resolution~shalt take effect immediately upon <br />its adoption.- ~ <br /> <br />RESOLUTION: AUTHORIZING MAYOR TO SIGN QUITCLAIM DEED FOR EAST <br />JEFFERSON STREET ADJACENT TO QUEEN CHARLOTTEiSQUARE ~ <br /> Mr. Wiley stated that it had been discovered that a <br /> strip of land adjacent to Queen Charlotte Square on E. <br /> Jefferson Street was within the City's street right-of-way. <br /> Steps and a retaining watt for the project were located on <br /> the' strip of land, as the steps had been for the Baptist <br /> Church which was formerly on the site. Mr. Wiley stated <br /> that staff recommended that in lieu of paying for the <br /> property, that the Queen Charlotte Square developers replace <br /> the sidewalks around the entire pr~oject which would be of an <br /> equal or greater value than the 2,526 square feet of land. <br /> <br />Mr. Barnes stated that he would abstain due to a <br /> <br /> <br />