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24 <br /> <br />revenue bonds in an amount not to exceed $2,225,000 (the <br />"Bonds") to assist in the financing of the Partnership's <br />acquisition of land and construction and equipping of <br />additional office space consisting of approximately 17,000 <br />square feet (the "Project") to be located at 200 Holiday <br />Drive, in the City of Charlottesville, Virginia, and has <br />held a public hearing thereon on April 30, 1985; and <br /> <br /> WHEREAS, Section 103(k) of the Internal Revenue Code <br />of 1954, as amended, provides that the governmental unit <br />having jurisdictiOn over the issuer of industrial develop- <br />ment bonds and over the area in which any fa'cility financed <br />with the proceeds of industrial development bonds is located <br />must approve the issuance of the bonds; and <br /> <br /> WHEREAS, the Authority issues its bonds on behal, f of <br />the City of Charlottesville~ Virginia (the "City"); the <br />Project is to be located in the City and the City Council <br />of the City of Charlottesville, Virginia (the "Council") <br />constitutes the highest elected governmental unit of the <br />City; and <br /> <br /> WHEREAS, the Authority has recommended that the Council <br />approve the issuance of the Bonds; and <br /> <br /> WHEREAS, a copy of the AUthority'$ 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 /> BE IT.RESOLVED BY THE COUNCIL OF THE CITY OF' CHARLOTTES- <br />VILLE, VIRGINIA: <br /> <br /> 1~ The Council approves the issuance of the Bonds by <br />the Authority for the benefit of the Partnership, as <br />required by Section 103(k) and Section 15.1-1378.1 of the <br />Virginia Code, to permit the Authority to assist in the <br />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 <br />the Bonds of the creditworthiness of the Project or the <br />Partnership. <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. This resolution shall take effect immediately upon <br />its adoption. <br /> <br />RESOLUTION: AUTHORIZING INDUSTRIAL DEVELOPMENT BONDS FOR 9TH & <br />MAIN OLD SAFEWAY BUILDING PROJECT (I) AND (II) <br /> <br /> Ms. Carol Hurt, representing 9th and Main Ltd., <br />summarized the project which included a hotel (I, to be <br />funded with the local bond allocation) and a restaurant <br />and retail space (II, to be funded with the state bond <br />allocation). <br /> <br /> Dr. Charles Hurt, developer of the proposed project, <br />showed designs of the project which included a 200-car <br />parking lot and 75-room efficiency hotel. <br /> <br /> Mr. Buck expressed concern with the appearance of <br />the parking lot from Main Street. <br /> <br /> Dr. Hurt stated that an ornamental fence of brick <br />and wrought iron was planned to screen the parking lot. <br /> <br /> On motion by Mr. Barnes, seconded by Mrs. Gleason, <br />the resolution authorizing industrial development .bonds <br /> <br /> <br />