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25 <br /> <br />for 9th & Main old Safeway building project (I) was unanimously <br />approved by Council. <br /> <br /> WHEREAS, the Industrial Development Authority of (the <br />"Authority")~, has considered the application of 9th and West <br />Main Ltd. (the "Company") requesting the issuance of the Authority's <br />industrial development revenue bonds in an amount not to exceed <br />$1,238,000 (the "Bonds") to assist in the financing of the Company's <br />acquisition, renovation, construction and equipping of a hotel <br />facility (the "Project") to be located at 835 West Main Street, <br />in the City of Charlottesville, Virginia, and has held a public <br />hearing thereon on April 30, 1985; and <br /> <br /> WHEREAS, Section 103(k) of the Internal Revenue Code of 1954, <br />as amended, provides that the governmental unit having jurisdiction <br />over the issuer of industrial development bonds and over the area <br />in which any facility financed with the proceeds of industrial <br />development bonds is located must approve the ~ssuance of the bonds; <br />and <br /> <br /> WHEREAS, the Authority issues its bonds on behalf of the City <br />of Charlottesville, Virginia (the "City"); the Project is located <br />in the City and the Council of the City of Charlottesville, Virginia <br />(the "Council"), constitutes the highest elected governmental unit <br />of the City; and <br /> <br /> WHEREAS, the Authority has recommended that the Council approve <br />the issuance of the Bonds; and <br /> <br /> WHEREAS, a copy of the Authority's resolution approving the <br />issuance of the Bonds, subject to the terms to be agreed upon, <br />a certificate of the public hearing, and a Fiscal Impact Statement <br />have been filed with the Council; <br /> <br /> BE IT RESOLVED BY THE~COUNCIL OF THE CITY OF CHARLOTTESVILLE, <br />VIRGINIA: <br /> <br /> 1. The Counci~ approves the issuance of the Bonds by the <br />Authority for the benefit of the Company, as required by Section <br />103(k) and Section 15.1-1378.1 of the Virginia Code, to permit <br />the 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 Bonds <br />of the creditworthiness of the Project or the Company. <br /> <br /> 3. Pursuant to the limitations contained in Temporary income <br />Tax Regulations Section 5f.l-3-2(f)(1), this Resolution shall <br />remain in effect for a period of one year from the date of its <br />adoption. <br /> <br /> 4. This Resolution shall take effect immediately upon its <br />adoption. <br /> <br /> On motion by Mrs. Gleason, seconded by Dr. Gunter, the <br />resolution authorizing industrial development bonds for 9th & <br />Main old Safeway building project (II) was unanimously approved <br />by Council. <br /> <br /> WHEREAS, the Industrial Development Authority of (the <br />"Authority"), has considered the application of 9th and West <br />Main Ltd. (the '!Company") requesting the issuance of the Authority's <br />industrial development revenue bonds in an amount not to exceed <br />$1,400,000 (the "Bonds") to assist in the financing of the Company's <br />acquisition, renovation, construction and equipping of a restaurant <br />and retail facility (the "Project") to be located at 835 West <br />Main Street, in the City of Charlottesville, Virginia, and has held <br />a public hearing thereon on April 30, 1985; and <br /> <br /> WHEREAS, Section 10S(k) of the Internal Revenue Code of 1954, <br />as amended, .provides that the governmental unit having jurisdiction <br /> <br /> <br />