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8S RESOLUTION: AUTHORIZING INDUSTRIAL DEVELOPMENT BONDS FOR PIEDMONT VIRGINIA PROPERTY GROUP Mr. Hendrix stated that the bonds would be used to fund the proposed parking garage and retail project at 14th and Wertland Streets. Ms. Carol Hurt of McGuire, Woods and Battle, stated that the $2.5 million in bonds would have to come from the State reserve. On motion by Mr. Barnes, seconded by Mrs. Gleason, the Resolution Authorizing Industrial Development Bonds for Piedmont Virginia Property Group was unanimously approved by Council. WHEREAS, the Industrial Development Authority of the City of Charlottesville, Virginia (the "Authority"), has considered the application of Piedmont Virginia Property Group (the "Partnership"), requesting the issuance of the Authority'.s industrial development revenue bonds in amount not to exceed $2,S00,000 (the "Bonds") to assist in the financing of the Partnership's acquisition, construction and equipping of a five story retail and parking facility consisting of approxi- mately 10,000 square feet of retail or office space to be leased to various tenants and an approximately 200 car parking facility (the "Project") to be located at the southeast corner of the intersection of 14th Street and Wertland Street, in the City of Charlottesville, Virginia, and has held a public hearing thereon on July 23, 1985; and WHEREAS, Section 103(k) of the Internal Revenue Code of 1954, as amended, provides that the governmental unit having jurisdiction over the issuer of industrial development bonds and over the area in which any facility financed with the proceeds of industrial development bonds is located must approve the issuance of the bonds; and WHEREAS, the Authority issues its bonds on behalf of the City of Charlottesville, Virginia (the "City"); the Project is to be located in the City and the City Council of the City (the "Council") constitutes the highest elected governmental unit of the City; and WHEREAS, the Authority has recommended that the Council approve the issuance of the Bonds; and WHEREAS, a copy of the Authority's resolution approving the issuance of the Bonds, subject to the terms to be agreed upon, a certificate of the public hearing, and a Fiscal Impact Statement hay been filed with the Council; BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CHARLOTTESVILLE, VIRGINIA: 1. The Council approves the issuance of the Bonds by the Authority for the benefit of the Partnership, as required by Section 103(k) and Section 15.1-1378.1 of the Virginia Code, to permit the Authority to assist in the financing of the Project. 2. The approval of the issuance of the Bonds does not constitute an endorsement to a prospective purchaser of the Bonds of the creditworthiness of the Project or the Partnership. 3. Pursuant to the limitations contained in Temporary Income Tax Regulations Section 5f.103-2~f)(1), this Resolution shall remain mn effect for a period, of one year from the date of its adoption. 4. This Resolution shall take effect immediately upon its adoption.