1985-08-05 - Laserfiche WebLink

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84 RESOLUTION: AUTHORIZING INDUSTRIAL DEVELOPMENT BONDS FOR WATER STREET LIMITED PARTNERSHIP Mr. George Gilliam, representing the Water Street Limited Partnership, stated that the $2 million in bonds, which would come from the State reserve, would be used for a retail-office project in the old Thomas Tire Building on Water Street. On a question from Mr. Barnes, Mr. Gilliam ~eplied that the total project cost was estimated at $2.5 million. Mr. Barnes stated that while the project was outside the general guidelines for the percentage of bonds, he felt it was justified because of the immense community benefit. On motion by Mr. Barnes, seconded by Mrs. Gleason, the Resolution Authorizing Industrial Development Bonds for Water Street Limited Partnership was unanimously approved by Council. WHEREAS, the Industrial Development Authority of the City of Charlottesville, Virginia (the "Authority"), has considered the application of Water STreet Limited Partnership (the "Partnership") requesting the issuance of the Authority's industrial development revenue bonds in an amount not to exceed $2,000,000 (the "Bonds") to assist in the financing of the Partnership's acquisition, construction, renovation and equipping of an office and/or retail facility consisting of approximately 18,000 square feet of existing space to be leased to various tenants (the "Project") located at 218 Water 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 ~ssuer of industrial develop- ment 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 located in the City and the City Council of the City of Charlottesville, Virginia (the "Council") constitutes the highest elected governmental unit of the City; and WHEREAS, a copy of the Authority's resolutinn 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 have 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 Sf.t03-2(f)(1), this Resolution shall remamn ~n effect for a period of one year from the date of its adoption.