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85 <br /> <br /> 4. This Resolution shall take effect immediately upon <br />its adoption. <br /> <br />RESOLUTION: AUTHORIZING ISSUANCE OF BONDS FOR THETA DELTA CHI <br />RENOVATION ASSOCIATES <br /> <br /> Mr. Ray HUnt, president of the general partnership <br />involved in renovating the fraternity buildings listed the <br />following benefits to the community for the projects represented <br />in the seven resolutions to follow: i) increase in real <br />estate tax base, 2) increase in safety and security of occupants <br />of the buildings, and 3) help in alleviating shortage in student <br />housing. Mr~ Hunt added that the bonds would come from the <br />State reserve. <br /> <br /> On motion by Mrs. Gleason, seconded by Mr. Barnes, the <br />Resolution Authorizing Issuance of Bonds for Theta Delta Chi <br />Renovation Associates was unanimously approved by Council. <br /> <br /> WHEREAS,-the Charlottesville Redevelopment and Housing <br />Authority (the "Authority") has considered the application of <br />Theta Delta Chi Renovation Associates, a Virginia limited <br />partnership (the "Applicant") Madison Hall, University Avenue, <br />Charlottesville, Virginia 22906-9012, for the issuance of the <br />Authority's bonds in the maximum amount not to exceed $275,000 <br />(the "Bonds") to assist in the financing of the Applicant's <br />renovation of a 6,300 square foot housing facility to be used <br />as a fraternity house ~the "Facility") to be leased in part to <br />Nu Charge House Corporation and in part to individuals. The <br />Facility will be located at 1811 Lambeth Lane in the Central <br />City Development District in the City of Charlottesville, <br />Virginia (the "City"). The Authority held a public hearing <br />on this matter on July 22, i985, a date within 60 days prior <br />to the date of adoption of this resolution; <br /> <br /> WHEREAS,~the'Authority has requested the Ci. ty Council of <br />the City of Charlottesville, Virginia (the "Council") to <br />approve the issuance of the Bonds to comply 'with Section 103(k) <br />of the Internal Revenue Code of 1954, as amended (the "Code"), <br />and Paragraph 2 of Chapter 514 of the Acts of the General <br />Assembly of Virginia of 1983; <br /> <br /> WHEREAS, a copy of the Authority's resolution approving <br />the issuance of the Bonds, its recommendation with respect <br />thereto, a record of the public hearing, and the fiscal impact <br />statement required by Paragraph 2 of Chapter 514 of the <br />General Assembly of Virginia of 1983, have been filed with the <br />Council; <br /> <br /> WHEREAS, Section 103(n) of the Code and E×ecutive Order <br />54(85) of the Governor of Virginia (the "Order") have imposed <br />upon the City a Local Allocation, as defined in the Order, of <br />$3,022,425 of bonds that may be issued to finance facilities <br />located in the City, $3,022~425 of which has been allocated by <br />the Council for use by the Industrial Development Authority of <br />the City of Charlottesville, Virginia; and <br /> <br /> WHEREAS, the entire $3,022,425 Local Allocation has been <br />allocated to other facilities located in the City, and the <br />Authority has, therefore, requested that the Council' request <br />from the State Reserve, as defined in the Order, $275,000 to <br />be allocated to the Bonds; <br /> <br /> BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br />CHARLOTTESVILLE, VIRGINIA: <br /> <br /> 1. The Council approves the proposed issuance of the <br />Bonds by the Authority for the benefit of the Applicant, to <br />the extent required by the federal and state laws referred <br />to above, to permit the authority to assist in the financing <br />of the Facility. <br /> <br /> 2. The foregoing 'approval of the proposed issuance of <br />the Bonds does not constitute an endorsement of the Bonds, <br /> <br /> <br />