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9?
<br />
<br />Work session:
<br />
<br />Summer Needs of Charlottesville Youth
<br />Community Education Program
<br />
<br />Executive session to discuss personnel and legal matters
<br />as exempted by Section 2.1-344(a)(1) and (6) of the
<br />Virginia Freedom of Information Act.
<br />
<br />Appointments: Boards and Commissions
<br />
<br />Resolution:
<br />
<br />Allocating Charlottesville Industrial
<br />Development Bond Allocation
<br />
<br />BY ORDER OF THE MAYOR
<br />
<br />BY Jeanne Cox (signed)
<br />
<br />Basement Conference Room August 8, 1985
<br />
<br /> Council met in special session on this date with the
<br />following members present: Mr. Barnes, Mr. Buck, Mrs. Gleason,
<br />Dr. Gunter, Dr. Hall.
<br />
<br />RESOLUTION:
<br />
<br />ALLOCATION
<br />
<br />ALLOCATING CHARLOTTESVILLE INDUSTRIAL DEVELOPMENT BOND
<br />
<br /> Mr. George Ray, Economic Development Coordinator, stated
<br />that Langham-Hill Petroleum Corporation would, not be able to
<br />use their bond allocation made by Council in May and the
<br />resolution before Council would reallocate the bonds to Holdren's,
<br />Inc., which was previously allocated bonds from the State reserve.
<br />
<br /> On motion by Mrs. Gleason, seconded by Dr. Hall, the
<br />resolution Allocating Charlottesville Industrial Bond Allocation
<br />was unanimously approved by Council.
<br />
<br /> WHEREAS, on July 18, 1984, the President of the United
<br />States signed into law the Deficit Reduction Act of 1984 (the
<br />"Act") which placed certain limitations on the annual volume
<br />of private activity bonds to be issued by any State;
<br />
<br /> WHEREAS, pursuant to the authority vested in him under the
<br />Act, the Governor of Virginia on January 23, ]985 issued Executive
<br />Order 54 (85) (the "Order") providing a formula for the alloca-
<br />tion of the State Ceiling, as defined in the Order;
<br />
<br /> WHEREAS, the .City of Charlottesville, Virginia (the "City")
<br />received as ~ts portion of the State Ceiling a Local Allocation
<br />(as defined in the Order) of $3,022,42S;
<br />
<br /> WHEREAS, Section C.1. of the Order authorizes the Council
<br />of the City of Charlottesville, Virginia (the "Council") to
<br />allocate its Local Allocation to the issuing authorities within
<br />the City;
<br />
<br /> WHEREAS, on May 14, 1985 the Council allocated $3,022,425
<br />in private activity bonds to Ninth and West Main, Ltd.,
<br />Langham-Hill Petroleum Co., Ltd., and the Piedmont Virginia
<br />Property Group;
<br />
<br /> WHEREAS, the City has received written notification from
<br />Langham-Hill Petroleum Co., Ltd. (the "Company") dated August 5,
<br />1985 that Company would be unable to use its portion of the
<br />City's local allocation in the amount of $1,484,42S;
<br />
<br /> NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY
<br />OF CHARLOTTESVILLE, VIRGINIA:
<br />
<br /> 1. The Council hereby reaffirms the allocation of
<br />$1,238,000 of its Local Allocation to revenue bonds to be
<br />issued by the Industrial Development Authority of the City of
<br />Charlottesville, Virginia (the "Authority") to assist in the
<br />financing of the acquisition, renovation, construction and
<br />equipping of a hotel facility for Ninth and West Main Ltd., a
<br />Virginia limited partnership.
<br />
<br />
<br />
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