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241 <br /> <br /> WHEREAS, the City of Charlottesville ("City") is authorized pursuant to <br />Virginia Code Section 15.2-953 to make appropriations of money to industrial <br />development authorities for the purpose of promoting economic development; and <br /> <br /> WHEREAS, the City has previously leased to CIDA, for purposes of economic <br />development, the property at the comer of 7th Street and East Jefferson Street, identified <br />as 220 7th Street, N.E.; and <br /> <br /> WHEREAS, the property is in need of renovation and rehabilitation in order to <br />ensure its continued use as an important commercial enterprise in downtown <br />Charlottesville. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of <br />Charlottesville that the sum of $2,500,000 is hereby appropriated from the <br />unappropriated balance of the City's Capital Projects Fund and transferred to the <br />Charlottesville Industrial Development Authority as a loan, the proceeds of which shall <br />be used exclusively for the renovation and upfit of the premises located at 220 7th Street, <br />N.E. <br /> <br /> BE IT FURTHER RESOLVED that said loan shall be evidenced by a <br />promissory note executed on behalf of CIDA by the Chair of the CIDA Board of <br />Directors. The term of the Note shall be for five (5) years, beginning on the date that <br />funds are transferred from the City to CIDA. The Note shall require monthly payments of <br />principal and interest based on a ten year amortization schedule, with a balloon payment <br />of all unpaid principal and accrued interest due at the end of the five year term. The rate <br />of interest charged for the loan shall equal the rate applicable to a triple A bond rated and <br />tax exempt entity for a bank qualified debt. The Note shall be in a form approved by the <br />City Attorney. <br /> <br />c. APPROPRIATION: <br /> <br />Reprogramming Community Development Block <br />Grant Funds (carried over) <br /> <br />PUBLIC <br /> <br />There were no matters by the public. <br /> <br />OTHER BUSINESS <br /> <br /> Mr. O'Connell recommended that the following issues be teed up for the budget <br />forum scheduled for the January 22nd meeting: Council priorities; landfill and recycling <br />costs, including increasing the trash sticker fee; tax increase alternatives; state budget <br />impacts; E-911 charges; and increasing the auto decal fee. <br /> <br />Mr. O'Connell thanked the snow crews who worked the recent snow storms. <br /> <br /> Ms. Richards said that the City's sister city, Poggio a Caiano, has requested that <br />the City pay a portion of the shipping fee to bring the Italian artists work to <br />Charlottesville as part of the McGuffey Art Center and italian art exchar~ge. <br /> <br /> Ms. Jeanne Cox, Clerk of COuncil, recommended that staffmake a <br />recommendation on the request. <br /> <br />Council reconvened in closed session in the Second Floor Conference Room. <br /> <br /> Council reconvened in open session and, on motion by Ms. Richards, seconded <br />by Mr. Lynch, approved the following certification of closed meeting by the following <br />vote. Ayes: Mr. Caravati, Mr. Lynch, Ms. Richards, Mr. Toscano. Noes: None. <br />Absent: Mr. Cox. <br /> <br /> WHEREAS, the City Council has convened a closed meeting on this date <br />pursuant to an affirmative recorded vote and in accordance with the provisions of the <br />Virginia Freedom of Information Act; and <br /> <br /> <br />