Minutes 09/25/1984 - Laserfiche WebLink

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4~ TUESDAY SEPTEMBER 25, 1984 The regular semi-monthly meeting of the Council of the City of Martinsville, Virginia, with Mayor William C. Cole, Jr., presiding, was held Tuesday, September 25, 1984, in the Council Chamber, City Hall, beginning at 7:30 P.M., with the following members being pre- sent: William C. Cole, Jr., Mayor; Eliza H. Severt, Vice-Mayor; Alfred T. Groden; and Clyde L. Williams. Councilman L. D. Oakes was absent, being away from the City on business. ----- After the invocation and Mayor Cole's cordial welcome to visitors present, Council unani- mously approved--as recorded--the minutes of its regular meeting held September 11, 1984. As recommended by the City's Industrial Development Authority, Council unanimously adopted the following resolution approving the issuance by the Authority of its revenue bonds, in an amount estimated at $400,000.00, to assist the Lester Development Corpor- ation (represented by Mr. Philip G. Gardner, Attorney at Law) in the financing of a pro- ject consisting of a convenience store/gas station/car wash facility to be located at the intersection of Commonwealth Boulevard and Liberty Street: ---- WHEREAS, the Industrial Development Authority of the City of Martinsville, Virginia (the Authority), has considered the application of Lester Devel- opment Corporation (the Applicant) requesting the issuance of the Authority's industrial development revenue bonds in an amount estimated at $400,000 (the Bonds) to assist in the financing of the acquisition, construction and equipping of a facility (the Facility) to be used to acquire, construct and equip a convenience store/gas station/car wash facility to be located at the intersection of Commonwealth Boulevard and Liberty Street, in the City of Martinsville, Virginia, and has held a public hearing thereon on September 6, 1984; 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 first approve of the issuance of the bonds; and WHEREAS, the Authority issues its bonds on behalf of the City of Martins- ville, Virginia (the City), the Project is located in the City, and the City Council of the City of Martinsville, Virginia (the Council) consti- tutes the highest elected governmental officials of the City; and