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<br />M <br /> <br />i I; <br /> <br />City Council <br />Agenda Sununary <br /> <br />Martinsville <br /> <br />Meeting Date: <br />Item No: <br />Department: <br /> <br />September 23, 2008 <br />7. <br /> <br />City Manager <br /> <br />Issue: <br /> <br />Consider adoption of a Resolution authorizing the execution <br />of an agreement providing for the obligations of the City, to <br />consider certain appropriations to the Industrial <br />Development Authority (IDA) of Henry County and Henry <br />County, for financing of a shell building. <br /> <br />Summary: The proposed shell building, on a revenue shared lot in the Patriot <br />Center, is expected to be financed through the issuance of bonds, by the Henry <br />County IDA in the aggregate principal amount of $3,500,000. Such bonds will be <br />issued over two periods, including $1,500,000 in 2008 and $2,000,000 in early <br />2009. <br /> <br />The Resolution commits the City to pledge its rights under the revenue sharing <br />agreement in support of the bond issuance. <br /> <br />Attachments: <br /> <br />Resolution <br />Bank Qualification Allocation Agreement <br />Support Agreement <br /> <br />Recommendations: Adopt the Resolution. <br />