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<br />M Martinsville <br /> <br />City Council <br />Agenda Swnmary <br /> <br />Meeting Date: <br />Item No: <br />Department: <br /> <br />October 14,2008 <br />9. <br /> <br />City Manager <br /> <br />Issue: <br /> <br />Consider approval, on second reading, adoption of a <br />Resolution authorizing the execution of an agreement <br />providing for the obligations of the City, to consider certain <br />appropriations to the Industrial Development Authority <br />(IDA) of Henry County and Henry County, for financing of a <br />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 on second reading. <br />