Agenda 08/10/1999 - Laserfiche WebLink

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I Enclosure #2 RESOLUTION OF CITY COUNCIL OF THE CITY OF MARTINSVILLE, VIRGINIA APPROVING THE DISPOSITION OF REAL PROPERTY TO AND PARTICIPATION IN THE VIRGINIA SHELL BUILDING INITIATIVE BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF MARTINSVILLE, VIRGINIA WHEREAS, Section 15.2-941 of the Code of Virginia establishes the Virginia Shell Building Initiative (the "Initiative") and specifically states that any locality o~ other political subdivision of the Commonwealth of Virginia may participate in the Initiative; and WHEREAS, the City of Martinsville, Virginia (the "City") has, pursuant to its application submitted on or about November 18, 1998, been awarded by the Virginia Economic Development Partnership the right to receive a loan award from the Initiative for the purpose of constructing an industrial shell building to be located on certain real property acquired by the City pursuant to Section 15.2-1802 of the Code. of Virginia and other applicable law consisting of approximately 12.7 acres known at Parcel #1. at 20 Progress Drive in Cleandew Business Park in the City (the shell building and the real property on which it is to be located are hereinafter referred to together as the "Project") to be sold or leased to any person that will locate thereon any manufacturing, processing or similar establishment; and WHEREAS, the industrial Development Authority of the City of Martinsville, Virginia (the "Authority") is a political subdivision of the Commonwealth of Virginia with such public and corporate powers. as are set forth in the Industrial Development and Revenue Bond Act, Chapter 49 of Title 15.2 of the Code of Virginia (the "Act"), including the power to acquire, whether by purchase, exchange, gift, lease or otherwise, industrial facilities and facilities for certain commercial enterprises, including the Project; and .WHEREAS, pursuant to Sections 15.2-4905, 15.2-1802, 15.2-1800; 15.2-953 of the Code of Virginia and other applicable law, the City is authorized to convey and the Authority is authorized to acquire, the Project, for the purposes of furthering economic development, promoting industry and developing trade in and related to the City and to. promote the general health, safety and welfare of the citizens of the City; and WHEREAS, the City' desires the. 'Authority to proceed as the borrower for the above- described loan awarded from the Initiative for the benefit of the Project; and ' WHEREAS, in order to assure compliance with Section 15.2-1800 of the Code of Virginia, the City Council.of the City. held a public hearing pursuant to notice published in.a newspaper of general circulation in the City on August 1 and 8, 1999 conceming the conveyance and disposition of the above-described real property to the Authority. NOW, THEREFORE, be it resolved by the Council of the City of Martinsville, Virginia (the "Council") as follows: