Minutes 08/10/1999 - Laserfiche WebLink

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August 10, 1999 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 Vir.ainia and other applicable law consisting of approximately 12.7 acres known at Parcel #1 at 20 Progress Drive in Clearview 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 located thereon any manufacturing, processing or similar establishment; and WHEREAS, the Industrial Development Authority of the City of Madinsville, 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 Vir.ainia (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 Vir.ainia 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 10, 1999 concerning 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: 1. The conveyance and disposition of the real property described in the recitals above from the City to the Authority as a gift is 'hereby approved and authorized, and the Mayor, City Manager,- City Attorney and other officers, employees, agents and representatives of the City are authorized and directed to execute any documents and take any and all actions necessary to effect such conveyance, in order that the Authority may enter into all necessary to effect such conveyance, in order that the Authority may enter into all necessary agreements and take all necessary actions required for the Authority to be the borrower under the