19840828 r-84-23RESOLUTION NO. R-84-23
WHEREAS, the Industrial Development Authority of the City of Fairfax, Vir-
ginia (the Authority), has considered the application of Shafran Properties and Realty
Programming, Inc. (the applicant) requesting the issuance of the Authorkty's indus-
trial development revenue bonds (the Bonds) in an amount not to exceed $2,500,000
to assist in the financing of the applicants acquisition, construction, improvement
and equipping of a commercial office building (the Project) to be located at 100g9
Lee Highway in the City, and has held a public hearing thereon on August 20, 19gt~;
and
WHEREAS, Section 103(k) of the Internal Revenue Code of 195g, 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 pro-
ceeds of industrial development Bonds is located must approve the issuance of the
Bonds; and
WHEREAS, the Project is located in the City, and the City Council of the City
of Fairfax, Virginia, constitutes the highest elected governmental unit of the City;
and
WHEREAS, the Authority has recommended that the Council approve the
issuance of the Bonds; and
WHEREAS, a copy of the Authority's resolution approving the issuance of the
Bonds, subject to the terms to be agreed upon, a certificate of the public hearing,
and a Fiscal Impact Statement have been filed with the Council;
BE IT RESOLVED by the City Council of the City of Fairfax, Virginia, that:
The Council approves the issuance of the Bonds by the Authority for the bene-
fit of the applicant, as required by Section 103(k) of the Internal Revenue Code, and
Section 15.1-1378.1 of the Code of Virginia, to permit the Authority to assist in the
financing of the Proiect; and
The approval of the issuance of the Bonds does not constitute an endorsement
to a prospective purchaser of the Bonds of the credit worthiness of the Proiect or the
applicant; and
This resolution shall take effect immediately upon its adoption.
Adopted this 28th day of August ,198#.
ATTEST: