19850917 r-85-19RESOLUTION NO. R-85-19
WHEREAS, the Industrial Develol~ment Authority of the City of Fairfax,
Virginia (the Authoritv~, has considered the application of Fairfax Village Green,
Ltd., (the apl~licanO requesting the issuance of the Authority's industrial
develol~ment revenue bonds (the Bonds} in an amount not to exceed $2,250,000 to
assist in the financing of the applicants' acquisition, construction, and equipping of a
commercial l~arking facility (the Proiect) to be located at 3980 University Drive in
the City, and has held a oublic hearing thereon on September 9, 1985; and
WHEREAS, Section 103(k) of the Internal Revenue Code of 1954, as
amended, provides that the governmental unit having iurisdiction over the issuer of
industrial development Bonds and over the area in which any facility financed with
the proceeds of industrial develol~ment Bonds is located must apl~rove the issuance of
the Bonds; and
WHEREAS, the Proiect is located in the City, and the CRV 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 a~prove the
issuance of the Bonds; and
WHEREAS, a copy of the Authoritv's resolution approvin.~ the issuance of
the Bonds, subiect to the terms to be agreed u~on, a certificate of the I~ublic hearing
and a Fiscal Iml~act Statement have been filed with the Council;
BE IT RESOLVED by the City Council of the CRV of Fairfax, Virginia,
that:
The Council aDl~roves the issuance of the Bonds by the Authority for the
benefit 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 ~ermit the Authority to assist in
the financing of the Project; and
The ar>Droval of the issuance of the Bonds does not constitute an
endorsement to a orosoective ourchaser of the Bonds of the credit worthiness of the
Project or the applicant; and
This resolution shall take effect immediately uoon its adootion.
Adopted thisl7th., day of Sel~tember, 1985.
ATTEST:
~ity Clerk (Acting) /