19850226 r-85-1RESOLUTION NO. 1985-1
WHEREAS, the Industrial Development Authority of the City of
Fairfax, Virginia (the Authority), has considered the application
of Shafran Properties and Realty Programming, Inc. (the
applicant) requesting the modification of the Authority's
industrial development revenue bond (the Bond) in the amount of
$2,480,000 to assist in the financing of the applicant's
acquisition, construction, improvement and equipping of a
commercial office building (the Project) to be located at 10089
Lee Highway in the City, and has held a public hearing thereon on
February 18, 1985; and
WHEREAS, the modification of the Bond consists of a
reduction of the minimum interest rate on the Bond from 8% per
annum to 7% per annum; and
WHEREAS, Section 103(k) of the Internal Revenue Code of
1954, 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 proceeds of
industrial development Bonds is located must approve the issuance
of the Bonds; and
WHEREAS, the Bond was issued on December 18, 1984, and the
Authority has requested the Council to approve the modification
of the Bond; 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 modification of the Bond; and
WHEREAS, a copy of the Authority's resolution approving the
modification of the Bond, 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 modification of the Bond by the
Authority for the benefit of the applicant to permit the
Authority to assist in the financing of the Project; and
The approval of the modification of the Bond does not
constitute an endorsement to a prospective purchaser of the Bond
of the credit worthiness of the Project or the applicant; and
This resolution shall take effect immediately upon its
adoption.
Adopted this 26th day of February
, 1985.
ATTEST:
City Clerk