SUMMARY OF STATEMENTS

 

The Industrial Development Authority of Albemarle County (the “Authority”) conducted a public hearing at 3:00 p.m. on November 14, 2006 in the Fourth Floor Conference Room of the Albemarle County Office Building, 401 McIntire Road, Charlottesville, Virginia  22902, on the issuance by the Industrial Development Authority of the City of Charlottesville, Virginia of its revenue bonds in an amount not to exceed $170 million dollars (the “Bonds”), pursuant to the Industrial Development and Revenue Bond Act, Title 15.2, Chapter 49 of the Code of Virginia of 1950, as amended, to assist the University of Virginia Foundation (the “Foundation”), whose principal business address is 465 Crestwood Drive, Charlottesville, Virginia  22903, in (a) financing the cost of (i) the acquisition, construction and equipping of the Advanced Research Technology building (the “ART Building”) located at 550 Ray C. Hunt Drive in the Fontaine Research Park in Albemarle County, (ii) the acquisition and construction of the West Main Street parking garage fronting on 11th Street, S.W., in the City of Charlottesville located one-half block southwest of the intersection of West Main Street and 11th Street, S.W. and to be used in part by tenants of a future office building to be built adjacent thereto, (iii) the construction of the West Main Street connector, an above-ground walkway which connects the parking garage fronting on 11th Street with the University of Virginia Hospital, (iv) the acquisition, construction and equipping of the Life Sciences Annex attached to the ART Building and to be used for laboratory space located at 550 Ray C. Hunt Drive in the Fontaine Research Park in Albemarle County, and (v) the construction of a road in the University of Virginia Research Park off of Airport Road, which is located on the west side of U.S. Route 29 approximately 6 miles north of the City limits of the City of Charlottesville in Albemarle County, and (b) refinancing the cost of (i) the acquisition, construction and equipping of the Dynamics Building used by the University of Virginia for office space and located at 2015 Ivy Road in the City of Charlottesville, (ii) the acquisition, construction and equipping of the Blake Center Building used by the University of Virginia for office space and located at 1224 Jefferson Park Avenue in the City of Charlottesville, (iii) the acquisition, construction and equipping of a building used by the University of Virginia for office space and other purposes located at 400 Ray C. Hunt Drive in Albemarle County, (iv) certain land located in the University of Virginia Research Park and possibly other locations and (v) the acquisition, construction and equipping of buildings used primarily for the housing of students attending the University of Virginia that are located at (1) 2021 Ivy Road, (2) 600 Brandon Avenue and (3) 411, 413-415 and 417-419 Brandon Avenue consisting of 48 units, 44 units and 47 units, respectively, all in the City of Charlottesville (all of the foregoing in clauses (a) and (b) being collectively referred to herein as the “Projects”).  The proceeds of the Bonds will also be used to finance certain costs of the issuance of the Bonds.

Stephen L. Johnson of Troutman Sanders LLP, bond counsel, explained to the Authority the nature of the Projects, the uses of the Bond proceeds and the legal reasons why the public hearing by the Authority was necessary.  Representatives of the Foundation were present at the meeting to answer questions.  No members of the public spoke at the public hearing in opposition to the Bonds or the Projects.

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