HomeMy Public PortalAbout1985_02_13_O002The Town ofLeesburginVirginia PRESENTED January 23, 1985
ORDINANCE NO. 85-0-2 ADOPTED February 13, 1985
AN ORDINANCE: APPROVING A SALES CONTRACT AND DEVELOPMENT AGREEMENT WITH MARKET
SQUARE ASSOCIATES, INC.
WHEREAS, the Town received a $1.35 million community development block
grant in 1981, of which a major element is the construction of residential
dwellings for low and moderate income persons and the creation of additional
commercial space to improve the economic opportunities within the South Harrison
Street neighborhood; and
WHEREAS, grant proceeds were used to acquire a tract within the South
Harrison Street neighborhood from the Virginia Electric and Power Company; and
WHEREAS, a development prospectus was issued on April 13, 1984 to solicit
offers to purchase and develop this property to implement the goals of the South
Harrison Street redevelopment and revitalization project; and
WHEREAS, a responsive proposal was received by Market Square Associates,
Inc. on May 15, 1984; and
WHEREAS, the Council awarded exclusive negotiating rights to Market Square
Associates, Inc. and appointed a negotiating committee which led to a memorandum
of understanding between the Town and Market Square Associates dated October 10,
1984; and
WHEREAS, Section 15.1-18 of the Code of Virginia of 1950 permits the Town
Council to purchase land and lease or sell it to any person or business with
terms and conditions as it may attach; and
WHEREAS, special counsel was retained to prepare a contract for the sale
and development of the 61,388 square fo~t parcel hereinafter referred to as the
"VEPCO Tract"; and
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~VEPCO Tract Agreement
Page 2
WHEREAS, the Finance and Administration Committee has reported out for full
consideration by the Council the contract prepared by special counsel contingent
on incorporation of the changes suggested at the committee:
THEREFORE, ORDAINED by the Council of the Town of Leesburg in Virginia as
follows:
SECTION I. The sales contract and development agreement between the Town
of Leesburg and Market Square Associates, Inc., dated February 25, 1985, is
approved and the Mayor shall execute the sales contract and development
agreement on behalf of the Town following receipt of a resolution by the Board
of Directors of Market Square Associates, Inc. authorizing the appropriate
officers to execute the sales contract and development agreement on behalf of
the Corporation.
SECTION II.
repealed.
SECTION III.
PASSED this
Ail prior ordinances and resolutions in conflict herewith are
This ordinance shall be in effect upon its passage.
13th of February , 1985.
ATTEST:
Clerk of ~uncil
Charles [ZI. Williams, Mayor Pro-Tem
Town of Leesburg
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