HomeMy Public PortalAbout1984_09_26_R166The Town of Leesburg in Virginia
RESOLUTION NO. 84-166
RESOLUTION: AUTHORIZING THE MANAGER TO EXECUTE A MEMORANDUM OF
UNDERSTANDING
WHEREAS, the town received a 1.35 million dollar community development
block grant to carry out development and redevelopment activities in the South
Harrison Street neighborhood; and
WHEREAS, acquisition and redevelopment of the VEPCO tract was a major
component of the town's community development program; and
WHEREAS, the town issued a development prospectus in May, 1984 and advertised
its availability in the Washington Post business section and Loudoun Times=Mirror;
and
WHEREAS, Market Square Associates, Inc. submitted a development proposal on
May 15, 1984; and
WHEREAS, the Council awarded exclusive negotiating rights to Market Square
Associates, Inc. and appointed a negotiating committee; and
WHEREAS, the negotiating committee and Market Square Associates, Inc. met
several times to discuss the proposal submitted; and
WHEREAS, the negotiating committee and Market Square Associates, Inc. have
reached general agreement on the principles for development of the VEPCO tract:
THEREFORE, RESOLVED, by the Town Council of the Town of Leesburg in Virginia
as follows:
SECTION I. The town manager is authorized and directed to execute a memo-
randum of understanding dated September 18, 1984.
SECTION II. The memorandum of understanding sets out general principles for
sale and development of the VEPCO tract and is intended to lead to a binding
PRESENTED September 26, 1984
ADOPTED September 26~ 1984
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RESOLUTION NO. 84-166
RESOLUTION: AUTHORIZING THE MANAGER TO EXECUTE A MEMORANDUM OF
UNDERSTANDING
agreement to be executed by both parties.
PASSED this 26th day of September_ , 1984.
~obert E. Sevil~,-Mayor '
Town of Leesburg
ATTEST
Clerk of Coun~i'l