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MOTION:WILBOURN February 25,1997 <br />Regular Meeting <br />SECOND:JENKINS Res,No.97-152 <br />RE:APPROVAL OF AND AUTHORIZING THE EXECUTION OF <br />FINANCING AGREEMENTS WITH ALEX,BROWN &SONS,INC. <br />FOR FUNDING TILE PURCHASE OF LAND IN WESTERN PRINCE <br />WILLIAM COUNTY;AND APPROVING THE GRANTING TO THE <br />CREDIT PROVIDER A LEASEHOLD INTEREST IN THE LAND <br />BEING ACQUIRED;AND BUDGETING AND APPROPRIATING THE <br />FY 1997 EXPENSES ASSOCIATED WITH THE FINANCING FOR,AND <br />ACQUISITION OF,THESE LAND PARCELS IN WESTERN PRINCE <br />WILLIAM COUNTY <br />ACTION:APPROVED <br />WHEREAS,the Board of County Supervisors of Prince William County, <br />Virginia (the “Board”)has held a public hearing on purchasing land in Western Prince William <br />County,which hearing included a review of:1.the financing proposal,including the issuance of <br />the County’s limited obligation notes,for funding this purchase,2.the budgeting and <br />appropriation required for these purchases,and 3.the actual purchases of land;and <br />WHEREAS,the TMB Service Corporation of Kansas has foreclosed on <br />approximately 529 acres ofland in Western Prince William County and has offered to sell this <br />land to the County at a very favorable price;and <br />WHEREAS,acquiring this land will significantly improve the ability of the <br />County to attract economic development prospects to the area surrounding the ATCCIPrince <br />William Institute;and <br />WHEREAS,these actions implement the major recommendation of the Urban <br />Land Institute Study to gain control ofthe land in this area of the County enabling the County to <br />plan for,and develop,this property based on long term strategies which match the County’s <br />economic development goals and objectives,and <br />WHEREAS,these actions will also protect and enhance the County’s and the <br />Commonwealth’s investments which have previously been made to encourage the economic <br />development of this area;and