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MOTION: BARG January 17, 2006 <br />Regular Meeting <br />SECOND: CADDIGAN Ord. No. 06-04 <br />RE: ORDINANCE AUTHORIZING A MEMORANDUM OF <br />UNDERSTANDING WITH THE CHERRY HILL COMMUNITY <br />DEVELOPMENT AUTHORITY AND ESTABLISHING SPECIAL <br />ASSESSMENTS FOR PROPERTY WITHIN THE CHERRY HILL <br />COMMUNITY DEVELOPMENT AUTHORITY DISTRICT <br />ACTION: APPROVED <br />WHEREAS, the Prince William Board of County Supervisors (the "Board") <br />authorized the creation of the Cherry Hill Community Development Authority (the "CDA") by <br />Ordinance, enacted April 19, 2005 (the "Ordinance"); and <br />WHEREAS, the CDA has requested that the Board establish special <br />assessments on certain property within the CDA District; and <br />WHEREAS, the Board proposes to set forth certain agreements with the CDA <br />and the owner of the land within the CDA (the "Landowner") pursuant to a Memorandum of <br />Understanding among the Board, the Landowner, KSI Services, Inc., as developer, and the <br />CDA (the "Memorandum of Understanding'); and <br />WHEREAS, a Public Hearing was duly advertised in the newspaper for two <br />consecutive weeks in a paper of general circulation in the County; and <br />WHEREAS, the CDA proposes to issue its bonds (the "Bonds") to finance <br />certain improvements within the CDA District; and <br />WHEREAS, the establishment of special assessments on certain property <br />within the CDA District and the actions contemplated by the Memorandum of Understanding <br />will benefit the citizens of the County by providing transportation system improvements and <br />promoting increased employment opportunities, a strengthened economic base and increased <br />tax revenues and additional business opportunities; <br />NOW, THEREFORE, BE IT ORDAINED that the Prince William Board of <br />County Supervisors does hereby: <br />1. Approval of Memorandum of Understanding. The Memorandum of <br />Understanding is approved in substantially the form presented to the Board <br />at this meeting, with such changes and corrections (including, without <br />limitation, changes in the date thereof) that do not materially adversely affect <br />the County's interests as may be approved by the County Executive and the <br />