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4 Mr. Cox said he appreci ates the Hospital's commitment to the Locust Avenue facility. Mr. Caravati said he is glad to help Martha Jefferson Hospital expand downtown, noting that it is a major employer and community service provider. Mr. Cox said that decompressing services so unds like a good long - term plan for the Hospital. Mr. Cox said he hopes the Hospital's needs can continue to be met downtown. On motion by Mr. Caravati, seconded by Mr. Lynch, the Resolution Authorizing the Issuance of Albemarle County Industrial Devel opment for Martha Jefferson Hospital was approved by the following vote. Ayes: Mr. Caravati, Mr. Cox, Mr. Lynch, Mr. Schilling. Noes: None. Absent: Ms. Richards. WHEREAS , the Industrial Development Authority of the City of Charlottesville, Virginia ("Authority") has considered the application of Martha Jefferson Hospital and MJH Foundation (collectively "Martha Jefferson Health Services"), requesting that the Authority approve the issuance of revenue bonds by the Industrial Development Authority of A lbemarle County, Virginia (“Albemarle Authority”) in an amount not to exceed $50,000,000 ("Bonds"), a portion of which will be used to finance or refinance the acquisition, renovation, construction or equipping of capital expenditures on the campus of Mart ha Jefferson Hospital’s acute care healthcare facility located at 459 Locust Avenue in the City of Charlottesville, Virginia, including without limitation the costs of routine capital expenditures, a MRI scanner, accounting systems, angiography equipment a nd renovation, and a linear accelerator (“Project”), and has held a public hearing on August 13, 2002; WHEREAS , Section 147(f) of the Internal Revenue Code of 1986, as amended ("Code"), provides that the governmental unit having jurisdiction over the issue r of private activity bonds and over the area in which any facility financed with the proceeds of private activity bonds is located must approve the issuance of the bonds and Section 15.2 - 4906 of the Industrial Development and Revenue Bond Act, Chapter 49, Title 15.2, Code of Virginia of 1950, as amended ("Act") sets forth the procedure for such approval; WHEREAS , Section 15.2 - 4905 of the Act provides that if a locality has created an industrial development authority, no industrial development authority cre ated by a second locality may finance a facility located in the first locality unless the governing body of such first locality concurs with the inducement created by the second locality; WHEREAS , one of the projects to be financed with proceeds of the Bon ds is the Project, which will be located in the City of Charlottesville, Virginia ("City"), and the City Council of the City of Charlottesville, Virginia ("City Council”) constitutes the highest elected governmental unit of the City; WHEREAS , the Authority has recommended that the City Council approve the plan of financing and the issuance of the Bonds; and WHEREAS , a copy of the Authority's resolution approving the issuance of the Bonds, subject to the terms to be agreed upon, a certificate of the public h earing and a Fiscal Impact Statement have been filed with the City Council. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CHARLOTTESVILLE, VIRGINIA : 1. The City Council concurs in the recommendation of the Authority and concurs in the indu cement resolution of the Albemarle Authority and approves the issuance of the Bonds by the Albemarle Authority for the benefit of Martha Jefferson Health Services, as required by Section 147(f) of the Code and Sections 15.2 - 4905 and 15.2 - 4906 of the Act to permit the Authority to assist in the financing.