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14 The resolution approving the agreement with CIDA about the amphitheater was approved by the following vote. Ayes: Mr. Caravati, Mr. Cox, Mr. Lynch, Ms. Richards. Noes: Mr. Schilling. WHEREAS , the Charlottesville Industrial Development Authority (" CIDA") is an independent political subdivision of the Commonwealth of Virginia which is charged with the development and promotion of industry, trade and commerce within the City; and WHEREAS , the City previously has held a public hearing and leased to C IDA, th for the purposes of economic development, the property located on 7 Street, N.E., known as the Downtown Amphitheater and a portion fo the Downtown Recreation Center ("Amphitheater Area"); and WHEREAS , the property is in need o renovation and rehab ilitation to enhance its role in the development of the downtown Charlottesville economy; and WHEREAS , funding has been appropriated to the Department of Econmic Development's Strategic Investment Account for Strategic Planning for the purpose of promoti ng economic development within the City. NOW, THEREFORE, BE IT RESOLVED that the Council of the City of th Charlottesville endorses the sublease of the property located on 7 Street, N.E., known as the Downtown Amphitheater and a portion of the Downtown Re creation Center, by the Charlottesville Industrial Development Authority in a form substantially the same as attached hereto. BE IT FURTHER RESOLVED that the sum of $2,400,000 previously appropriated to the Department of Economic Development's Strategic Investment Account for Strategic Planning is transferred to the Charlottesville Industrial Development Authority as a loan to be utilized for the Amphitheater Area. BE IT FURTHER RESOLVED that the City Manager is authorized to execute on behalf of the Ci ty any necessary legal and financial documents including but not limited to a promissory note executed on behalf of CIDA by the Chair of the CIDA Board of Directors. The term of the Note shall be for twelve (12) years, beginning on the date that funds are transferred from the City to CIDA. The Note shall require semi - annual payments of principal and interest on a twelve year amortization schedule for $1,400,000, with a balloon payment of $1,000,000 due at the end of the twelve (12) year term and all unpai d principal and accrued interest due at the end of the twelve (12) year term. Interest on the $1,000,000 balloon payment shall be paid semi - annually. The rate of interest charged for the loan shall be two percent (2%). Said Note and any other documents shall be approved by the City Attorney prior to execution by the City Manager. Mr. Caravati noted that the amphitheater will only be used about 40 nights a year and will be free and open to the public the rest of the time. Ms. Richards noted that the l oan will be paid back with interest. ORDINANCE : REZONING 1013 LINDEN AVENUE FROM R - 2 RESIDENTIAL TO HIGHWAY CORRIDOR DISTRICT Mr. Schilling said that at the Planning Commission public hearing staff reported that the rezoning is consistent with the Comp rehensive Plan's designation of commercial. He said we need to be careful about diminishing commercial stock and that by putting residential on we are constantly diminishing places for businesses. He said it is not consistent with the Comprehensive Plan. He said it is bad policy and we should re - evaluate before we do it again. Mr. Lynch asked if the development plan is on record somewhere, and Mr. Tolbert said one was reviewed by the Planning Commission. Mr. Tolbert noted that this zoning provides the flexibility to have commercial uses.