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247 The resolution endorsing legislation to grant a tax exemption for the Paramount Theater and Cultural Center, Inc. was approved by the following vote. Ayes: Ms. Daugherty, Ms. Slaughter, Mr. Vandever. Noes: Mr. Toscano. Absent: Rev. Edwards. WHEREAS, the Paramount Theater and Cultural Center, Inc. ("Paramount Theater") has asked this Council to endorse an amendment~ to Title 58.1 of the Code of Virginia granting exemption from certain state and local taxes on property owned by Paramount Theater located in the 200 block of East Main Street on the downtown mall~ and WHEREAS, Paramount Theater is a nonprofit organization dedicated to the restoration and renovation of the Paramount Theater asa multi-cultural facility for the presentation of live music, film features, and for various community purposes) and WHEREAS, this Council has considered whether property of Paramount Theater should be exempt from taxation, at a public hearing, duly advertised as required by S.30-19.04 of the Virginia Code, held on November 16, 1992~ and WHEREAS, this Council has examined and considered the provisions of S.30-19.04(B) of the Virginia Code and finds that Paramount Theater: 1) Is exempt from taxation pursuant to Section 501(c) of the Internal Revenue Code of 1954; 2) Holds no current license from the Alcoholic Beverage Control Board) 3) Pays no compensation to any officer or director in excess of reasonable allowance for services rendered; 4) Does not distribute any part of its net earnings to any individual. All funds come from contributions, local, state and federal grants) 5) public~ Provides services for the common good of the 6) Does not carry on any political activity; 7) Has no rule, regulation~ policy or practice discriminating on the basis of religious conviction, race, color, sex, or national origin~ 8) Is a major renovation effort with funding from the private sector to improve the interior and exterior of an historical building in the Downtown Historic District; and 9) Will provide an economic development opportunity for downtown and the City because: (a) it will be an attraction for tourists as well as for the Charlottesville community at large; (b) it will host additional cultural activity, thereby contributing to the vitality of the downtown; and (c) it will therefore benefit the City through additional sales tax revenues generated by other downtown businesses. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Charlottesville, that the Council hereby endorses, supports and approves the adoption of an amendment to Title 58.1 of the Code of Virginia exempting certain property owned by Paramount Theater, located in the 200 block of East Main Street in the City of Charlottesville and known as the