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• <br />ORDINANCE <br />TO FORGIVE LOAN OF $283,000 FROM CITY TO CIDA <br />IN CONNECTION WITH PURCHASE OF CSX PROPERTY <br />WHEREAS, by ordinance enacted June 20, 1988, the City of <br />Charlottesville appropriated $283,000 as a loan to the <br />Charlottesville Industrial Development Authority (CIDA), with the <br />intention that such money would serve as a credit toward the future <br />purchase of a small portion of the CSX property; and <br />WHEREAS, by Memorandum of Understanding dated July 28, 1988, <br />the City and CIDA set out the terms of such loan; and <br />WHEREAS, the Charlottesville Industrial Development Authority <br />has requested City Council to forgive the loan; now, therefore <br />BE IT ORDAINED by the Council of the City of Charlottesville, <br />Virginia, that the above Memorandum of Understanding is declared <br />null and void, and the loan in the amount of $283,000 from the City <br />• to the Charlottesville Industrial Development Authority is hereby <br />forgiven. This ordinance is conditioned upon receipt of $183,000 <br />from CIDA, to be transferred to the Capital Projects Fund. <br />• <br />Approved by Council <br />December 4, 1989 <br />(perk of City Coun it <br />89- 4 -46(A) <br />