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APPROPRIATION • Water Street Parking Garage $155,718 WHEREAS, various public and private parties have joined together to construct and own a parking facility containing 692 condominium parking spaces and approximately 19,206 square feet of retail space, located on Water Street near the Downtown Mall and known as ("The Water Street Parking Garage" or "the Project"), all as more particularly outlined in the Structure of Proposed Transaction (sometimes referred to as the "Transaction Summary") dated 5/27/92, copy of which is attached hereto, and WHEREAS, the primary objectives of the Project are to provide needed parking and otherwise facilitate the redevelopment and rehabilitation of the downtown area of the City, improve the economic values and tax revenues of the City, and also improve the environment for retail sales in the downtown area of the City and encourage further development by both the public and private sectors, and WHEREAS, the Council finds that fulfillment of these objectives are a valid public purpose and serve the public welfare and interest of this City, NOW THEREFORE BE IT RESOLVED, that the Council of the City of Charlottesville, through its cooperation with the Charlottesville • Industrial Development Authority ("CIDA"), hereby approves the City's participation in the construction and partial ownership of the Water Street Parking Garage. As part of the approval hereby granted, the City, through signature of its Mayor and/or City Manager, is authorized to execute any and all legal documents consistent with the intent of the Transaction Summary and necessary to accomplish the purposes and obligations generally described in that Summary, and in a form approved by the City Attorney. The documents which the City will be expected to sign in order to complete this transaction are numerous. They include, but are not limited to, the following: (1) A "Water Street Parking Facility Cooperation Agreement" between the City and CIDA; (2) A Purchase Agreement in which the City promises to buy 299 parking units; (3) A Note Purchase Agreement among the City, CIDA, Jefferson Properties, Inc., Charlottesville Parking Center, Inc., NationsBank of Virginia, N.A., and Water Street Development Group, and (4) An Escrow Agreement among the same parties just named and an Escrow Agent. BE IT FURTHER RESOLVED, that the sum of $155,718 is hereby • appropriated from the balance of the Capital Projects Fund to be added to those monies previously appropriated, bringing the total amount appropriated for this project to $5.205718 million. Approved by Council June 15, 1992 1 rk of City Council'— - —