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APPROPRIATION • FOR THE CITY SHARE OF ACQUISITION OF REAL PROPERTY (City Tax Map 53, Parcels 108, 109, 111 and 159) WITH ALBEMARLE COUNTY FOR FUTURE JOINT COURT -RELATED PURPOSES WHEREAS, the City of Charlottesville and the County of Albemarle wish to jointly acquire Parcels 108, 109, 111 and 159 of City Tax Map 53 from Hedgerow Corporation; and WHEREAS, the City, the County, and Hedgerow Corporation have agreed to a purchase price of $5,375,000 for all four parcels; and WHEREAS, the City and Albemarle County have agreed that the costs of acquisition of the properties shall be shared equally, including the purchase price and any closing costs; and WHEREAS, the City and County have entered into an Intergovernmental Agreement defining the rights and responsibilities of each respective jurisdiction; and WHEREAS, the terms of the agreement with Hedgerow Corporation call for a $200,000 earnest money deposit soon after the execution of the agreement; and • WHEREAS, the balance of the purchase payment is due at closing, scheduled for not later than April 29, 2005; BE IT RESOLVED by the Council for the City of Charlottesville, Virginia that the sum of $100,000 is hereby appropriated from the Capital Fund account 26-020-122050 (Contingency) to Capital Fund account 26-020-121118-55106 (Hedgerow Properties Purchase) to fund the City's 50% share of an earnest money deposit; and BE IT FURTHER RESOLVED by the Council for the City of Charlottesville, Virginia that the sum of $2,587,500, to be funded with proceeds to be received from the sale of an upcoming 2004 bond issue, is hereby appropriated to Capital Fund account 26-020-121118- 55106 6-020-121118- 55106 (Hedgerow Properties Purchase) to finance the City's 50% share of the acquisition of Parcels 108, 109, 111 and 159 of City Tax Map 53 from Hedgerow Corporation. Approved by Council July 19, 2004 �k of City Council 18