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• ORDINANCE <br />Waiver of Reverter Clause <br />for Independence Resource Center <br />WHEREAS, in 1988 the Independence Resource Center, Inc. <br />obtained Community Development Block Grant (CDBG) funds in the <br />amount of $45,000 in order to purchase property on which to <br />construct an apartment building which will be handicapped <br />accessible; and <br />WHEREAS, the IRC acquired property at the corner of Bainbridge <br />Street and Carlton Avenue (the "Property") by a deed which <br />stipulated that if construction of the proposed project had not <br />begun by November 1, 1989, title to the Property would transfer to <br />the City (the "reverter clause"); and <br />WHEREAS, for various reasons construction has not yet begun <br />and the IRC requested a waiver of the reverter clause; and <br />WHEREAS, this Council finds that the public interest are best <br />served by releasing the City's interest in the Property; now, <br />therefore <br />BE IT ORDAINED by the Council of the City of Charlottesville, <br />• Virginia, that this Council hereby waives any and all right, title <br />and interest to the above -referenced Property, more particularly <br />described on the attached Exhibit A, and the Mayor or his designee <br />is hereby authorized to execute a deed of release and quitclaim, <br />and any other necessary documents, in form approved by the City <br />Attorney, to effect such waiver and release. <br />Approved by Council <br />June 25, 1992 <br />Clerk ofCity <br />9r-7-28 <br />