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• AN ORDINANCE <br />TO AUTHORIZE THE ACCEPTANCE OF AN OPTION <br />TO PURCHASE PROPERTY ON 4TH STREET, N.E. <br />AND ASSIGN OWNERSHIP RIGHTS IN ADJOINING ALLEY <br />TO COURT SQUARE, L.L.C. <br />WHEREAS, Court Square, L.L.C. ("Court Square") has purchased property (the <br />"Property") on 4° Street, N.E. for development and offered to grant the City of Charlottesville <br />a ten (10) year option to purchase said Property and air rights above the Property from Court <br />Square; and <br />WHEREAS, as part of the Option Agreement the City would assign its rights in the alley <br />adjoining the Property during the ten year period to Court Square; and <br />WHEREAS, City staff members have reviewed the Option Agreement and recommend <br />acceptance by the City; now, therefore <br />BE IT ORDAINED by the Council of the City of Charlottesville, Virginia that the City <br />Manager is hereby authorized to sign, on behalf of the City of Charlottesville, the Deed of Option <br />Agreement between Court Square, L.L.C. and the City dated January 15, 1999, in form approved <br />IS by the City Attorney. <br />Approved by Council <br />February 16, 1999 <br />C k o <br />e f <br />City CounAt it <br />0 <br />