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AN ORDINANCE <br />• TO AUTHORIZE THE LEASING OF CITY PROPERTY <br />TO THE CHARLOTTESVILLE INDUSTRIAL DEVELOPMENT AUTHORITY <br />FOR PROPERTY AT 7TH AND EAST JEFFERSON STREETS <br />(FORMER NGIC BUILDING) <br />WHEREAS, the City of Charlottesville is acquiring property at 7"' and East <br />Jefferson Streets, formerly occupied by the National Ground Intelligence Center; and <br />WHEREAS, the City finds that the continued use of the property for commercial <br />purposes is of strategic importance to the economic health of the community, and <br />particularly to downtown Charlottesville; and <br />WHEREAS, the Charlottesville Industrial Development Authority has offered to <br />lease the subject property from the City for a thirty (30) year period in order to use the <br />property for economic development purposes; <br />WHEREAS, the City wishes to utilize the expertise and statutory authority of <br />CIDA to renovate, market and lease space in the property for the purposes of economic <br />growth, investment in the downtown area and creation of additional employment <br />opportunities; and <br />• WHEREAS, the City finds that the transfer of the property to CIDA for leasing <br />of commercial space will be in furtherance of the purposes of the Industrial Development <br />and Revenue Bond Act, in that it will promote industry and develop trade by inducing <br />commercial enterprises to remain in or locate within the City, all of which will benefit the <br />inhabitants of the City and the Commonwealth through,the increase of their commerce <br />and promotion of their prosperity; now, therefore <br />BE IT ORDAINED by the Council of the City of Charlottesville, Virginia that <br />the Mayor is hereby authorized to execute a lease agreement, in substantially the same <br />form as attached hereto, and as approved by the City Attorney, leasing the property <br />designated as Parcel 155 on City Real Estate Tax Map 53, located on 7's and East <br />Jefferson Streets, to the Charlottesville Industrial Development Authority. The City <br />Attorney is hereby authorized to take whatever steps are necessary to effect the closing of <br />said real estate transaction. <br />Approved by Council <br />August 20, 2001 <br />i rk of City Council <br />