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AN ORDINANCE <br />• AUTHORIZING THE EXECUTION OF AN OPTION AND PURCHASE <br />AGREEMENT BETWEEN THE CITY OF CHARLOTTESVILLE AND <br />JEFFERSON SCHOOL COMMUNITY PARTNERSHIP, L.L.L.P. <br />FOR THE JEFFERSON SCHOOL PROPERTY <br />WHEREAS, the City of Charlottesville is the owner of the historic landmark <br />Jefferson School property containing approximately 3.917 acres of land ,located at 233 <br />4`h Street, N.W., and also identified as Parcel 89 on City Real property Tax Map 32; and, <br />WHEREAS, in order to facilitate the preservation, renovation and adaptive re -use <br />of the property, and the financing thereof, the City has been asked to convey the Property <br />to Jefferson School Community Partnership, L.L.L.P., a Virginia limited liability limited <br />partnership; and, <br />WHEREAS, in accordance with Virginia Code sec. 15.2-1800 (B) a public <br />hearing was held to give members of the public an opportunity to comment on the <br />proposed conveyance of the Property to Jefferson School Community Partnership, <br />L.L.L.P.; and, <br />WHEREAS, it appears that Jefferson School Community Partnership is willing <br />and able to acquire the Property and to secure the necessary funding that will enable the <br />historic Property to be successfully renovated and occupied. <br />• NOW, THEREFORE, BE IT ORDAINED by the Council for the City of <br />Charlottesville, Virginia that the Mayor is authorized to execute on behalf of the City <br />Council an Option and Purchase Agreement for the conveyance of the Jefferson School <br />property, a copy of which is attached hereto, in form approved by the City Attorney. The <br />City Attorney is hereby authorized to take whatever steps are necessary to effect the <br />closing of said property conveyance. <br />Approved by Council <br />August 6, 2007 <br />Clexll of City Council <br />3 <br />