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• RESOLUTION <br />WHEREAS, the Council of the City of Charlottesville, Virginia <br />(the "Council"), has created the Industrial Development Authority <br />of the City of Charlottesville, Virginia (the "Authority"), pursuant <br />to the Virginia Industrial Development and Revenue Bond Act to <br />fulfill the purposes of such Act; and <br />WHEREAS, the Ordinance adopted by the Council on July 19, 1976 <br />and amended on February 4, 1980, which created the Authority (the <br />"Ordinance"), provides that the Authority shall not finance any <br />facility until the location and financing of such facility have been <br />approved by the Council; and <br />WHEREAS, Section 5 of the Ordinance sets forth certain standards <br />to be considered by the Authority and the Council in determining the <br />nature and location of facilities to be financed by the Authority; and <br />WHEREAS, the Authority on December 9, 1980, adopted an inducement <br />resolution agreeing to assist Virginia Real Estate Investment Trust <br />or its assigns (the "Company") in the financing of the renovation <br />and equipping of retail sales facilities and the construction and <br />equipping of additions to a restaurant facility in the City of <br />Charlottesville, Virginia (the "Project") by the issuance of the <br />Authority's industrial development revenue bonds in an amount estimated <br />^ct-._1--e-exceed $1,100,000; and <br />WHEREAS, preliminary plans for the Project and the financing <br />have been described to the Council in a presentation by representatives <br />of the Company; and <br />WHEREAS, the Project will be located in the Barracks Road <br />Shopping Center in the City of Charlottesville, Virginia <br />NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF <br />CHARLOTTESVILLE, VIRGINIA: <br />1. It is hereby found and determined that the financing of <br />the Project will be in the public interest and will promote the safety, <br />health, welfare, convenience or prosperity of the City of Charlottes- <br />ville, Virginia, and its citizens. <br />2. The Council hereby approves the location and financing of <br />the Project. <br />3. It is hereby found and determined that the Project meets <br />the criteria set forth in Section 5 of the Ordinance. <br />4. This Resolution shall take effect immediately. <br />It Copy teste: Adopted by Council <br />February 2, 1981 <br />Clerk of Council <br />