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9 RESOLUTION WHEREAS, the Council of the City of Charlottesville, Virginia (the "Council"), has created the Industrial Develop- ment Authority of the City of Charlottesville, Virginia (the "Authority"), pursuant to the Virginia Industrial Development and Revenue Bond Act to fulfill the purposes of such Act; and WHEREAS, the Ordinance adopted'by the Council on July 19, 1976, as amended on February 3, 1980, which created the Authority (the "Ordinance"), provides that the Authority shall not finance any facility until the location and financing of such facility have been approved by the Council; and WHEREAS, Section 5 of the Ordinance sets forth certain standards to be considered by the Authority and the Council in determining the nature and location of facilities to be financed by the Authority; and . WHEREAS, the Authority on April 21, 1981 adopted an induce- ment resolution agreeing to assist Dr. Charles W. Hurt in the financing of the renovation, construction and equipping of a retail sales, general commercial_and office facility to be located in the City of Charlottesville, Virginia (the "Project"), by the issuance of the Authority's industrial development revenue bonds in an amount estimated not to exceed $435,000; and WHEREAS, preliminary plans for the Project and the financing have been described to the Council in a presentation by Dr. Charles W. Hurt; and WHEREAS, the Project will be located at 611-619 and 627 West Main Street in the City of Charlottesville, Virginia. NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF CHARLOTTESVILLE, VIRGINIA. 1. It is hereby found and determined that the renovation, construction and equipping of the.Project will be in the public interest and will promote the safety, health, welfare, con- venience or prosperity of the City of Charlottesville, Virginia, and its citizens. C�