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RESOLUTION <br />• <br />N WHEREAS, the Council of the City of Charlc:tesville, <br />Virginia (the "Council"), has created the Industrial Develop- <br />ment Authority of the City of Charlottesville, Virginia (the <br />"Authority"), pursuant to the Virginia Industrial Development <br />and Revenue Bond Act to fulfill the purposes of such Act; and <br />WHEREAS, the Ordinance adopted by the Council on July 19, <br />1976, as amended on February 3, 1980, which created the Authority <br />(the "Ordinance"), provides that the Authority shall not finance <br />any facility until the location and financing of such facility <br />have been approved by the Council; and <br />WHEREAS, Section 5 of the Ordinance sets forth certain <br />standards to be considered by the Authority and the Council in <br />determining the nature and location of facilities to be financed <br />by the Authority; and <br />WHEREAS, the Authority on May 12,. 1981 adopted an induce- <br />ment resolution agreeing to assist Hedgerow Corporation (the <br />"Corporation") in the financing of the renovation of and construc- <br />tion of additions to the Levy Opera House for use as a commercial <br />and office facility to be located in the:City of Charlottesville, <br />• Virginia (the "Project"), by the issuance of the Authority's <br />industrial development revenue bonds in an amount not to exceed <br />$1,500,000; and <br />WHEREAS, preliminary plans for the Project and the financing <br />have been described to the Council in "a presentation by the <br />Corporation; and <br />WHEREAS, the Project will be located at the corner of 6th <br />and High Streets in the City of Charlottesville, Virginia. <br />NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY <br />OF CHARLOTTESVILLE, VIRGINIA. <br />1. It is hereby found and determined that the renovation, <br />construction and equipping of the Project will be intthe public <br />interest and will promote the safety, health, welfare, convenience <br />or prosperity of the City of Charlottesville, Virginia, and its <br />citizens. <br />2. The Council hereby approves the location and financing <br />of the Project. <br />Adopted by Council <br />Copy teste: May 18, 1981 <br />Clerk of Council <br />