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Fl f M 0 J RESOLUTION WHEREAS, the Council of the City of Charlottesville, Virginia. (the "Council"), has created the Industrial Development 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 October 27, 1981, adopted an induce- ment resolution.. agreeing,. to assist Residential Alternatives Limited Partnership (the "Applicant") in financing the acquisition; construe- tion and equipping of an intermediate care facility in the City of Charlottesville, Virginia, (the "Facility"), by the issuance of. the Authority's industrial development revenue bonds in an amount net to exceed $400,000; and WHEREAS, preliminary plans for the Facility and the financing have been described to the Council in a presentation by the Appli- cant; and WI3EREAS, the Project will be located on John and 13th Streets, NW, in the City of Charlottesville, Virginia. NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF TIIE CITY OF CHARLOTTESVILLE, VIRGINIA: 1. It is hereby found and determined that the acquisition, construction and equipping of the Facility within the city limits of the City of Charlottesville, Virginia, will result in better care facilities for the residents of Charlottesville and its environs, will be in the public interest, will bring additional revenues and employment into Charlottesville and will benefit its inhabitants, increase their commerce and promote their safety, health, welfare, convenience and prosperity. 2. The Council hereby approves the location and financing of the Facility. 3. It is hereby found and determined that the Facility meets the criteria set forth in Section 5 of the Ordinance. 4. This Resolution shall take effect immediately.