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I 0 RESOLUTION '✓ �" 6,�� 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 , 1981 adopted an inducement resolution agreeing to assist Angus Road Limited Partner- ship (the "Partnership") in financing a retail sales and office facility in the City of Charlottesville,'Virginia (the "Project"), by the issuance of the Authority's industrial development revenue bonds in an amount not to exceed $2,650,000; and WHEREAS, preliminary plans for the Project and the financing have been described to the Council in a presentation by the Partner- ship; and WHEREAS, the Project will be located at 2116 Angus Road 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 acquisition, construction and equipping of the Project will be in the public interest and will promote the commerce, safety, health, welfare, convenience or prosperity of the City of Charlottesville, Virginia, and its citizens. 2. The Council hereby approves the location and financing of the Project. 3. It is hereby found and determined that the Project meets the criteria set forth in Section 5 of the Ordinance. 4. This Resolution shall take effect immediately.