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C] <br />• <br />RESOLUTION OF THE COUNCIL <br />OF THE CITY OF CHARLOTTESVILLE <br />WHEREAS, the Industrial Development Authority of the City <br />of Charlottesville, Virginia (the "Authority"), meeting in regular <br />session on June 8, 1982, to consider the inducement of Neighborhood <br />Theatre, Incorporated (the "Company") to locate a multi -auditorium <br />motion picture facility (the "Facility") on a parcel of land approxi- <br />mately five acres in size located wholly inside the legal corporate <br />limits of the City of Charlottesville, Virginia (the "City") in <br />Seminole Square Subdivision on U.S. 29 North in the vicinity of the <br />present K -Mart Plaza, has agreed to assist the Company in financing <br />the acquisition of land for, construction, including site improvements, <br />and equipping of the Facility by undertaking the issuance of its <br />industrial development revenue bonds therefore in an amount now <br />estimated not to exceed $2,240,000 upon terms and conditions to be <br />mutually agreed upon between the Authority and the Company; and <br />WHEREAS, Sec. 2-117 of the Code of the City of Charlottesville <br />provides, among other things, that the Authority shall not finance <br />any facility until the location and financing of such facility have <br />been approved by the council of the City; <br />BE IT RESOLVED BY THE COUNCIL OF THE CITY OF CHARLOTTESVILLE: <br />1. The Council approves the location and financing of the <br />proposed Facility. <br />2. This resolution shall take effect immediately upon its <br />adoption. <br />ATTESTE: <br />CLERK OF OUNCIL <br />ADOPTED BY COUNCIL <br />JUNE 21, 1982 <br />