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RESOLUTION <br />OF THE COUNCIL <br />OF THE <br />• <br />CITY OF CHARLOTTESVILLE, VIRGINIA <br />WHEREAS, the Council of the City of Charlottesville, <br />Virginia (the "Council"), has created the Industrial Development <br />Authority of the City of Charlottesville, Virginia (the <br />"Authority"), pursuant to the Virginia Industrial Development and <br />Revenue Bond Act to fulfill the purposes of such Act; and <br />WHEREAS, the Ordinance adopted by the Council on July <br />19, 1976, as amended on February 3, 1980, which created the <br />Authority (the "Ordinance"), provides that the Authority shall <br />not finance any facility until the location and financing of such <br />facility 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 December 16, 1983 adopted an <br />inducement resolution agreeing to assist Ivy Properties Part- <br />nership (the "Company") or its assigns in financing an industrial <br />and commercial facility in the City of Charlottesville, Virginia <br />(the "Project"), by the issuance of the Authority's industrial <br />• development revenue bonds in an amount not be exeed 9400,000; and <br />WHEREAS, preliminary plans for the Project and the <br />financing have been described to the Council in a presentation by <br />the Company; and <br />WHEREAS, the Project will be located in the City of <br />Charlottesville, Virginia. <br />NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE <br />CITY OF CHARLOTTESVILLE, VIRGINIA: <br />1. It is hereby found and determined that the acquisi- <br />tion, construction and equipping of the Project will be in the <br />public interest and will promote the commerce, safety, health, <br />welfare, convenience or prosperity of the City of Charlottes- <br />ville, Virginia, and its citizens. <br />2. The Council hereby approves the location and <br />financing of the Project. <br />3. It is hereby found and determined that the Project <br />meets the criteria set forth in Section 5 of the Ordinance. <br />4. This Resolution shall take effect immediately. <br />• Approved by Council December 19, 1983 <br />C I e Mi <br />83-6-66 <br />