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• RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHARLOTTESVILLE, VIRGINIA WHEREAS, the Industrial Development Authority of the City of Charlottesville, Virginia (the "Authority"), has con- sidered the application of Hi -Starr Limited Partnership (the "Company") requesting the issuance of the Authority's industrial development revenue bonds in an amount not to exceed $600,000 (the "Bonds") to assist in the financing of the Company's acquisition and renovation of three (3) commercial office and retail facilities consisting of approximately 8,000 square feet, in the aggregate, (the "Project") to be located at 811-817 West Main Street, 801 West Main Street and 122 8th Street, N.W. , in the City of Charlottesville, Virginia, and has held a public hearing thereon on November 29, 1983; and WHEREAS, Section 103(k) of the Internal Revenue Code of 1954, as amended, provides that the governmental unit having jurisdiction over the issuer of industrial development bonds and over the area in which any facility financed with the proceeds of industrial development bonds is located must approve the issuance of the bonds; and • WHEREAS, the Authority issues its bonds on behalf of the City of Charlottesville, Virginia (the "City"); the Project is to be located in the City and the City Council of the City of Charlottesville, Virginia (the "Council") constitutes the highest elected governmental unit of the City; and WHEREAS, the Authority has recommended that the Council approve the issuance of the Bonds; and WHEREAS, a copy of the Authority's resolution approving the issuance of the Bonds,. subject to the terms to be agreed upon, a certificate of the public hearing, and a Fiscal Impact Statement have been filed with the Council; BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CHARLOTTESVILLE, VIRGINIA: 1. The Council approves the issuance of the Bonds by the Authority for the benefit of the Company, as required by Section 103(k) and Section 15.1-1378.1 of the Virginia Code, to permit the Authority to assist in the financing of the Project. 2. The approval of the issuance of the Bonds does not constitute an endorsement to a prospective purchaser of the Bonds of the creditworthiness of the Project or the Company. • 3. This Resolution shall take effect immediately upon its adoption. Approved by Council December 13, 1983 9L�Ci= Cle 83-6-60