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0 <br />RESOLUTION <br />OF THE COUNCIL OF THE <br />CITY OF CHARLOTTESVILLE, VIRGINIA <br />WHEREAS, the Industrial Development Authority of the City of <br />Charlottesville, Virginia (the "Authority"), has considered the <br />application of Paramount Limited Partnership (the "Company") <br />requesting the issuance of the Authority's industrial development <br />revenue bonds in an amount not to exceed $1,200,000 (the "Bonds") <br />to assist in the financing of the Company's acquisition, <br />construction, renovation and equipping of a retail and office <br />facility consisting of approximately 13,536 square feet (the <br />"Project") located at 211-213 East Main Street (formerly known as <br />the Paramount Theater) in the City of Charlottesville, Virginia, <br />and has held a public hearing thereon on November 29, 1983; and <br />WHEREAS, Section 103(k) of the Internal Revenue Code of <br />1954, as amended, provides that the governmental unit having <br />jurisdiction over the issuer of industrial development bonds and <br />over the area in which any facility financed with the proceeds of <br />industrial development bonds is located must approve the issuance <br />of the bonds; and <br />• WHEREAS, the Authority issues its bonds on behalf of the <br />City of Charlottesville, Virginia (the "City"); the Project is to <br />be located in the City and the Council of the City of <br />Charlottesville, Virginia (the "Council") constitutes the highest <br />elected governmental unit of the City; and <br />WHEREAS, the Authority has recommended that the Council <br />approve the issuance of the Bonds; and <br />WHEREAS, a copy of the Authority's resolution approving the <br />issuance of the Bonds, subject to the terms to be agreed upon, a <br />certificate of the public hearing, and a Fiscal Impact Statement <br />have been filed with the Council; <br />BE IT RESOLVED BY THE COUNCIL OF THE CITY OF CHARLOTTESVILLE, <br />VIRGINIA: <br />1. The Council approves the issuance of the Bonds by the <br />Authority for the benefit of the Company, as required by Section <br />103(k)and Section 15.1-1378.1 of the Virginia Code, to permit the <br />Authority to assist in the financing of the Project. <br />2. The approval of the issuance of the Bonds does not <br />constitute an endorsement to a prospective purchaser of the Bonds <br />of the creditworthiness of the Project or the Company. <br />• 3. This Resolution shall take effect immediately upon its <br />adoption. <br />Approved by Council December 5, 1983 <br />C rk <br />83-6-62 <br />