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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 Central Place Limited Partnership (the <br />"Applicant") requesting the issuance of the Authority's <br />industrial development revenue bonds in an amount not to exceed <br />$2,240,000 (the "Bonds") to assist in the financing of the <br />Applicant's acquisition, construction, renovation and equipping <br />of an office and retail facility with ancillary common areas (the <br />"Project") to be located at the northeast corner of Second and <br />East Main Street, in the City of Charlottesville, Virginia, and <br />has held a public hearing thereon on June 17, 1983. <br />WHEREAS, Section 103(k) of the Internal Revenue Code of <br />1954, as amended (the "Code"), provides that the governmental <br />unit having jurisdiction over the issuer of industrial <br />development bonds and over the area in which any facility <br />financed with the proceeds of industrial development bonds is <br />located must approve the issuance 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 of Charlottesville and the Council of the <br />City of Charlottesville, Virginia (the "Council") constitutes the <br />highest elected governmental officials of the City; and <br />WHEREAS, the Ordinance adopted by the Council on July 19, <br />1976, as amended on February 3, 1980, which created the Authority <br />(the "Ordinance"), provides that the Authority shall not finance <br />any facility until the location and financing of such facility <br />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 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, <br />and a certificate of the public hearing has been filed with the <br />Council. <br />0 <br />