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r- • RESOLUTION OF THE COUNCIL OF THE CITY OF CHARLOTTESVILLE, VIRGINIA WHEREAS, the Industrial Development Authority of the City of Charlottesville, Virginia (the "Authority"), has considered the application of Keith 0. Woodard and Elaine A. Woodard (the "Developers") requesting the issuance of the Authority's industrial development revenue bonds in an amount not to exceed $800,000 (the "Bonds") to assist in the financing of the Developers' acquisition, construction and equipping of a retail sales facility consisting of approximately 6,000 square feet with approximately 6,400 square feet of parking space (the "Project") to be located at 213-215 West Water Street, in the City of Charlottesville, Virginia, and has held a public hearing thereon on December 13, 1984; 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 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 COUNCIL OF THE CITY OF CHARLOTTESVILLE, VIRGINIA: 1. The Council approves the issuance of the Bonds by the Authority for the benefit of the Developers, as required by Section 103(k) and Section 15.1-1378.1 of the Virginia Code, tc 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 Bondq • of the creditworthiness of the Project or the Developers.