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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 Wellington Corporation (the "Company") requesting <br />the issuance of the Authority's industrial development revenue <br />bonds in an amount not to exceed $1,000,000 (the "Bonds") to <br />assist in the financing of the Company's acquisition, <br />construction, renovation and equipping of an office and retail <br />facility,consisting of a total of approximately 44,000 square <br />feet, including the acquisition and renovation of two existing <br />structures for office space and the construction of new office <br />space and a restaurant, to be located on the southeast corner of <br />Preston Avenue and Harris Street (known as the "Old Coal Yard"), <br />in the City of Charlottesville, Virginia, and has held a public <br />hearing thereon on December 11, 1984; 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 the industrial development bonds <br />and over the area in which any facility financed with the <br />proceeds of industrial development bonds is located must approve <br />• 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 <br />located in the City and the Council of the City of <br />Charlottesville, Virginia (the "Council") constitutes the highest <br />elected governmental unit in 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, a <br />certificate of the public hearing, and a Fiscal Impact Statement <br />have been filed with the Council; <br />• <br />