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RESOLUTION OF THE COUNCIL OF THE CITY OF CHARLOTTESVILLE, VIRGINIA, REALLOCATING ITS LOCAL ALLOCATION OF THE • STATE CEILING ON PRIVATE ACTIVITY BONDS WHEREAS, on July 18, 1984, the President of the United States signed into law the Deficit Reduction Act of 1984 (the "Act") which placed certain limitations on the annual volume of private activity bonds to be issued by any State; WHEREAS, pursuant to the authority vested in him under the Act, the Governor of Virginia on January 23, 1985 issued Executive Order 54 (85) (the "Order") providing a formula for the allocation of the State Ceiling, as defined in the Order; WHEREAS, the City of Charlottesville, Virginia (the "City") received as its portion of the State Ceiling a Local Allocation (as defined in the Order) of $3,022,425; WHEREAS, Section C.1. of the Order authorizes the Council of the City of Charlottesville, Virginia (the "Council") to allocate its Local Allocation to the issuing authorities within the City; WHEREAS, on May 14, 1985 the Council allocated $3,022,425 in private activity bonds to Ninth and West Main, Ltd., Langham-Hill Petroleum Co., Ltd., and the Piedmont Virginia Property Group; WHEREAS, the City has received written notification from Langham-Hill • Petroleum Co., Ltd. (the "Company") dated August 5, 1985 that Company would be unable to use its portion of the City's local allocation in the amount of $1,484,425; NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF CHARLOTTES- VILLE, VIRGINIA: 1. The Council hereby reaffirms the allocation of $1,238,000 of its Local Allocation to revenue bonds to be issued by the Industrial Development Authority of the City of Charlottesville, Virginia (the "Authority") to assist in the financing of the acquisition, renovation, construction and equipping of a hotel facility for Ninth and West Main Ltd., a Virginia limited partnership. 2. The Council hereby reaffirms the allocation of $300,000 of its Local Allocation to revenue bonds to be issued by the Authority to assist in the financing of the construction and equipping of a one - level parking deck over an existing parking lot for Piedmont Virginia Property Group, a Virginia general partnership. 3. The Council hereby allocates $1,484,425 of its Local Allocation to revenue bonds to be issued by the Authority to assist in the financing of the acquisition of land and the construction of a facility thereon for the sale, rental, and servicing of appliances and electronic equipment for C. Stan Cross, Jr. • 4. This Resolution shall take effect immediately upon its adoption. 4) Approved by Council August 8, 1985 rk of Council