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0 <br />RESOLUTION <br />OF THE CITY COUNCIL <br />OF THE CITY OF CHARLOTTESVILLE, VIRGINIA <br />WHEREAS, the Charlottesville Redevelopment and <br />Housing Authority (the "Authority") has considered the <br />application of Phi Kappa Sigma Renovation Associates, a <br />Virginia limited partnership (the "Applicant") Madison Hall, <br />University Avenue, Charlottesville, Virginia 22906-9012, <br />for the issuance of the Authority's bonds in the maximum <br />amount not to exceed $250,000 (the "Bonds") to assist in <br />the financing of the Applicant's renovation of a 6,600 square <br />foot housing facility to be used as a fraternity house (the <br />• "Facility") to be leased in part to Eta Chapter House Corporation <br />of Phi Kappa Sigma Fraternity and in part to individuals. The <br />Facility will be located at 160 Madison Lane in the Central <br />City Development District in the City of Charlottesville, <br />Virginia (the "City"). The Authority held a public hearing <br />on this matter on July 22, 1985, a date within 60 days prior <br />to the date of adoption of this resolution; <br />WHEREAS, the Authority has requested the City Council <br />of the City of Charlottesville, Virginia (the "Council) to <br />approve the issuance of the Bonds to comply with Section <br />103(k) of the Internal Revenue Code of 1954, as amended <br />(the "Code"), and Paragraph 2 of Chapter 514 of the Acts <br />• of the General Assembly of Virginia of 1983; <br />