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• 9) Will provide an economic development opportunity for <br />downtown and the City because: <br />(a) it will be an attraction for tourists as well as for <br />the Charlottesville community at large; <br />(b) it will host additional cultural activity, thereby <br />contributing to the vitality of the downtown; and <br />(c) it will therefore benefit the City through additional <br />sales tax revenues generated by other downtown <br />businesses. <br />NOW, THEREFORE, BE IT RESOLVED by the Council of the City of <br />Charlottesville, that the Council hereby endorses, supports and <br />approves the adoption of an amendment to Title 58.1 of the Code of <br />Virginia exempting certain property owned by Paramount Theater, <br />located in the 200 block of East Main Street in the City of <br />Charlottesville and known as the Paramount Theater, from state and <br />local taxation, and recommends that the Paramount Theater and <br />Cultural Center, Inc. be classified as a cultural organization. <br />BE IT FURTHER RESOLVED that the Clerk of the Council is <br />directed to convey certified copies of this resolution to the <br />members of the General Assembly representing the City. <br />is <br />Approved by Council <br />December 21, 1992 <br />�i <br />Qjft of City Council <br />0 <br />