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RESOLUTION OF THE CITY COUNCIL OF • THE CITY OF CHARLOTTESVILLE, VIRGINIA WHEREAS, the Industrial Development Authority of the City of Charlottesville, Virginia (the "Authority"), has been asked by Independence Properties, Inc. (the "Borrower") to approve the issuance of its revenue bonds in an amount not to exceed $600,000 (the "Bonds") a portion of which will be used to finance the Borrower's acquisition and equipping of an approximately 6,800 square foot facility located at 815 Cherry Avenue, in Charlottesville, Virginia, which will be owned by the Borrower and leased to Independence Resource Center, Inc. (the "Company"), to be used as the Company's headquarters and its training, counseling and advocacy center for people with disabilities (the "Project") and has held a public hearing on September 9, 1997; WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), provides that the governmental unit having jurisdiction over the issuer of private activity bonds and over the area in which any facility financed with the proceeds of private activity bonds is located must approve the issuance of the bonds; WHEREAS, the Authority issues its bonds on behalf of the City of Charlottesville, Virginia (the "City"), and the City Council of the City of Charlottesville, Virginia (the "Council") constitutes the highest elected governmental unit of the City; • 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. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CHARLOTTESVILLE, VIRGINIA: 1. The Council approves the issuance of the Bonds by the Authority for the benefit of the Borrower, as required by Section 147(f) of the Code and Section 15.1-1378.1 of the Code of Virginia of 1950, as amended ("Virginia Code") to permit the Authority to assist in the financing. 2. The approval of the issuance of the Bonds does not constitute an endorsement to a prospective purchaser of the Bonds of the creditworthiness of the Project or the Borrower. 3. Pursuant to the limitations contained in Temporary Income Tax Regulations Section 5f.103 -2(f)(1), this resolution shall remain in effect for a period of one year from the date of its adoption.