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• A RESOLUTION <br />AUTHORIZING THE EXECUTION OF A FUNDING AGREEMENT <br />BETWEEN THE CITY OF CHARLOTTESVILLE AND <br />THE ECONOMIC DEVELOPMENT AUTHORITY OF THE <br />CITY OF CHARLOTTESVILLE FOR THE REDEVELOPMENT <br />OF THE JEFFERSON SCHOOL PROPERTY <br />WHEREAS, the City council has previously appropriated funds in the amount of <br />$5,764,425.30 for the purpose of renovating and rehabilitating the site commonly known as the <br />Jefferson School property (the "Property"); and, <br />WHEREAS, on August 6, 2007 the City Council approved an Option and Purchase <br />Agreement which provides for a conveyance of the Property to the Jefferson School Community <br />Partnership, L.L.L.P. (the "Partnership"), and for the renovation and adaptive reuse of the <br />Property by the Partnership; and, <br />WHEREAS, the Partnership has undertaken the work required under the Option and <br />Purchase Agreement, and has begun to incur expenses related to the performance of the work; <br />and, <br />WHEREAS, it is the desire of the City that the available funding for the Partnership be <br />provided through and approved by the Economic Development Authority of the City of <br />Charlottesville, and the Authority has indicated its willingness to undertake that responsibility. <br />• NOW, THEREFORE, BE IT RESOLVED by the Council for the City of <br />Charlottesville, Virginia that the Mayor is hereby authorized to execute, in form approved by the <br />City Attorney, the Funding Agreement between the City of Charlottesville and the <br />Charlottesville Economic Development Authority for the renovation of the Jefferson School <br />Property. <br />Approved by Council <br />October 6, 2008 <br />1 k of City Council <br />11 <br />