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FUNDING AGREEMENT • BETWEEN THE CITY OF CHARLOTTESVILLE AND THE CHARLOTTESVILLE ECONOMIC DEVELOPMENT AUTHORITY THIS AGREEMENT is entered into this _ day of October, 2008 by and between the CITY OF CHARLOTTESVILLE, VIRGINIA, a municipal corporation (hereafter "City"), and the ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF CHARLOTTESVILLE, VIRGINIA, a political subdivision of the Commonwealth of Virginia (hereafter "Authority). WHEREAS, the City is authorized pursuant to Virginia Code sec. 15.2-953 (B) to make gifts, donations and appropriations of money to industrial development authorities for the purposes of promoting economic development; and, WHEREAS, the Authority is authorized pursuant to Virginia Code sec. 15.2- 4905 (13) to make grants or loans to any person or entity for the purpose of promoting economic development in the City; and, WHEREAS, by ordinance adopted on August 6, 2007 the City Council of the City of Charlottesville approved an Option and Purchase Agreement between the City and Jefferson School Community Partnership, L.L.L.P. for the conveyance and redevelopment of property in the City commonly known as the Jefferson School • property, a copy of which is attached hereto as Exhibit 1; and, WHEREAS, the City Council has previously appropriated capital improvement funds for the renovation and restoration of the Jefferson School property in the amount of $5,764,425.30; and, WHEREAS, the renovation and redevelopment of the Jefferson School property will promote the safety, health, welfare, convenience and prosperity of the City by creating employment opportunities and attracting new commercial uses to the Downtown area of the City, through the adaptation of the property for uses that may include, but are not limited to, educational, historical demonstration and interpretation, commercial and recreational uses; and, WHEREAS, it is the desire of the City Council that the Authority provide, be responsible for and oversee the funding for the redevelopment of the property, consistent with the provisions of the Option and Purchase Agreement. NOW, THEREFORE, the City and the Authority do hereby agree as follows: 1. The City shall make available to the Authority funding in the amount of $5,764,425.30 for the redevelopment and adaptive reuse of the Jefferson School property by the Jefferson School Community Partnership, L.L.L.P. The funds made available to 0