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27~ the proceeds of industrial development bonds is located must approve the issuance of the bonds; and WHEREAS, the Authority issues its bonds on behalf of the City of Charlottesville, Virginia (the "City"); the Project is located in the City and the Council of the City of Charlottes- ville, Virginia (the "Council") constitutes the highest elected governmental unit of the City; and 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; BE IT RESOLVED BY THE COUNCIL 'OF THE CITY OF CHARLOTTESVILLE, VIRGINIA: 1. The Council approves the issuance of the Bonds by the Authority for the benefit of the Partnership, as required by Section 103(k) and Section 15'.1-1378.1 of the Virginia Code, to permit the Authority to assist in the financing of the Project. 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 Partnership. 3. Pursuan~ 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. 4. This Resolution shall take effect immediately upon its adoption. RESOLUTION: AUTHORIZING INDUSTRIAL DEVELOPMENT BONDS FOR SOUTH STREET GROUP GUEST QUARTERS PROJECT ON SOUTH STREET Mr. Chic Smith, representing the South Street Group, described the restoration/renovation of two historic structures to create an urban inn with 23 units, and requested approval of $700,000 in industrial development bonds' which would come from the State allocation. On motion by Mrs. Gleason, seconded by Mr. Barnes, the resolution authorizing industrial development bonds for South Street Group guest quarters project on South.Street was unani- mously approved by Council. WHEREAS, the Industrial Development Authority of the City of Charlottesville, Virginia (the "Authority"), has considered the application of The South Street Group, Inc. (the '!Company") requesting the issuance of the Authority's industrial development revenue bonds in an amount not to exceed $700,000 (the "Bonds") to assist in the financing of the Company's acquisition, renovation, construction and equipping of a hotel facility (the "Project") located at 200-204 South Street, in the City of Charlottesville, Virginia, and has held a publie hearing thereon on April 30, 1985; and WHEREAS, Section 103(k) of the Internal Revenue Code of 1954, as amended, provides that the governmental unit having jurisdiction over the area in which any facility financed with the proceeds of induStrial development bonds.is located must approve the issuance of the bonds; and WHEREAS, the Autkority issues its bonds on behalf of the City of Charlottesville and the Council of the City of Charlottes- ville, Virginia (the "City"); the Project is located in the City and the Council of the City of Charlottesville, Virginia (the "Council") constitutes the highest elected governmental unit of the City; and