October 14, 2008

Board of Supervisors

County of Albemarle, Virginia

401 McIntire Road

Charlottesville, Virginia 22902

Economic Development Authority of Albemarle County, Virginia
Proposed Financing for The University of Virginia Health Services Foundation

The University of Virginia Health Services Foundation ("UVAHSF") has requested that the Economic Development Authority of Albemarle County, Virginia ("Authority"), assist UVAHSF in financing (i) the acquisition, construction and equipping of a 64,000 square foot long-term acute care hospital, including an approximately 8,000 square foot imaging, center to be located adjacent to property at 2985 Ivy Road in Albemarle County, Virginia, (ii) the acquisition and installation of a Gamma Knife (a specialized neurosurgical device) at the University of Virginia Medical Center located in the Primary Care Building at 1221 Lee Street at University of Virginia Medical Center in the City of Charlottesville, Virginia, (iii) the replacement of the HVAC system in the Northbridge Building at UVAHSF's facilities, located at 2955 Ivy Road in Albemarle County, Virginia, (iv) capitalized interest and (v) certain costs of issuing the bonds (collectively, the "Project"), through the issuance by the Authority of its variable rate revenue bonds in an amount not to exceed $23,100,000 ("Bonds").

As set forth in the resolution of the Authority attached hereto ("Resolution"), the Authority has agreed to issue its Bonds as requested.  The Authority has conducted a public hearing on the proposed financing of the Project and has recommended that you approve the issuance of the Bonds as required by Section 147(f) of the Internal Revenue Code of 1986, as amended, and Section 15.2-4906 of the Code of Virginia of 1950, as amended.

Attached hereto is:
(1) a certificate evidencing the conduct of the public hearing and
     the action taken by the Authority,
(2) the Fiscal Impact Statement required pursuant to Virginia Code Section l5.2-4907, and
(3) the form of resolution suggested by counsel to evidence your approval
Return to consent agenda
Return to regular agenda

                                                __________________________________________

                                                    Secretary, Economic Development Authority

                                                    of Albemarle County, Virginia