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<br />RESOLUTION OF INDUCEMENT <br />OF THE INDUSTRIAL DEVELOPMENT AUTHORITY <br />OF THE CITY OF ALEXANDRIA <br /> <br />WHEREAS, the Industrial Development Authority of the City of Alexandria, a <br /> <br />political subdivision of the Commonwealth of Virginia (the "Issuer"), is empowered by the <br /> <br />Industrial Development and Revenue Bond Act, Chapter 49, Title 15.2, Code of Virginia of <br /> <br />1950, as amended (the "Act"), to issue its revenue bonds for the purpose of financing facilities <br /> <br />for use by an organization (other than an organization organized and operated exclusively for <br /> <br />religious purposes) which is described in Section 501(c)(3) of the Internal Revenue Code of <br /> <br />1986, as amended (the "Code"), and which is exempt from federal income taxation pursuant to <br /> <br />Section 501(a) of the Code; <br /> <br />WHEREAS, the Issuer has received a request from the Young Men's Christian <br /> <br />Association of South Hampton Roads (the "Applicant"), requesting that the Issuer issue its <br /> <br />revenue bonds in an amount not to exceed $14,300,000 to assist the Applicant in (a) (i) financing <br /> <br />(A) the cost of the acquisition, construction and equipping of a complete YMCA facility <br /> <br />including but not limited to gym and fitness center, swimming pool, sauna and whirlpools, locker <br /> <br />rooms and equipment for the foregoing, as well as parking areas, located on an 8 acre parcel on <br /> <br />the west side of U.S. Route 13, 1.5 miles south of the Four Comers Shopping Center and across <br /> <br />from Edwards Seafood Restaurant in Onley in Accomack County, (B) the acquisition of 147 <br /> <br />acres of land and development of a campground including family cabins and staff cabins, stables <br /> <br />for horses, dining areas, a swimming pool, and. other recreational facilities for both land and <br /> <br />water sports located on the grounds of the existing Silver Beach Campground on Onnahonock <br /> <br />/----~- <br /> <br />Road near Silver Beach in Northhampton County, Virginia, (C) the construction of a new gym at <br />