1998 Resolutions - Laserfiche WebLink

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and parking lot improvemeI)ts.at the Chesapeake Family YMCA located at 1033 Oreenbrier Parkway, Chesapeake, Virginia 23320 and (J) cardiovascular and weight equipment for, and renovations to the fitness areas at, the Downtown Norfolk, Mt. Trashmore, Indian River and Greenbrier North YMCA facilities (all of the foregoing being collectively referred to as the "Project") and (b) financing certain costs of the issuance of the bonds; WHEREAS, such assistance will benefit the inhabitants of the Commonwealth; and WHEREAS, the Project has been described to the Issuer and a public hearing has been held as required by Section 147(f) of the Code and Section 15.2-4906 of the Act; BE IT RESOLVED BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF ALEXANDRIA: I. It is hereby found and determined that assisting the Applicant in financing the cost of the Project will benefit the citizens of the Commonwealth and promote .their welfare, convenience and prosperity. 2. To induce the Applicant to proceed with the Project in the Commonwealth of Virginia, the Issuer hereby agrees to assist the Applicant in financing the Project by undertaking the issuance of the Issuer's revenue bonds or notes therefor in an amount now determined not to exceed $14,300,000 (the "Bonds"). The proceeds ofth~ Bonds shall be loaned to the Applicant upon terms and conditions mutually agreeable to the Applicant and the Issuer. The Bonds may be issued in one or more series at one time or from time to time. 3. It having been represented to the Issuer that it is necessary to proceed immediately with the Project, the Issuer hereby agrees that the Applicant may pr-oceed with plans for the Project and take such other steps as it may deem appropriate in connection therewith; -3-