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A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA FOR THE BENEFIT OF THE YOUNG MEN'S CHRISTIAN ASSOCIATION OF PORTSMOUTH, VIRGINIA IN AN AMOUNT NOT TO EXCEED $2,800,000 TO FINANCE A PORTION OF THE COST OF ACQUIRING, CONSTRUCTING, AND EQUIPPING A YMCA HEALTH AND RECREATIONAL FACILITY TO BE LOCATED IN THE 4900 BLOCK OF HIGH STREET WEST IN THE CITY OF PORTSMOUTH, VIRGINIA. WHEREAS, the Industrial Development Authority of the City of Portsmouth, Virginia (IDA) has been authorized to advertise and hold public hearings relative to the issuance of Industrial Development Revenue Bonds; and WHEREAS, the IDA has considered the application of the Young Men's Christian Association of Portsmouth, Virginia, a Virginia Corporation, which i~ exempt from Federal Income Tax under ~501 (c) (3) of the Internal Revenue Code with the principal place of business at 527 High Street, Portsmouth, Virginia, (the "Applicant"), for the issuance by IDA of Industrial Development Revenue Bonds in an amount not to exceed two million eight hundred thousand ($2,8000,000) dollars to finance a portion of the cost of acquiring, constructing and equipping a YMCA health and recreational facility to be located in the 4900 block of High Street West, next to the property at the northeast intersectIon of High Street and Cedar Lane in the City of Portsmouth, Virginia (the "Facility"), and has held a public hearing thereon on January 13, 1988; and WHEREAS, the "Applicant" has described to IDA the benefits which the "Facility" will bring to the Commonwealth of Virginia, the City of Portsmouth, Virginia, and the entire Tidewater area of Virginia, and the IDA has requested City Council to approve the issuance of the Bonds to comply with the applicable federal and state law, and a copy of IDA's Resolution approving the issuance of the Bonds subject to the terms and conditions contained therein and the appropriate certifications and documentations, including, without limitation, a reasonably detailed summary of the comments expressed at the public hearing and a Fiscal Impact Statement have been provided to the City Council for their consideration. NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth, Virginia approves the issuance by IDA of its Bonds in an amounu not to exceed two million eight hundred thousand ($2,800,000) dollars for the benefit of the "Applicant" to assist in financing the "Facility".