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R-15-08
<br />ADOPTION OF A RESOLUTION APPROVING THE ISSUANCE OF NOT-TO-EXCEED
<br />$2,450,000 TAX EXEMPT PORTSMOUTH PORT AND INDUSTRIAL COMMISSION
<br />BANK QUALIFIED REVENUE BONDS (YMCA OF PORTSMOUTH PROJECT), SERIES
<br />2015.
<br />WHEREAS, the Portsmouth Port and Industrial Commission (the "Commission") was
<br />created pursuant to Chapter 157 of the Acts of Assembly of 1954, as amended (the "Act"), and is
<br />now existing and operating as a public body corporate and politic; and
<br />WHEREAS, the Commission was created to foster and stimulate the commerce of the port
<br />of the City of Portsmouth, Virginia (the "City") and the development of industry in the area within
<br />its jurisdiction, and the Council believes that the financing and refinancing, so as to assure the
<br />continued availability of non-profit recreational facilities and amenities, are essential to creating and
<br />preserving a community and a quality of life conducive to maintaining industry in, and attracting
<br />industry to, the City; and
<br />WHEREAS, Section 25 of the Act empowers the Commission to issue its revenue bonds in
<br />accordance therewith to provide financing by making "loans" to pay all or any part of the "cost" of
<br />"facilities" for "a § 501(c)(3) organization" (as each term is defined in Section 25(b) of the Act, by
<br />reference to Section 15.2-4902 of the Code of Virginia of 1950, as amended, and Section 501(c)(3)
<br />of the Internal Revenue Code of 1986, as amended), by making loans in furtherance of the purpose of
<br />assisting in the acquisition, construction, equipping, expansion, enlargement, improvement,
<br />financing, and refinancing of such facilities of the aforesaid entities in order to provide recreational
<br />and activity centers; and
<br />WHEREAS, representatives ofYMCA ofPortsmouth, anot-for-profit, Virginia non-stock
<br />corporation (the "Applicant"), have held discussions with representatives of the City and the
<br />Commission with respect to the Commission's refinancing or financing (1) the Industrial
<br />Development Authority of the Town of Mount Jackson, Virginia Bank Qualified Revenue Bond
<br />(YMCA of Portsmouth Project), Series 2005B, which financed a portion of the cost of (A) a 10,000
<br />sq. ft. children's and teens' activity center, (B) aerobics and group exercise rooms, (C) a swimming
<br />pool, and (D) furniture, fixtures and equipment for the Applicant's facility at 4900 High St. W.,
<br />Portsmouth, Virginia 23703, the outstanding principal amount of which is expected not to exceed
<br />$1,775,000 at its refinancing, (2) two taxable loans, the outstanding aggregate principal amount of
<br />which is expected not to exceed $450,000 at their refinancing, (3) not to exceed $300,000 of new
<br />capital expenditures for the acquisition, construction, renovation and/or equipping and installation of
<br />(a) cardiovascular exercise equipment, (b) dehumidification equipment for the pool room, (c) HVAC
<br />equipment for the gymnasium, (d) resurfaced floor and walls of the swimming pool, (e) carpeting and
<br />locker room fixtures and equipment, and (f) a new roof, all to be located at the Applicant's facility at
<br />4900 High St. W., Portsmouth, Virginia 23 703, and (4) a portion of the costs of issuance of the bonds
<br />(collectively, the "Project"); and
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