|
March 24. 1998
<br />
<br />98-62 Adoption of a resolution approving the issuance of up to $14,300,000
<br /> in bonds by the Industrial Development Authority (IDA) of the City of
<br /> Alexandria to assist the YMCA of South Hampton Roads in financing
<br /> or refinancing projects in various Hampton Roads cities, including
<br /> Portsmouth.
<br />
<br />Recommendation:
<br />
<br />Adoption of a resolution approving the issuance of up to $14,300,000 in
<br />bonds by the Industrial Development Authority (IDA) of the City of
<br />Alexandria to assist the YMCA of South Hampton Roads in financing or
<br />refinancing projects in various Hampton Roads cities, including
<br />Portsmouth.
<br />
<br />Pur_Dose and Need:
<br />
<br />A program has been established by the IDA of Alexandria, Virginia,
<br />.under the provisions of the Internal Revenue Code, which allows
<br />501(c)(3) institutions, such as the YMCA of South Hampton Roads, to
<br />"pool" bond issues in an aggregate amount of up to $14,300,000.
<br />
<br />"Pooling" of bond issues saves considerable expense in the drafting
<br />and review of bond documents and associated legal expenses.
<br />
<br />The applicable IRS regulations require approval of the bond issuance
<br />by the highest elected governmental unit of the locality having
<br />jurisdiction over the area in which any facility so financed is located.
<br />
<br />In Portsmouth, proceeds of the bonds will be used for lockers, fitness
<br />and aerobics areas, saunas, whirlpools, office space and other
<br />improvements at the Effingham YMCA located at 1013 Effingham Street.
<br />
<br />Financial Impact:
<br />
<br />· This resolution requires no expenditure of City funds.
<br />
<br />Susan Ohmsen, Vice President of Finance for the YMCA's of Hampton
<br />Roads, providedinformation on the proposal.
<br />
<br /> Motion by Mr. Robinett, and seconded by Mr. Pitts, to adopt the
<br />following resolution, and was adopted by the following vote:
<br />
<br /> "'A RESOLUTION APPROVING THE ISSUANCE OF REVENUE BONDS
<br /> IN AN AMOUNT NOT TO EXCEED $14,300,000.00 BY THE INDUSTRIAL
<br /> DEVELOPMENT AUTHORITY OF THE CITY OF ALEXANDRIA, VIRGINIA, TO
<br /> FINANCE VARIOUS CONSTRUCTION PROJECTS BY THE YOUNG MEN'S
<br />"-CHRISTIAN ASSOCIATION OF SOUTH HAMPTON ROADS.
<br />
<br /> WHEREAS, the Industrial Development Authority of the City of
<br />Norfolk (the "Authority") was requested by the Young Men's Christian
<br />Association of South Hampton Roads (the "YMCA"), whose principal
<br />business address is 312 West Bute Street, Norfolk, Virginia 23510, to hold,
<br />on behalf of the Cities of Chesapeake, Norfolk, Portsmouth, Suffolk' and
<br />Virginia Beach, Virginia, a public hearing on the issuance by the'Industrial
<br />Development Authority of the City' of Alexandria (the "Alexandria
<br />Authority") of its revenue bonds in an amount not to exceed $14,300,000
<br />(the "Bonds"), pursuant to the industrial Development and Revenue Bond
<br />Act, Title 15.2,~Chapter 49 of the Code of Virginia of 1950, as amended; and
<br />
<br /> WHEREAS, the proceeds of the Bonds will be used to assist the
<br />YMCA in (i) financing (A) the cost of the acquisition, construction and
<br />equipping of a complete YMCA facility including but not limited to gym and
<br />fitness center, swimming pool, sauna and whirlpools, locker rooms and
<br />equipment for the foregoing, as well as parking areas, located on an 8 acre
<br />parcel on the west side of U.S. Route 13, ~i.5 miles south of the Four
<br />Corners Shopping Cent. er and across from Edwards Seafood Restaurant in
<br />
<br />
<br />
|