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December 20, 1994
<br />
<br />555
<br />
<br /> . At a Cai!ed:Meeting °f. the City Council held on Tuesday,
<br />December 20, 1994~,~there Were present:
<br />
<br /> Vice Mayor Johnny M. Clemons, Bernard D. Griffin, Sr.,
<br />James C. Hawks, James T. Martin, C~uneron C. Pitts, P. Ward
<br />Robinett, Jr., V. Wayne Orton, City Manager, Stuart E. Katz,
<br />City Attorney.
<br />
<br />94-503 - The following call for the meeting was read:
<br />
<br /> "Please attend a Called Meeting of the City Council to be
<br />held in the City Council Chamber, 6th floor of City Hall, 801
<br />Crawford Street, at 3:00 p.m., Tuesday, December 20, 1994, for
<br />the purpose of discussion and consideration of a resolution
<br />expressing approval of an IDA bond for the YMCA facility at 4900
<br />High Street.
<br />
<br /> In addition, you may consider a motion to go into an
<br />Executive Session.
<br />
<br />By order of the Mayor."
<br />
<br />94-504 Letter from the City Manager recommending adoption of a
<br />resolution expressing the approval of the Council of the City of
<br />Portsmouth, Virginia, of the exercise by the Industrial
<br />Development Authority of the City of Portsmouth, Virginia, of
<br />powers conferred on it by the Industrial Development and Revenue
<br />Bond Act, Chapter 33, Title 15.1, Code of Virginia of 1950, as
<br />amended, in connection with the issuance of the Authority's
<br />$600,000 Industrial Development Revenue Bond (YMCA Project)
<br />series 1994 to finance certain capital improvements for the
<br />benefit of the Young Men's Christian Association of Portsmouth,
<br />Virginia, a Virginia nonstock corporation, at the YMCA facility
<br />located at 4900 High Street West, Portsmouth, Virginia.
<br />
<br /> "On December 20, 1994, the Industrial Development Authority
<br />of the City of Portsmouth held a public hearing on the financing
<br />of an Industrial Revenue Bond in the amount of Six Hundred
<br />Thousand Dollars ($600,000) for the benefit of the YMCA of
<br />Portsmouth, VA (the company). The purpose of the financing is
<br />to construct a 3,700 square foot addition, a new floor for
<br />aerobic activities at the existing facility, and the provision
<br />of working capital in an amount not to exceed $40,000.
<br />
<br /> No one appeared at the hearing to purpose the proposed
<br />financing. The financing will have no impact on our ability to
<br />issue bonds in Portsmouth for other eligible uses.
<br />
<br /> The attached resolution was prepared by the bond counsel
<br />and was unanimously approved at the public hearing of the
<br />Industrial Development Authority on December 20, 1994 at 8:00
<br />
<br /> Your adoption of the attached resolution at our 3:00 p.m.
<br />meeting is necessary to indicate your approval. The Industrial
<br />Development Authority recommends you adopt this attached
<br />resolution. I concur with the IDA's recommendation.
<br />
<br /> Also attached to this letter is a copy of the Fiscal Impact
<br />Statement required by Virginia Law."
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