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572 <br /> <br />1988 <br /> <br />"AN ORDINANCE CLOSING A PORTION OF KAYTON AVENUE." <br /> <br />Ayes: Barnes, Corprew, Gray, Lucas, Simpson, <br /> williams, Webb <br />Nays: None <br /> <br /> 88-36 Letter from the City Mahager recommending adoption <br />of a resolution supporting the issuance of $2,800,000 in <br />Industrial Revenue Bonds for the benefit of the Young Men's <br />Christian Association. <br /> <br /> "On January 13, 1988. the Industrial Development Authority <br />of the City of Portsmouth held a public hearing and approved an <br />Industrial Revenue Bond Resolution in the amount of $2,800,000 <br />for the benefit of the Young Men's Christian Association <br />(YMCA). <br /> <br /> The YMCA will use the proceeds to construct and equip <br />their new facility on High Street West. The YMCA is a <br />nax-exempt institution and, therefore, under federal quidelines <br />this bond will not impact the City's bond allocation from the <br />State. <br /> <br /> The attached Resolution in support of this request <br />been prepared by the City Attorney and I recommend its <br />approval." <br /> <br />has <br /> <br /> On motion of Mr. Gray and seconded by Mr. Barnes, the <br />following resolution was adopted, and by the following vote: <br /> <br />"A RESOLUTION APPROVING THE ISSUANCE OF INDUSTRIAL <br />DEVELOPMENT REVENUE BONDS BY THE INDUSTRIAL DEVELOPMENT <br />AUTHORITY OF THE CITY OF PORTSMOUTH, VIRGINIA FOR THE <br />BENEFIT OF THE YOUNG MEN'S CHRISTIAN ASSOCIATION OF <br />PORTSMOUTH, VIRGINIA IN AN AMOUNT NOT TO EXCEED S2,800,000 <br />TO FINANCE A PORTION OF THE COST OF ACQUIRING, <br />CONSTRUCTING, AND EQUIPPING A YMCA HEALTH AND RECREATIONAL <br />FACILITY TO BE LOCATED IN THE 4900 BLOCK OF HIGH STREET <br />WEST IN THE CITY OF PORTSMOUTH, VIRGINIA. <br /> <br /> WHEREAS, the Industrial Development Authority of the City <br />of Portsmouth, Virginia (IDA) has been authorized to advertise <br />and hold public hearings relative to the issuance of Industrial <br />Development Revenue Bonds; and <br /> <br /> WHEREAS, the IDA has considered the application of the <br />Young Men's Christian Association of Portsmouth, Virginia, a <br />Virginia Corporation, which is exempt from Federal Income Tax <br />under [501 (c) (3) of the Internal Revenue Code with the <br />principal place of business at 527 High Street, Portsmouth, <br />Virginia, (the "Applicant"), for the issuance by IDA of <br />Industrial Development Revenue Bonds in an amount not to exceed <br />two million eight hundred thousand ($2,8000,000) dollars to <br />finance a portion of the cost of acquiring, constructing and <br />equipping a YMCA health and recreational facility to be located <br />in the 4900 block of High Street West, next to the property at <br />the northeast intersection of High Street and Cedar Lane in the <br />City of Portsmouth, Virginia (the "Facility"), and has held a <br />public hearing thereon on January 13, 1988; and <br /> <br /> <br />