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April 14, 2015
<br />
<br />Staff Recommends:
<br />
<br />
<br /> Adoption of the ordinance.Vision Principle: Neighborhoods and a Sense of
<br />Community.
<br />
<br />Next Steps Following Council Action:
<br />
<br /> The full implementation of the National Recreation and Park Association (NRPA)
<br />Out-of-School Time Programs grant period is April 2014 to April 2015.
<br />
<br />Motion by Mr. Moody, and seconded by Dr. Edmonds, to adopt the following
<br />ordinance, and was adopted by the following vote:
<br />
<br />“ORDINANCE ACCEPTING AN OUT-OF-SCHOOL TIME PROGRAMS GRANT IN
<br />THE AMOUNT OF $10,000 FROM THE NATIONAL RECREATION AND PARK
<br />ASSOCIATION AND APPROPRIATING SAID FUNDS IN THE FY 2014-15 GRANTS
<br />FUND TO BE USED FOR PROGRAMS TO FEED LOW INCOME COMMUNITY
<br />CHILDREN DURING OUT-OF-SCHOOL TIMES.”
<br />
<br />Ayes: Cherry, Edmonds, Meeks, Moody, Psimas, Whitaker, Wright
<br />Nays: None
<br />
<br />15 - 154 - Adoption of a resolution approving the issuance of not-to-exceed
<br />$2,450,000 tax exempt Portsmouth Port and Industrial Commission Bank
<br />Qualified Revenue Bonds (YMCA of Portsmouth Project), Series 2015.
<br />Vision
<br />
<br />Principle: A Robust Economy for Working Men and Women.
<br />
<br />Background:
<br />
<br /> PPIC was created pursuant to Chapter 157 of the Acts of Assembly in 1954 to
<br />foster and stimulate commerce and the development of industry in Portsmouth.
<br />
<br /> PPIC believes that financing and refinancing non-profit recreational facilities and
<br />amenities to assure the continued availability of same is essential to creating and
<br />preserving a community and quality of life conducive to maintaining industry in, and
<br />attracting industry to, the City.
<br />
<br /> Section 25 of the Act empowers PPIC to issue revenue bonds to pay all or any
<br />part of the cost of “facilities” for a 501(c)(3) by assisting in the acquisition, construction,
<br />equipping, expansion, enlargement, improvement, financing, and refinancing of such
<br />facilities.
<br />
<br /> YMCA of Portsmouth desires to refinance or finance 1) the Industrial
<br />Development Authority of the Town of Mount Jackson, Virginia Bank Qualified Revenue
<br />Bond, Series 2005B, which financed a portion of the cost of A) a 10,000 square foot
<br />children’s and teens’ activity center, B) aerobics and group exercise rooms, C) a
<br />swimming pool, and D) furniture, fixtures and equipment for the YMCA’s facility at 4900
<br />High Street West, 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
<br />amount of which is expected not to exceed $450,000 at their refinancing, 3) not to
<br />exceed $300,000 in new a) cardiovascular exercise equipment, b) dehumidification
<br />equipment for the pool room, c) HVAC equipment for the gym, c) resurfaced floor and
<br />walls of the swimming pool, e) carpeting and locker room fixtures and equipment, and f)
<br />a new roof, all to be located 4900 High Street West.
<br />
<br />Discussion:
<br />
<br /> PPIC met on March 24, 2015 and adopted a resolution approving the issuance of
<br />the Bonds.
<br />
<br />
<br /> PPIC recommends that City Council approve the issuance of the Bonds.
<br />
<br />Financial Impact
<br />
<br /> The bonds will not create a debt or pledge of the faith and credit of the City of
<br />Portsmouth or PPIC, and will not be payable from local tax revenue.
<br />
<br /> The PPIC will receive $2,500-$3,000 annually in administrative fees in
<br />conjunction with its issuance of the bonds.
<br />
<br />Recommended Action:
<br />
<br /> Adoption of the resolution. Vision Principle: A Robust Economic for Working Men
<br />and Women.
<br />
<br />
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