Agenda - 08-04-1993 - VII-B - Laserfiche WebLink

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RESOLUTION WHEREAS, the Triangle Youth Hockey Association (the "Association") is a non-profit corporation created pursuant to Chapter 55A of the General Statues of North Carolina which has been in existence since 1981 ; and WHEREAS, the Association has proposed the development of a Triangle Community Activity Center (the "Activity Center") to be located at Meadowlands on Highway 70 Business, just east of Hillsborough; and WHEREAS, the Activity Center would include a full-size ice rink, an olympic size swimming pool (the "Pool"), and communal rooms and equipment to provide fitness classes and spaces for local clubs and organizations to meet; and WHEREAS, the Association has presented a business plan prepared by the North Carolina Small Business and Technology Development Center establishing that, based on the assumptions and projections set forth therein, such an Activity Center is economically viable; and WHEREAS, the Orange County Board of Commissioners (the "Board") has established a reserve fund for the construction of a public swimming pool facility in the Hillsborough area as part of the County's 1992-1997 capital improvement plans; and WHEREAS, the Association has proposed the financing of the entire Activity Center through a financing pursuant to the provisions of Internal Revenue Service Revenue Proclamation 63-20, under which a non-profit corporation may, under the guidelines set forth therein, finance construction of a public facility through a tax- exempt financing; and WHEREAS, through the proposed "63-20" financing, the Association would be permitted to issue tax-exempt obligations to finance construction of the Center, including the Pool, which would result in the development of a public pool at a cost similar to the cost of public pool if the County were to finance and construct the Pool itself; and WHEREAS, the Board recognizes the public need for the Pool, is interested in agreements that will enable the Pool to be constructed and operated for the benefit of the public, and further, the County would agree to assist financially in enabling such a Pool to be constructed and operated.