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I <br /> DATE /o/ , 3 <br /> IT 7-- ie <br /> I RESOLUTION <br /> WHEREAS, the Triangle Youth Hockey Association (the "Association") is a <br /> non-profit corporation created pursuant to Chapter 55A of the General Statues of <br /> North Carolina which has been in existence since 1981; and <br /> WHEREAS, the Association has proposed the development of a Triangle <br /> Community Activity Center (the "Activity Center") to be located at Meadowlands <br /> on Highway 70 Business, just east of Hillsborough; and <br /> WHEREAS, the Activity Center would include a full-size ice rink, an olympic <br /> size swimming pool (the "Pool"), and communal rooms and equipment to provide <br /> fitness classes and spaces for local clubs and organizations to meet; and <br /> WHEREAS, the Association has presented a business plan prepared by the <br /> North Carolina Small Business and Technology Development Center establishing <br /> that, based on the assumptions and projections set forth therein, such an Activity <br /> Center is economically viable; and <br /> WHEREAS, the Orange County B <br /> 9 y oard of Commissioners (the "Board") has <br /> established a reserve fund for the construction of a public swimming pool facility <br /> in the Hillsborough area as part of the County's 1992-1997 capital improvement <br /> plans; and <br /> WHEREAS, the Association has proposed the financing of the entire Activity <br /> Center through a financing pursuant to the provisions of Internal Revenue Service <br /> Revenue Proclamation 63-20, under which a non-profit corporation may, under the <br /> guidelines set forth therein, finance construction of a public facility through a tax- <br /> exempt financing; and <br /> WHEREAS, through the proposed "63-20" financing, the Association would <br /> be permitted to issue tax-exempt obligations to finance construction of the Center, <br /> including the Pool, which would result in the development of a public pool at a <br /> cost similar to the cost of public pool if the County were to finance and construct <br /> the Pool itself; and <br /> WHEREAS, the Board recognizes the public need for the Pool, is interested <br /> in agreements that will enable the Pool to be constructed and operated for the <br /> benefit of the public, and further, the County would agree to assist financially in <br /> enabling such a Pool to be constructed and operated. <br /> II <br /> 11 <br />