08/02/1999 Park Board Packet - Laserfiche WebLink

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CITY COUNCIL WORK SESSION MARCH 3, 1999 n CITY OF LINO LAKES MINUTES DATE : March 3, 1„999 TIME STARTED 5:37 p.m. TIME°ENDED : 8:40 p.m. MEMBERS PRESENT : Council,Members Bergeson,Dahl, Lyden, Neal, and Mayor Sullivan' MEMBERS ABSENT None Staff members present: Administration Director, Dan Tesch; City En ohn Powell; Public Services Director, Rick DeGardner; Financial Anal, _ aryl sander; Economic Development Assistant, Mary Alice Divine (part), Chief of Police Rave Pecchia; Community Development Director, Brian Wessel,auk Gl -Tr er Marilyn Anderson `s The meeting adjourned at 5:37 for a closed sessionlQ di Eminent Domain, 6998 Black Duck Drive. The meeting reconvened at 6:10 p:xi y YMCA UPDATE,MARY ALIC E D NEMERRY SHANNON Y Brian reviewed c Noun d timeline of the project. He noted that the YMCA is critical to illa evelopment. Daryl distri J a ancial analysis document outlining possible ways to fund the project. He ed the project can be funded through the Area and Unit Fund. The City does have sources to repay the Area and Unit Fund without a negative impact on the City. Jerry Shannon, distributed a report with a financial analysis relating to the YMCA financing. He stated one option for financing is to provide a cash contribution of $500,000 from the Area and Unit Fund and $1,000,000 from Lease Revenue Bonds. A Lease Revenue Bond under one million dollars will not negatively impact the City's debt capacity. Jerry stated the City does have the capacity and authority to fund the project. He indicated he does not believe the project will negatively affect the City's bonding capacity and financial standing. The cash flow of the project will be up to the YMCA. He added that anymore financial assistance from the City could impact the tax rate negatively. 1