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• Assist in providing tax - exempt financing for YMCA's additional <br />construction costs not raised through contributions (financing structure to <br />be determined). <br />TAX IMPACT <br />The tax impact on Lino Lakes residents for the city's $1.5 million commitment <br />starts out at $20 per year on a $228,000 home, and declines over the 15 years <br />of the bonds. The total impact on the $228,000 home is approximately $230 over <br />15 years. However, if a Lino Lakes resident joins the YMCA, the savings on a <br />single membership is $5 per month. A resident would recoup the $230 cost in <br />less then four years. This savings will be greater if the resident signs up during <br />the initial period that joiner fees are free, and also greater for family <br />memberships. <br />SUMMARY <br />The community has been eagerly anticipating the construction of the YMCA for a <br />number of years. This agreement sets forth the primary understanding under <br />which the YMCA and City will proceed so that the YMCA can move forward with <br />final architectural design. The YMCA anticipates beginning construction this fall. <br />OPTIONS: <br />1. Adopt Resolution No. 05 -15 approving the development agreement with <br />the Chain of Lakes YMCA <br />2. Do not approve the development agreement. <br />3. Return to staff for further consideration <br />RECOMMENDATION: <br />Option 1 <br />