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4. If the YMCA enters into an agreement with another city in which membership <br />discounts are established, the rates in this agreement may be adjusted so that they are <br />no higher than rates provided other cities. <br />5. Lino Lakes residents will be subject to the same rules, regulations, conditions and <br />limitations of use as all regular YMCA members. <br />D. PROPERTY RIGHTS; OTHER FINANCING <br />The City currently owns the approximately 6.7 acre site on which the facility will be <br />constructed. The City will assist in providing tax - exempt financing for construction costs <br />above the amounts provided by the City and from YMCA equity (through contributions). <br />Such financing will be accomplished through issuance by the City of qualified 501(c)(3) <br />revenue bonds, under a structure to be agreed upon the parties. That structure may <br />include one of the following: <br />1. Lease revenue bonds (under which the City owns the facility and leases it <br />to the YMCA, using lease payments to secure the bonds). In this structure, the City <br />would transfer marketable title to the land to the YMCA without additional cost when the <br />bonds have been fully paid (either at maturity or earlier if the YMCA exercises its option <br />to purchase and pre -pays the bonds). The land will be subject to a continuing restriction <br />providing that title reverts to the City if the YMCA sells the land and building to a <br />private, for - profit corporation, becomes insolvent or bankrupt, or no longer operates the <br />facility as a YMCA recreational facility. <br />SJB- 259390v1 <br />LN 140 -90 <br />4 <br />-42- <br />