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WS -3 <br />WORK SESSION STAFF REPORT <br />Work Session Item No. 3 <br />Date: Council Work Session, Wednesday, June 22, 2005 <br />To: Mayor and City Council <br />From: Mary Divine <br />Re: YMCA Financing, Springsted, Inc. <br />At the Council meeting of June 27, 2005, Agenda Item 6C calls for the City <br />Council to consider calling for a public hearing for the establish of Tax Abatement <br />in the Legacy at Woods Edge project area, and providing a business subsidy for <br />the YMCA through tax abatement. The actual public hearing will take place on <br />Monday, July 25, 2005. <br />Springsted, Inc., the city's financial consultants, will be here to discuss the <br />mechanics of the use of tax abatement for the YMCA. Attached you will find a <br />memo from Terri Heaton of Springsted, debt schedules for both 15 and 20 year <br />abatements, and a calendar of the Tax Abatement process. <br />