07/25/2005 Council Packet - Laserfiche WebLink

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CITY OF LINO LAKES, MINNESOTA RESOLUTION NO. 05 -104 RESOLUTION APPROVING PROPERTY TAX ABATEMENT RELATED TO YMCA FACILITY BE IT RESOLVED by the City Council (the "Council ") of the City of Lino Lakes, Minnesota (the "City ") as follows: Section 1. Recitals. 1.01. Under Minnesota Statutes, Sections 471.15 to 471.191 (the "Recreation Act "), the City of Lino Lakes (the "City ") is authorized to acquire, equip and maintain recreational facilities, and also to cooperate with a nonprofit organization in the operation of such a recreational program in any manner in which the parties mutually agree; and 1.02. In furtherance of a cooperative program under the Recreation Act, the City and the YMCA of Greater St. Paul ( "YMCA ") have entered into an agreement titled YMCA /City of Lino Lakes Development Agreement dated June 16, 2005 (the "Development Agreement "). The Development Agreement describes the parties' respective responsibilities in the construction and operation of a recreational facility in the City (the "Facility ") to be located on property (the "Site ", as legally described in the Development Agreement) within a larger development known as the "Legacy at Woods Edge;" and 1.03. Under the Development Agreement, the City has agreed, among other things, to contribute $1,500,000 toward construction of the Facility; and 1.04. Under Minn. Stat. Sections 469.1812 through 469.1815 (the "Abatement Act "), the City is authorized to grant a property tax abatement on specified parcels in order to accomplish certain public purposes, including situations where the abatement will provide employment opportunities in the City, provide or help acquire or construct public facilities, help provide access to services for City residents, or finance or provide public infrastructure; and 1.05. The City is also authorized under the Abatement Act to issue bonds to pay for public improvements that benefit the property that is the source of the abatement; and 1.06. The City has determined that the Facility will help serve the City's recreational programs under the Recreation Act, and that it will provide access to recreational services for both future residents of the Legacy at Woods Edge development and residents in the City as a whole. 1.07. The City has identified certain property located near the Site and within the Legacy at Woods Edge development, described in Exhibit a hereto (the "Abatement Parcels "), from which the City proposes to collect a portion of the City's share of taxes and pledge those revenues to pay principal and interest on bonds to be issued by the City in a maximum principal amount of $1,700,000 (the "Abatement Bonds "). SJB- 247359v1 GR220 -63 -25-