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AGENDA ITEM 2A <br />• STAFF ORIGINATOR Al Rolek <br />MEETING DATE November 28, 2005 <br />TOPIC Public Hearing for and Consideration of Resolution 05 -183 <br />Relating to the Issuance of Revenue Notes for the Benefit of <br />YMCA of Greater Saint Paul <br />• <br />• <br />VOTE REQUIRED <br />BACKGROUND <br />Simple Majority <br />The City of Lino Lakes is involved in a partnership with the YMCA of Greater St. Paul for the <br />construction of a YMCA facility in the Legacy at Woods Edge development. The YMCA has made <br />a request to the City to issue tax exempt revenue notes to finance a portion of the project cost. <br />The City Council set a public hearing for this evening to take public comment on the issuance of <br />up to $3,000,000 in tax - exempt revenue notes for the benefit of the YMCA. <br />Following the public hearing, the City Council is to consider Resolution 05 -183. Approval of the <br />resolution grants preliminary approval to the issuance of the revenue notes, authorizes and directs <br />submission of the proposal to the Department of Employment and Economic Development <br />( "DEED "), authorizes an intent to reimburse costs with revenue note proceeds under IRC section <br />1.150 -2, and calls for the YMCA to reimburse the City for costs incurred in connection with the <br />project and the issuance of the notes. <br />The approval of Resolution 05 -183 continues the process for the issuance of the revenue notes <br />and a dosing on the financing in late December of this year. Final approval for the issuance is <br />scheduled for the December 12, 2005, City Council meeting. <br />It is staff's recommendation that the City Council approve Resolution 05 -183 Relating to the <br />Issuance of Revenue Notes for the Benefit of YMCA of Greater Saint Paul. <br />OPTIONS <br />1. Adopt Resolution 05 -183. <br />2. Refer to Staff for further review. <br />3. Deny Resolution 05 -183. <br />RECOMMENDATION <br />Option 1 <br />A -3 <br />- 1 8 - <br />