03/13/2006 Council Packet - Laserfiche WebLink

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WS -2 • 10% resident discount for the Fall Fun Run • The YMCA will provide an initial period of 90 days from the grand opening of the building to join the YMCA with all joiner fees being waived. The source of revenue that will be allocated for the city's additional $850,000 commitment will be tax abatement from the Tax Abatement District in Legacy at Woods Edge. Based on developer assumptions of anticipated values and phasing of the part of Woods Edge that is within the Tax Abatement District, a 15 -year abatement will generate in the range of $2,406,845. The capacity is available to meet an obligation of $2,350,000. Benefits to consider by building the full YMCA facility now rather than later: • The city has a community center valued at approximately $8.2 million for a capital investment of $2.35 million. • The city has no long term operations and maintenance costs • The YMCA is a catalyst for further development within Legacy at Woods Edge. • The benefits received for the city's contribution benefit the entire community, not just members. The YMCA has provided opportunities for families, children, teens and seniors. • The YMCA has a community oriented mission to ensure that all people, regardless of income, have access to the facility through sliding scale memberships for lower income families.