03/13/2006 Council Packet (2) - Laserfiche WebLink

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• • the City in an approximate amount of $3,500,000 (the "Revenue Notes ") and loaned to the YMCA. The proceeds of the City Bonds and the Revenue Notes shall be disbursed on a pro rata basis to finance the construction costs of the Facility. The YMCA commits financial development to secure funds to construct the facility. If a shortfall exists, the YMCA agrees to finance any shortfall under terms further described in Section D below; provided that the if the YMCA reasonably determines that more than $3.5 million in long -term debt will be required to finance construction costs, the parties will review the feasibility of the project and negotiate in good faith regarding alternative financing and /or design options. This City will also convey the Site to the YMCA at no cost, either as part of the financing arrangements described in Section D, or directly if the YMCA does not request City participation in such financing. If the Site is conveyed directly, title will be restricted to the same use restriction described in the second sentence of Section D.1. 3. The City will provide infrastructure (road, sanitary and storm sewer, water) to the property. The YMCA will be responsible for all costs associated with utility hook -up from the street to the facility. The YMCA will be solely responsible for all permit fees, SAC fees, and connection charges. 4. Any construction cost savings reflected when the YMCA's 2006 construction costs projections (including a contingency of not more than 7.5% of total construction costs) are compared to the final bids for construction accepted by the YMCA will be apportioned on a fifty -fifty basis to the City and the YMCA and will be utilized to decrease the City's commitment of financial support of $2,350,000 and the YMCA's commitment to obtain up to $3,500,000 in long -term debt financing. Any