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

Home Search

• 11. The Chain of Lakes YMCA will offer City residents a discount of 10% on fees for participation in the Fall Fun Run. This discount will be available to City residents regardless of whether they are members of the YMCA. 12. Lino Lakes residents will be subject to the same rules, regulations, conditions and limitations of use as all regular YMCA members. D. PROPERTY RIGHTS • OTHER FINANCING The City currently owns the approximately 6.7 acre Site on which the facility will b y be constructed. The City will assist in providing tax- exempt financing for construction costs above the amounts provided by the City and from YMCA equity (through contributions). Such financing will be accomplished through issuance by the City of qualified tax - exempt 501(c)(3) revenue bonds, under a structure to be agreed upon the parties. That structure will be based on the following: Conduit bonds (under which the City loans the bond proceeds to the YMCA, using loan repayments to secure the bonds). In this stricture, the City would transfer marketable title to the Site upon or before issuance of the bonds, at no cost. The Site will be subject to a continuing restriction for thirty p ears providing ovidinb that title reverts to the City if the YMCA sells the land and building to a private, for - profit corporation, becomes insolvent or bankrupt, or no longer operates the facility as a YMCA recreational facility. Further, the parties understand that the financing stricture may include a combination of short-term bonds (to finance a portion of the YMCA contributions expected to aid from m pledged donations) and long -teini bonds (to finance the remainder of construction costs), 6 -109-