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

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• • • 1.08. While the Facility will be operated in part as a cooperative effort with the City under the Recreation Act, the City has determined that it's contribution of land and City funds to the YMCA constitutes a business subsidy within the meaning of Minnesota Statutes, Section 116J.993 to 116J.995 (the "Business Subsidy Act "). 1.09. The City has determined that amounts paid from proceeds of the Revenue Bonds do not consitute a business subsidy, under Section 116J.993, Subd. 3(14) of the Business Subsidy Act. 1.10. The City and the YMCA previously entered into a Business Subsidy Agreement, dated July 28, 3005, which memorialized the financial agreements between City and the YMCA regarding the Facility in accordance with the Business Subsidy Act. 1.11. The City and the YMCA have determined to further negotiate the financial agreements between them regarding the Facility in part through an Amended and Restated Business Subsidy Agreement, to be dated on or after March 1, 2006 (the "Subsidy Agreement ") in accordance with the Business Subsidy Act. The Subsidy Agreement amends and supersedes the Business Subsidy Agreement, dated July 28, 2005, between the City and the YMCA. 1.12. On this date, the City Council held a duly notice public hearing regarding the Subsidy Agreement. Section 2. City Approval• Further Proceedings. 2.01. The Subsidy Agreement as presented to the Council is hereby in all respects approved, subject to modifications that do not alter the substance of the transaction and that are approved by the Mayor and City Administrator, provided that execution of the documents by such officials shall be conclusive evidence of approval. 2.02. The Mayor and City Administrator are hereby authorized to execute on behalf of the City the Subsidy Agreement and any documents referenced therein requiring execution by the City, and to carry out, on behalf of the City its obligations thereunder. Approved by the City Council of the City of Lino Lakes, Minnesota this 13th day of March, 2005. ATTEST: City Clerk Mayor