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

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Second Draft • March 3, 2006 AMENDED AND RESTATED BUSINESS SUBSIDY AGREEMENT THIS AGREEMENT, made as of the day of CITY OF LINO LAKES (the "City ") and the YMCA OF GREATER SAINT PAUL ("YMCA") the RECITALS WHEREAS, under Minnesota Statutes, Sections 471.15 to 471.191 (the "Recreation Act "), the City is authorized to acquire, equip and maintain recreational facilities, and also to cooperate with a nonprofit organization in the operation of such a recreational program in any manner in which the parties mutually agree; and WHEREAS, in furtherance of a cooperative program under the Recreation Act the City and the YMCA have entered into that certain Development Agreement dated June 16, 2005, was amended and superseded by the Amended and Restated Development Agreement dated ' 2006 (the "Development Agreement "), which specifies the parties' anticipated responsibilities regarding the development and financing of a facility that includes a teen center, gym, indoor lap swimming pool, leisure style zero -depth pool, cardiovascular/strength area, aerobic studio, family program space, women's, men's and family locker room, and 1Kids Stuff childcare (the "Facility "); and • WHEREAS, the Facility will be constructed by the YMCA on land currently owned by the City, described in Exhibit A hereto (the "Site "); and WHEREAS, the Development Agreement contemplates, among other things, that the City will convey or lease the Site to the YMCA without cost to the YMCA, and further that the City will contribute 52,350,000 in funds toward construction of the Facility, which will include a zero -depth pool within the Facility, all subject to the terms of definitive agreements to be entered into by the parties; and WHEREAS, the City expects to finance its financial contribution through issuance of bonds (the "Abatement Bonds ") secured by property tax abatements under Minnesota Statutes Sections 469.1812 to 469.1815 (the "Abatement Act "); and WHEREAS, in connection with issuance of the Abatement Bonds, the Ci Resolution dated March 13, 2006 granting � has approved Abatement Act (the ``Abatement Resolution ") for certain property that is adjacent to and benefits from the Facility; and WHEREAS, the City also expects to finance additional costs of the Facilit y through issuance of qualified tax- exempt 501(c)(3) revenue bonds (the "Revenue Bonds "); and •