05/22/2006 Council Packet - Laserfiche WebLink

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• • • Extract of Minutes of Meeting of the City Council of the City of Lino Lakes, Anoka County, Minnesota Pursuant to due call and notice thereof a regular meeting of the City Council of the City of Lino Lakes, Anoka County, Minnesota, was held at the City Hall in the City on Monday, May 22, 2006, commencing at 6:30 P.M. The following members of the Council were present: and the following were absent: * ** The following written resolution was presented by Member who moved its adoption the reading of which had been dispensed with by unanimous consent: RESOLUTION NO. 06 -85 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF APPROXIMATELY $2,710,000 GENERAL OBLIGATION TAX ABATEMENT BONDS, SERIES 2006A BE IT RESOLVED By the City Council of the City of Lino Lakes, Anoka County, Minnesota (the "City ") as follows: 1. In furtherance of a cooperative program under Minnesota Statutes, Sections 471.15 to 471.191 (the "Recreation Act "), the City and the YMCA of Greater St. Paul ( "YMCA ") have entered into an agreement titled Amended and Restated Development Agreement, to be dated March 13, 2006 (the "Development Agreement "). The Development Agreement describes the parties' respective responsibilities in the construction and operation of an approximately 45,000 square foot recreational facility in the City (the "Facility ") to be located on property within a larger development known as the Legacy at Woods Edge. Under the Development Agreement, the City has agreed, among other things, to contribute funds toward construction of the Facility (the "Project ").