2005-087 Council Resolution - Laserfiche WebLink

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• • • CITY OF LINO LAKES RESOLUTION NO. 05-87 RESOLUTION CALLING A PUBLIC HEARING REGARDING TAX ABATEMENT IN CONNECTION WITH YMCA PROJECT WHEREAS, under Minnesota Statutes, Sections 471.15 to 471.191 (the "Recreation Act "), the City of Lino Lakes (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 of Greater St. Paul ( "YMCA ") have entered into an agreement titled YMCA/City of Lino Lakes Development Agreement dated June 22, 2005 (the "Development Agreement "). The Development Agreement describes the parties' respective responsibilities in the construction and operation of an approximately 50,000 square foot recreational facility in the City (the "Facility ") to be located within a larger development known as the "Legacy at Woods Edge;" and WHEREAS, under the Development Agreement, the City has agreed, among other things, to contribute $1,500,000 toward construction of the Facility; and WHEREAS, under Minn. Stat. Sections 469.1812 through 469.1815 (the "Abatement Act "), the City is authorized to grant a property tax abatement on specified parcels in order to accomplish certain public purposes, including situations where the abatement will provide employment opportunities in the City, provide or help acquire or construct public facilities, help provide access to services for City residents, or finance or provide public infrastructure; and WHEREAS, the City is also authorized under the Abatement Act to issue bonds to pay for public improvements that benefit the property that is the source of the abatement; and WHEREAS, the City has determined that the Facility will help serve the City's recreational programs under the Recreation Act, and that it will provide access to recreational services for both future residents of the Legacy at Woods Edge development and residents in the City as a whole; and WHEREAS, the City proposes to approve an abatement of property taxes on certain identified parcels within the Legacy at Woods Edge development that will benefit from the Facility, and to pledge those abatements towards bonds (the "Abatement Bonds ") to be issued in order to finance assistance to the YMCA in accordance with the Development Agreement; and WHEREAS, the provision of such assistance also constitutes a "business subsidy" to the YMCA within the meaning of Minnesota Statutes, Sections 116J.993 to 116J.995 (the "Business Subsidy Act "); and WHEREAS, the City proposes to enter into a business subsidy agreement with the YMCA regarding the City's fmancial assistance through issuance of the Abatement Bonds, under which the YMCA must meet certain goals; and SJB- 264291v1 LN140 -90 -92-