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• recommend the financing of the $1.5 million for the YMCA project through the <br />issuance of G.O. Tax Abatement Bonds. <br />Providing a tax abatement to cover the costs associated with the city's <br />partnership with the YMCA, and the provision of land to the YMCA, is considered <br />a business subsidy under the Minnesota Business Subsidy Act. The city council <br />updated its Business Subsidy Criteria in 2003. The goals and objectives in <br />granting business subsidies include projects consistent with the Comprehensive <br />Plan, ones that meet a public purpose, (in this case providing access to a high <br />quality recreational facility to city residents) and stimulate increases in taxable <br />market value and increases in employment. <br />After closing the public hearing, the city council will consider two resolutions. The <br />first resolution approves the use of tax abatement for the YMCA facility. The <br />second resolution approves a business subsidy to the YMCA and outlines the <br />public purposes of the subsidy to further the city's recreational programs. The <br />goals that must be met by the YMCA include completion of the facility by April 1, <br />2007, meeting the use covenants for the residents of Lino Lakes, and <br />maintaining a teen center. <br />OPTIONS: <br />• 1. Open the public hearing <br />2. Continue the public hearing <br />RECOMMENDATION: <br />Option 1 <br />• <br />