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2005-158 Council Resolution
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2005-158 Council Resolution
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9/12/2014 2:32:59 PM
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9/12/2014 1:46:09 PM
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City Council
Council Document Type
Master List Resolution
Meeting Date
10/24/2005
Council Meeting Type
Regular
Resolution #
05-158
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• <br />• <br />• <br />AGENDA ITEM 1C <br />STAFF ORIGINATOR Al Rolek <br />MEETING DATE October 24, 2005 <br />TOPIC Consider Resolution 05 -158 Calling a Public Hearing <br />Regarding the Issuance of Revenue Notes For The Benefit <br />Of YMCA <br />VOTE REQUIRED <br />GROUND. <br />Simple Majority <br />The City of Lino Lakes is involved in a partnership with the YMCA of Greater St. Paul for the <br />construction of a YMCA facility in the Legacy at Woods Edge development. The YMCA has made <br />a request to the City to issue tax exempt financing of a portion of the project cost. <br />Minnesota Statutes, Sections 469.152 to 469.165, authorizes the City to issue tax exempt <br />revenue bonds or notes to finance, in whole or in part, the costs of the acquisition, construction, <br />reconstruction, improvement, betterment, or extension of a project constituting any properties, <br />real or personal, used or useful in connection with a revenue producing enterprise, whether or <br />not operated for profit. <br />The YMCA of Greater Saint Paul has proposed that the City issue tax - exempt revenue Notes or <br />obligations in one or more series in the approximate principal amount not to exceed $3,000,000 <br />and loan the proceeds of the Notes to the Borrower to finance the construction and equipping of <br />an approximately 37,000 square feet recreational facility. The YMCA has made application for <br />such financing in accordance with the City's Tax - Exempt Financing Policy and has submitted <br />the appropriate application fee. The YMCA has requested the waiver of the 1% administrative <br />fee outlined in the policy in consideration of the City -YMCA partnership. <br />Pursuant to Minnesota Statutes, Section 469.154, subdivision 4 and Section 147(f) of the <br />Internal Revenue Code of 1986, as amended, prior to undertaking the financing of the Project, <br />the City is required to conduct a public hearing with respect to the proposed financing of the <br />Project. Resolution 05 -158 calls for the City Council to meet at 6:30 p.m. on Monday, <br />November 28, 2005, to conduct a public hearing on the Project and issuance of the Notes as <br />requested by the YMCA. <br />It is staff's recommendation that the City Council approve Resolution 05 -158 setting a public <br />hearing on the Project and issuance of the Notes requested by the YMCA. <br />1. Adopt Resolution 05 -158. <br />2. Refer to Staff for further review. <br />3. Deny Resolution 05 -158. <br />Option 1 <br />A -3 <br />
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