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• <br />AGENDA ITEM 61 <br />STAFF ORIGINATOR: Mary Alice Divine <br />DATE: February 13, 2006 <br />TOPIC: Consideration of Resolution No. 06 -27 Calling for a <br />Public Hearing Regarding Tax Abatement in <br />Connection with the YMCA Project <br />Vote Required: Simple Majority <br />BACKGROUND: <br />The City Council entered into a development agreement with the YMCA of <br />Greater St. Paul in June 2005 to provide $1.5 million toward construction of the <br />Rice Creek Chain of Lakes YMCA in Lino Lakes. In July 2005 the city council <br />approved an abatement of property taxes on certain parcels within the Legacy at <br />Woods Edge development as the tool for financing the city's contribution. <br />Because the provision of financial assistance to the YMCA constitutes a <br />business subsidy, the city also entered into a Business Subsidy Agreement with <br />the YMCA in July 2005. <br />Since that time the city, considering a leisure pool as a benefit to the recreational <br />services the YMCA could provide to residents, reviewed options with the YMCA <br />for construction of the pool within the first phase of construction. Included in <br />those options is consideration of providing additional tax abatement in an <br />amount up to $850,000. <br />State Statutes require a public hearing regarding an amendment to an <br />abatement agreement and business subsidy agreement. This resolution calls for <br />the public hearing to be set at 6:30 p.m. on Monday, February 27, 2006. <br />OPTIONS: <br />1. Approve Resolution No. 06 -27 Calling for a Public Hearing Regarding Tax <br />Abatement in Connection with the YMCA Project. <br />2. Deny Resolution No. 06 -27 <br />3. Return to staff for further consideration. <br />RECOMMENDATION: <br />Option 1 <br />