2006-034 Council Resolution - Laserfiche WebLink

Home Search

• • • STAFF ORIGINATOR: CITY COUNCIL MEETING DATE: TOPIC: AGENDA ITEM 2A Mary Alice Divine March 13, 2006 Continuation of Public Hearing Regarding Tax Abatement in Connection with the YMCA i. Consideration of Resolution No. 06 -34, Approving an Amended and Restated Development Agreement between the City of Lino Lakes and the YMCA of Greater Saint Paul ii. Consideration of Resolution No. 06 -40, Approving a Tax Abatement Related to the YMCA Facility iii. Consideration of Resolution No. 06 -49 Approving an amended and restated Business Subsidy Agreement between the City of Lino Lakes and YMCA of Greater Saint Paul VOTE REQUIRED: Simple Majority BACKGROUND: A public hearing was opened on February 27, 2006 regarding consideration by the City Council to provide additional tax abatement to the YMCA for the inclusion of a zero -depth leisure pool in the first phase of construction. The hearing was continued to complete negotiations regarding the City's and the YMCA's financial commitments and the YMCA's Residential Use Covenants. Attached are amended agreements that supersede the original development agreement and business subsidy agreement with the YMCA that were approved on June 16, 2006. The amended agreement under consideration outlines the following: • The City's commitment of an additional $850,000 in tax abatement to the YMCA, for a total abatement of $2.35 million for the construction and development of an expanded YMCA facility. • The YMCA provides $3.5 million in debt financing for the construction and development of the expanded facility. • The City of Lino Lakes will eliminate the original request of a 5 -year, 10% discount on monthly membership fees. • In turn, the YMCA will provide certain benefits for Lino Lakes residents that include: 1. A Community Pass will be included in each Lino Lakes City Newsletter (4x per year) for a period of five years. This pass will allow an individual or family one