2006-049 Council Resolution - Laserfiche WebLink

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• • CITY OF LINO LAKES RESOLUTION NO. 06 -49 RESOLUTION APPROVING AN AMENDED AND RESTATED BUSINESS SUBSIDY AGREEMENT BETWEEN THE CITY OF LINO LAKES AND YMCA OF GREATER SAINT PAUL BE IT RESOLVED By the City Council ( "Council ") of the City of Lino Lakes, Minnesota ( "City ") as follows: Section 1. Recitals. 1.01. Under Minnesota Statutes, Sections 471.15 to 471.191 (the "Recreation Act "), 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. 1.02. In furtherance of a cooperative program under the Recreation Act the City and the YMCA have entered into a certain Development Agreement, dated June 16, 2005, which will be amended and superseded by the Amended and Restated Development Agreement, to be dated on or after March 1, 2006 (the "Development Agreement "), which specifies the parties' anticipated responsibilities regarding the development and financing of a facility that includes a teen center, gym, indoor lap swimming pool, leisure style zero -depth pool, cardiovascular /strength training area, aerobic studio, family program space, women's, men's and family locker rooms, and Kids Stuff childcare (the "Facility "). 1.03. The Facility will be constructed by the YMCA on land currently owned by the City (the "Site "). 1.04. The Development Agreement contemplates, among other things, that the City will convey or lease the Site to the YMCA without cost to the YMCA, and further that the City will contribute $2,350,000 in funds toward construction of the Facility, which includes a zero -depth pool, all subject to the terms of definitive agreements to be entered into by the parties. 1.05. The City expects to finance its financial contribution through issuance of bonds (the "Abatement Bonds ") secured by property tax abatements under Minnesota Statutes, Sections 469.1812 to 469.1815 (the "Abatement Act "). 1.06. In connection with issuance of the Abatement Bonds, the City also intends to approve a resolution granting a property tax abatement under the Abatement Act (the "Abatement Resolution ") for certain property that is adjacent to and benefits from the Facility. 1.07. The City also expects to finance additional costs of the Facility through issuance of qualified tax - exempt 501(c)(3) revenue bonds (the "Revenue Bonds ").