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1.08. While the Facility will be operated in part as a cooperative effort with the City <br />under the Recreation Act, the City has determined that it's contribution of land and City funds to <br />the YMCA constitutes a business subsidy within the meaning of Minnesota Statutes, Section <br />116J.993 to 116J.995 (the "Business Subsidy Act "). <br />1.09. The City has determined that amounts paid from proceeds of the Revenue Bonds <br />do not consitute a business subsidy, under Section 116J.993, Subd. 3(14) of the Business Subsidy <br />Act. <br />1.10. The City and the YMCA previously entered into a Business Subsidy Agreement, <br />dated July 28, 3005, which memorialized the financial agreements between City and the YMCA <br />regarding the Facility in accordance with the Business Subsidy Act. <br />1.11. The City and the YMCA have determined to further negotiate the financial <br />agreements between them regarding the Facility in part through an Amended and Restated <br />Business Subsidy Agreement, to be dated on or after March 1, 2006 (the "Subsidy Agreement ") <br />in accordance with the Business Subsidy Act. The Subsidy Agreement amends and supersedes <br />the Business Subsidy Agreement, dated July 28, 2005, between the City and the YMCA. <br />1.12. On this date, the City Council held a duly notice public hearing regarding the <br />Subsidy Agreement. <br />Section 2. City Approval; Further Proceedings. <br />2.01. The Subsidy Agreement as presented to the Council is hereby in all respects <br />approved, subject to modifications that do not alter the substance of the transaction and that are <br />approved by the Mayor and City Administrator, provided that execution of the documents by such <br />officials shall be conclusive evidence of approval. <br />2.02. The Mayor and City Administrator are hereby authorized to execute on behalf of the <br />City the Subsidy Agreement and any documents referenced therein requiring execution by the City, <br />and to carry out, on behalf of the City its obligations thereunder. <br />Approved by the City Council of the City of Lino Lakes, innesota this 13th day of March, <br />►' . .1 III <br />200.6. <br />ATTEST: <br />onnell, Acting Mayor <br />