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AGENDA ITEM 2B <br />STAFF ORIGINATOR Al Rolek <br />MEETING DATE March 13, 2006 <br />TOPIC Public Hearing for and Consideration of Resolution 06 -50 Relating <br />to the Issuance of Revenue Notes for the Benefit of YMCA of <br />Greater Saint Paul <br />VOTE REQUIRED <br />Simple Majority <br />The YMCA, in partnership with the City for the proposed Lino Lakes YMCA, has made a request <br />to the City to issue tax exempt revenue notes to finance a portion of the project cost. The City <br />Council opened a public hearing at its February 27th meeting to consider this request, and <br />continued the hearing to this evening to take any additional public comment on the issuance of up <br />to $4,000,000 in tax - exempt revenue notes for the benefit of the YMCA. <br />Following the public hearing, the City Council is to consider Resolution 06 -50. Approval of the <br />resolution grants approval to the issuance of the revenue notes, authorizes and directs <br />submission of the proposal to the Department of Employment and Economic Development <br />( "DEED "), authorizes an intent to reimburse costs with revenue note proceeds under IRC section <br />1.150 -2, and calls for the YMCA to reimburse the City for costs incurred in connection with the <br />project and the issuance of the notes. <br />It is staff's recommendation that the City Council approve Resolution 06 -50 relating to the <br />issuance of revenue notes for the benefit of YMCA of Greater Saint Paul. <br />1. Adopt Resolution 06 -50. <br />2. Refer to Staff for further review. <br />3. Deny Resolution 6 -50. <br />Option 1 <br />