03/03/1999 Council Minutes - Laserfiche WebLink

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• • • CITY COUNCIL WORK SESSION DATE TIME STARTED TIME ENDED MEED MEMBERS ABSENT CITY OF LINO LAKES MINUTES • March 3,1999 5:37 p.m. 8:40 p.m. : Council Members Bergeson, Dahl, Neal, and Mayor Sullivan None MARCH 3, 1999 Lyden, Staff members present: Administration Director, Dan Tesch; City Engincer John Powell; Public Services Director, Rick DeGardner; Financial Analyst, aryl Stlander; Economic Development Assistant, Mary Alice Divine (part), Chief of ice, pave Pecchia; Community Development Director, Brian Wessel, andCle-Treasurer Marilyn Anderson The meeting adjourned at 5:37 for a closed session 10 dise�s Eminent Domain, 6998 Black Duck Drive. The meeting reconvened at 6:10 p:' YMCA UPDATE, MARY LICE DIVINE/JERRY SHANNON Brian reviewed thy; d timeline of the project. He noted that the YMCA is critical to Thee illage Daryl distrib°utda ancial analysis document outlining possible ways to fund the project He slated the project can be funded through the Area and Unit Fund. The City does have sources to repay the Area and Unit Fund without a negative impact on the City. Jerry Shannon, distributed a report with a financial analysis relating to the YMCA financing. He stated one option for financing is to provide a cash contribution of $500,000 from the Area and Unit Fund and $1,000,000 from Lease Revenue Bonds. A Lease Revenue Bond under one million dollars will not negatively impact the City's debt capacity. Jerry stated the City does have the capacity and authority to fund the project. He indicated he does not believe the project will negatively affect the City's bonding capacity and financial standing. The cash flow of the project will be up to the YMCA. He added that anymore financial assistance from the City could impact the tax rate negatively.