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1 <br />APPROVED <br />CITY OF LINO LAKES <br />ECONOMIC DEVELOPMENT <br />ADVISORY COMMITTEE <br />MINUTES <br />DATE:Thursday,February 9,2006 <br />MEMBERS <br />PRESENT:J. Milbauer,J. Schwartz, B. Combs, K. Corson,K. Hansmann, J. Helgemoe, <br />T. Vacha, S. Rymer <br />MEMBERS <br />ABSENT:J. Kuschke <br />OTHERS <br />PRESENT:M. Divine <br />GENERAL/MINUTES <br />Minutes of January 5, 2006 were not complete for approval. <br />ACTION ITEMS <br />YMCA Financing <br />Ms. Divine reported that the YMCA is planning to build this year. They are concerned that any <br />further fundraising efforts won’t keep pace with the rising costs of construction. The Y has <br />received site plan approval from Planning & Zoning and City Council. However, there has been <br />a general disappointment in the 37,000 sq. ft. facility they are proposing. It is considerably <br />smaller than what was planned, does not include a leisure pool or regulation sized gym, and the <br />exterior of the facility does not have the architectural character that meets standards of the <br />Legacy development. The leisure pool is approximately $1.3 million . Mr. Rymer said it’s <br />unfortunate, because the leisure pool is the regional draw. <br />Council asked staff to consider some options to build the larger facility. Staff and financial <br />counsel has worked with the Y and came up with an optional plan. <br />Ms. Divine reviewed the history of the Y, including the original purpose to use the city <br />contribution as a draw for other development. The agreement with the Y was the city would <br />contribute the land and the infrastructure, plus $1.5 million in cash for construction.The city has <br />been relieved of the obligation of the infrastructure costs, which was fully assessed to the Legacy <br />development.In return for the city contribution, the residents would receive 5 years of a 10% <br />discount on monthly memberships, plus other benefits. <br />A new proposal that the council will be considering drops that discount, which allows the Y to <br />finance an additional $1 million. Also the city would contribute up to an additional $850,000 in <br />tax abatement.The tax abatement district has the capaci ty to support the additional subsidy.This <br />would ensure the construction of the leisure pool.Mr. Milbauer noted they are still fundraising <br />and the Y hopes not to need the entire $850,000 additional contribution.