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RESOLUTION 9694 RESOLUTION SUPPORTING THE AUTHORITY TO IMPOSE A LOCAL SALES TAX TO FUND SPECIFIC CAPITAL IMPROVEMENTS PROVIDING REGIONAL BENEFIT, TO ESTABLISH THE DURATION OF THE TAX AND THE REVENUE TO BE RAISED BY THE TAX, AND TO AUTHORIZE THE CITY TO ISSUE BONDS SUPPORTED BY THE SALES TAX REVENUE WHEREAS, the City of Mounds View has engaged community residents and businesses regarding a regional youth/amateur sports & recreation expansion to our existing community center to be funded by local sales tax: Regional Youth/Amateur Sports and Recreation Venue: This project involves the construction of 72,000 additional square feet to the city's existing Community Center. The additional space includes three gymnasiums, supporting locker rooms, fitness center, indoor play area, as well as meeting/office space and concession area. The total cost of $33,000,000 includes planning, design, additional storm water and parking infrastructure, building construction and related costs. WHEREAS, the projects will result in benefits to both the residents and businesses of the City of Mounds View and to non-resident visitors and businesses and documentation of the regional significance of each project, including the share of the economic benefit to or use of each project by persons residing, or businesses located, outside of the jurisdiction are set forth in the Case Report prepared for this resolution and are incorporated herein by reference; and, WHEREAS, the project is estimated to cost approximately $33,000,000; of which the city is seeking $16.5 million from the State of Minnesota (bonding) and, WHEREAS, the city estimates that a local sales tax of 1.5 (One and one-half) percent would generate approximately $24 million over 20 years which is sufficient to cover the project costs plus interest and other associated debt costs; and, WHEREAS, funding the project with a local sales tax will most closely distribute the cost borne by Mounds View taxpayers for supporting the Mounds View business community; and WHEREAS, Minn. Stat. § 297A.99 authorizes the imposition of a general sales tax if permitted by special law of the Minnesota Legislature; and WHEREAS, the City of Mounds View agrees to comply with Minn. Stat. § 297A.99 relating to the process of enacting, implementing, and collecting the local tax; and WHEREAS, Minn. Stat. § 297A.99 requires the city to pass a resolution authorizing such a local tax and to obtain Legislative approval prior to approval by the local voters to enact the local tax.