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<br />YMCA Update and Ballot Language <br />July 10, 2006 <br /> <br />Page 2 of 2 <br /> <br />Finally, attached is the proposed ballot language. City Clerk Joan Schmidt has been working with Bond <br />Counsel Mary Ippel toreflne the language. You will note that it does include a statement at the bottom <br />indicating that voting yes for this will increase your property taxes. This is a required statement. <br />Additionally, there is language stating that the YMCA is proposing to pay for one-third of the cost of this <br />project. <br /> <br />Financial Impact <br /> <br />Tax increase to fund two-thirds of construction cost, two-thirds of ongoing capital improvements, and <br />energy effIciency and recycled product costs. <br /> <br />Attachments <br />· Memo from Peter Beck. <br />· Memo from City Clerk Joan Schmidt including ballot question ~esolution. <br /> <br />Action Requested <br />Provide comments on proposed agreement and issues. <br />Determine maximum bond amount to be issued. <br />Provide direction on placing ballot question on September 12, 2006, primary election. <br /> <br />Council Action <br /> <br />Motion by _ <br /> <br />Second by _ <br /> <br />Vote <br /> <br />Follow Up <br /> <br />s: \Council\Lori\2006\ YMCA Legal revised.doc <br />