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<br />J. The YMCA will have a volunteer board made of community members and leaders. <br /> <br />K. This Memorandum is dependent on the City, the EDA and the YMCA determining <br />that it is feasible to financially meet the programming needs of both entities and <br />provide cash flow adequate to operate, staff, maintain and make capital <br />improvenlents to the Building, and to provide the services and programs intended. <br /> <br />NOW, THEREFORE, ill C011sideration of the foregoing recitals, the parties hereto agree as <br />follows: <br /> <br />I. TIle EDA and the YMCA will enter into a Lease pllrsuant to which the YMCA will desigt1 <br />alld the EDA will construct an approximately 51,000 square foot Building which will be <br />leased to the YMCA for tIle operation of a YMCA in accordance with the following terms <br />alld conditiollS: <br /> <br />A. Design and Construction. The YMCA and tIle EDA will cause the design and <br />construction of the Building to incorporate reasonable architectural appeal, quality <br />building materials, and durable finishes that comply with City standards. <br /> <br />B. Programming. The YMCA will operate the Building using standard YMCA <br />designed curriculum, practices and guidelines designed for youth, adults, and <br />seniors associated with an aquatics center, fitness center, kids adventure zone, and <br />gymnasiums. The YMCA will use nlemberships that entitle members to ser\rices as <br />a part of the membership fee alld access to additional programs on a fee basis. The <br />YMCA will offer a package of services and programs similar to other suburban <br />YMCAs. The YMCA will also provide Elk River residents benefits such as a <br />one-time waiver of up to $79 ofmembersIlip joining fee, periodic family events at a <br />110minal cost and four guest passes per household per year. The YMCA will offer <br />to the conmlullity who are not members, fee-based programming SllCh as, but not <br />limited to: senior progranls, youth development programs such as day/resident <br />camping, swimmillg lessons, Youth and Government, teen nights, NYPUM. The <br />YMCA shall be solely responsible for all programming at the YMCA, and all <br />interior and exterior nlaintellance and operatioll of the Building, including all <br />related staffing. The YMCA will have a volunteer board made of community <br />menlbers and leaders. <br /> <br />C. Lease Term. The initial term of the Lease sllall be 30 years froIll the date of <br />COll1ll1ellCement of the Lease. At the expiration of the initial term, the lease shall <br />remain in effect unless and until terminated by either party as provided below. <br /> <br />D. Lease Payments. The YMCA will make lease payments to the EDA in an amount <br />equal to the amount required to amortize one-third (1/3) of the total amount <br />financed by the EDA. Once the EDA's debt on the Building has been repaid in full, <br />the lease payments shall be $_ per year. <br /> <br />E. Managelne11t and Operation. The YMCA will assume all management and <br />financial responsibility of operating and maintaining the YMCA, including related <br />staffing. The YMCA will collect all membership fees and program fees and pay all <br /> <br />2 <br />