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<br />3~ \1\~o~ <br /> <br />DRAFT <br />MEMORANDUM OF UNDERSTANDING <br /> <br />This Memorandum of Understanding (this "Memorandum") is made as of the _ day of <br />,2006, by and between The Young Men's Christian Association of Metropolitan <br />Minneapolis, a Milmesota corporation ("YMCA") the City of Elk River ("City") and the <br />Economic Development Authority in and for the City of Elk River ("EDA"). <br /> <br />RECITALS <br /> <br />A. The City owns certain real property (the "Site") adjacent to Lake Orono located <br />within Elk River, Minnesota. The EDA proposes to construct on said Site an EDA <br />owned building of approximately 51,000 square feet for the operation of a YMCA <br />(the "Building"). <br /> <br />B. The EDA is interested in entering into a lease (the "Lease") with the YMCA, <br />whereby the YMCA will design and the EDA will construct the Building, which <br />will then be leased by the EDA to YMCA for the operation of a YMCA. <br /> <br />C. The City will remain the owner of the land. <br /> <br />D. The EDA, with approval of the City for a Referendum, will provide financing for <br />the Building in an amount not to exceed S12 million. The YMCA will make lease <br />payments to the EDA in an amount equaling 1/3 ofthe annual cost ofthe financing. <br /> <br />E. The YMCA and the EDA will cause the design and construction ofthe Building to <br />incorporate reasonable architectural appeal, quality building materials, and durable <br />finishes that comply with City standards. <br /> <br />F. The YMCA will operate the Building using standard YMCA designed curriculum, <br />practices and guidelines designed for youth, adults, and seniors associated with an <br />aquatics center, fitness center, kids adventure zone, and gymnasiums. <br /> <br />G. The YMCA will use memberships that entitle members to services as a part of the <br />membership fee and access to additional programs on a fee basis. The YMCA will <br />offer a package of services and programs similar to other suburban YMCAs. The <br />YMCA will also provide Elk River residents benefits such as a one-time waiver of <br />up to S79 of membership joining fee, periodic family events at a nominal cost and <br />four guest passes per household per year. <br /> <br />H. The YMCA will offer to the community who are not members, fee-based <br />programming such as, but not limited to: senior programs, youth development <br />programs such as day/resident camping, swimming lessons, Youth and <br />Government, teen nights, NYPUM. <br /> <br />1. The YMCA shall be solely responsible for all programming at the YMCA, and all <br />interior and exterior maintenance and operation of the Building, including all <br />related staffing. <br /> <br />1 <br />