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<br />use Sherburne County Landfill Legacy Grant funds to expand the gymnasium would not increase the <br />amount of debt issued. Further, the agreement requires the YMCA to pay one third of the debt service <br />on the bonds issued. However, the City is ultimately responsible for the payment of all of the debt if the <br />YMCA does not make its payments. <br /> <br />The YMCA staff has reviewed and is in agreement with the MOU as attached. The YMCA will officially <br />act on the MOU at its December 15 board meeting. After the City, EDA, and YMCA have officially <br />approved the MOU, a lease will be drafted for approval by the City, EDA, and YMCA. <br /> <br />Attachments <br />. Draft Memorandum of Understanding dated 12/05/06 <br /> <br />Action Requested <br />EDA: <br />The EDA is asked to consider the attached Memorandum of Understanding between the YMCA, the <br />City of Elk River, and the Elk River Economic Development Authority. <br /> <br />City Council: <br />The City Council is asked to consider the attached Memorandum of Understanding between the YMCA, <br />the City of Elk River, and the Elk River Economic Development Authority. <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 MOD 12 11 06.doc <br />