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<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 Minnesota 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 City Hall located within <br />Elk River, Minnesota, as depicted on Exhibit A. The EDA proposes to construct on <br />said Site an EDA owned building of approximately 51,000 square feet that is to be <br />no more than two stories in height and will include adequate parking for the <br />operation of the YMCA and outdoor spaces customary to other suburban YMCA's <br />to be leased to and operated by the YMCA (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 has been authorized to provide financing for the designing, constructing, <br />and equipping ofthe Building in an amount not to exceed $12 million. The YMCA <br />will make lease payments to the EDA in an amount equaling 1/3 of the annual cost <br />of the 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 gymnasium. <br /> <br />G. The YMCA will use memberships that entitle members to services as a part ofthe <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 and <br />benefits designed specifically for Elk River residents. <br /> <br />H. The YMCA will offer to the community who are not members, community events <br />and programs at a nominal cost as well as the ability to access fee based programs. <br /> <br />I. The YMCA shall be solely responsible for all programming at the YMCA unless a <br />program is directly sponsored and run by the City, and all building interior <br />maintenance, building exterior maintenance, grounds and parking maintenance, <br />and the operation of the Building, including all related staffing. <br /> <br />1 <br />