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(Draft January 2002) Key Financial Strategies <br /> For Elk River <br /> <br />YMCA/ <br />Community <br />Center <br /> <br />The City and the YMCA are considering the construction <br />of facility that would contain fitness, recreation and <br />meeting uses. No programming or design for this facility <br />has been undertaken. <br /> <br />Timing <br /> <br />A timetable for the project has not been determined. <br />Financial feasibility for the City and the YMCA will be a <br />driving force. <br /> <br />Estimated Cost <br /> <br />Initial planning suggests that the City will contribute one- <br />third of the cost. The costs will become more clearly <br />defined as project planning continues. <br /> <br />Funding <br /> <br />Cash and bonds. <br /> <br />No specific funds are currently earmarked for community <br />center facilities. <br /> <br />The use of cash for the YMCA will create financial <br />implications for other facility projects. <br /> <br />Debt for this facility could come from voter-approved <br />general obligation bonds or lease revenue bonds. <br /> <br />Revenue to support the debt could come from property <br />taxes, landfill surcharge and liquor fund. It is likely that <br />the allocation of revenues to the YMCA/community center <br />will impact other projects. <br /> <br />Page <br /> 48 <br /> <br /> <br />