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Elk REQUEST FOR ACTION <br /> River <br /> To Item Number <br /> Economic Development Authori 6. <br /> Agenda Section Meeting Date Prepared by <br /> August 19, 2013 Tim Simon, Finance Director <br /> Item Description Reviewed by <br /> A resolution establishing the 2014 referendum tax levy as <br /> approved by voters for a recreational facility to be leased to the Reviewed by <br /> YMCA <br /> Action Requested <br /> Approval of a resolution establishing the 2014 referendum tax levy as approved by voters for a <br /> recreational facility to be leased to the YCMA. <br /> Background/Discussion <br /> In 2007, the EDA issued bonds in the amount of$12,000,000 for the construction of a recreational <br /> facility to be leased to the YCMA. As part of the lease agreement the city levies two-thirds of the bond <br /> payments and the YMCA pays the remaining one-third. In addition, the City received a $2,000,000 grant <br /> from Sherburne County which is used to write-down the debt service payments for the City over 8 years <br /> ($250,000 per year). <br /> Here is how the calculation is made for the 2013 levy for taxes payable in 2014: <br /> Debt service amount—City portion $501,024 <br /> Grant write-down (250,000) <br /> Total 251,024 <br /> Levy (105%requirement) x 1.05 <br /> Total levy for taxes payable 2014 $263,575 <br /> Financial Impact <br /> 2013 levy for taxes payable in 2014 is $263,575. <br /> Attachments <br /> A resolution establishing the 2014 referendum tax levy as approved by voters for a recreational facility to <br /> be leased to the YMCA. <br /> Action Motion by _ Second by Vote <br /> Follow Up <br /> N:\Departments\Community Development\Economic Development\lEDA\EDA to move\Agenda\Year2013\8-19-2013\x 6 sr 2014 YMCA <br /> levy.doc <br />