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ilk Request for Action <br /> River <br /> To Item Number <br /> Economic Development Authority 6.2 _- <br /> Agenda Section Meeting Date Prepared by <br /> General Business August 18, 2014 Tim Simon, Finance Director <br /> Item Description Reviewed by <br /> A resolution establishing the 2015 referendum tax <br /> levy as approved by voters for a recreational facility <br /> to be leased to the YMCA Reviewed by <br /> Action Requested <br /> Approve by motion, a resolution establishing the 2015 referendum tax levy as approved by voters for a <br /> recreational facility to be leased to the YCMA. <br /> Background/Discussion <br /> Back 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). In 2013,The EDA issued cross over refunding bonds which will start showing <br /> interest savings in 2017. <br /> Here is how the calculation is made for the 2014 levy for taxes payable in 2015: <br /> Debt service amount—City portion $526,933 <br /> Grant write-down (250,000) <br /> Total 276,933 <br /> Levy (105%requirement) x 1.05 <br /> Total levy for taxes payable 2015 $290,779 <br /> Financial Impact <br /> 2014 levy for taxes payable in 2015 is $290,779. <br /> Attachments <br /> • A resolution establishing the 2015 referendum tax levy as approved by voters for a recreational <br /> facility to be leased to the YMCA. <br /> re-1 [ W 1 1 Template Updated 4/14 ATURE <br />