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Cit of <br /> ,� Request for Action <br /> River <br /> To Item Number <br /> Economic Development Authority 6.3 <br /> Agenda Section Meeting Date Prepared by <br /> General Business August 21,2017 Lori Ziemer, Finance Director <br /> Item Description Reviewed by <br /> A Resolution Establishing the 2018 Referendum Amanda Othoudt,EDD <br /> Tax Levy as Approved by Voters for a Recreational Reviewed by <br /> Facility to be Leased to the YMCA Cal Portner, City Administrator <br /> Action Requested <br /> Approve,by motion,a resolution establishing the 2018 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 million for the construction of a recreational facility <br /> to be leased to the YCMA. In 2013, the EDA issued$9,685,000 cross-over refunding bonds to redeem <br /> the Series 2007 Bonds on February 1,2017,which will start showing interest savings in 2017. <br /> As part of the lease agreement, the city levies two-thirds of the bond payments and the YMCA pays the <br /> remaining one-third. In addition,the city received a$2 million grant from Sherburne County which was <br /> used to write-down the debt service payments over the past nine levies and was completed in 2016. <br /> Here is how the calculation is made for the 2017 levy for taxes payable in 2018: <br /> Debt service amount—city portion $487,025 <br /> Levy (105%requirement) x 1.05 <br /> Total levy for taxes payable 2018 $511,376 <br /> Financial Impact <br /> 2017 levy for taxes payable in 2018 is$511,376. <br /> Attachments <br /> • Resolution <br /> NATURE <br />