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�� Request for Action <br /> Elk - <br /> River <br /> To Item Number <br /> Economic Development Authori 7.6 <br /> Agenda Section Meeting Date Prepared by <br /> General Business August 17, 2020 Amanda Othoudt,EDD <br /> Item Description Reviewed by <br /> Resolution Establishing the 2021 Referendum Tax Lori Ziemer,Finance Director <br /> 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 2020 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 $12 million in bonds for the construction of a recreational facility to be leased <br /> to the YCMA. In 2013, the EDA issued $9,685,000 crossover refunding bonds to redeem the Series 2007 <br /> Bonds on February 1, 2017,which started 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. <br /> Here is how the calculation is made for the 2020 levy for taxes payable in 2021: <br /> Debt service amount—city portion $489,292 <br /> Levy (105% requirement) x 1.05 <br /> Total levy for taxes payable 2021 $513,757 <br /> Financial Impact <br /> 2020 levy for taxes payable in 2021 is $513,757. <br /> Attachments <br /> ■ Resolution <br /> The Elk River Vision <br /> A Y�elcoming community nvith revolutionary and spirited resourcefulness, exceptional P U W E H E o s r <br /> service, and community engagement that encourages and inspires prosperity ,g /` UR <br />