1. MIDA bond application-YMCA - Laserfiche WebLink

RESOLUTION RELATING TO A PROJECT UNDER THE MUNICIPAL INDUSTRIAL DEVELOPMENT ACT, GIVING THE PROJECT PRELIMINARY APPROVAL, SUBJECT TO A PUBLIC HEARING (FARGO-MOORHEAD FAMILY YMCA PROJECT) BE IT RESOLVED by the Board of County Commissioners of Cass County, North Dakota (the "County"), as follows: Section 1. Policy and Purpose. 1.01. For the purpose of promotion, attraction, encouragement, and development of economically sound commerce, preserving and developing a tax base adequate to finance necessary public services, and encouraging employment opportunities for the citizens of the County, the County is authorized by Chapter 40-57, North Dakota Century Code ("N.D.C.C."), to issue revenue bonds of the County to provide financing for the acquisition and construction of revenue producing facilities. 1.02. Fargo-Moorhead Family YMCA, Inc., a North Dakota nonprofit corporation, (the "Company") has requested the County to issue its Community Improvement Revenue Bonds (Fargo- Moorhead Family YMCA Project) Series 2002 (the "Bonds") in the amount not to exceed $3,800,000 for the purposes of(i) financing the renovation of the child care facilities located at 400 1st Avenue S, Fargo, (ii) refinancing certain indebtedness incurred to construct and equip the child care facilities, locker rooms and weight training facilities located at 4243 19th Avenue SW, Fargo, and (iii) refinancing certain indebtedness incurred to construct and equip the fitness center located at 400 1~t Avenue S., Fargo (the "Project"). Section 2. Approval and Authorization. 2.01. Subject to the holding of a public hearing according to law and subject to the mutual agreement of the County, the Company, and the purchaser of the Bonds as to the details of the Bonds, the lease agreement, and other documents necessary to evidence and effect the financing of the Project, the issuance of the Bonds of the County, in one or more series, in an amount not to exceed $3,800,000, is hereby approved. 2.02. Neither this preliminary commitment nor any actions, agreements, or legal matters related hereto or executed in pursuance hereof, shall in any manner or form create an indebtedness or liability of the County. The passage of this Resolution does not finally commit the County to issue and deliver the Bonds. -1-