The Forest Lake City Council voted 3-2 today to approve the development agreement and bond sale for the city's share of a $13 million YMCA facility to be built just west of the Hardwood Creek Library on Forest Road North. As has been the case throughout the YMCA approval process over the last couple of months, Mayor Chris Johnson and Councilwomen Molly Bonnett and Susan Young voted in favor of the motions, and Councilmen Ben Winnick and Michael Freer voted against.

Before the vote, several residents spoke out in favor or against the public expenditure (including one North Branch resident who asked the YMCA to consider coming to her city, instead), which also included land donation to the nonprofit organization. Thanks to some favorable bond offers, the city was able to approve a sale of about $8.9 million in bonds instead of the originally planned $9.17 million. Bond sale advisers estimate that the adjusted sale would save the city about $400,000 in debt service over the full term of the repayment period, even without the city refinancing or paying off the bonds early.

  
Load comments