The Monroe County Economic Development Commission (EDC) today approved a resolution (EDC Agenda YMCA Bond 2012-04-02) supporting the issuance of revenue bonds to finance renovations at the Monroe County YMCA at 2125 S Highland in Bloomington. The EDC resolved that the project consists of “economic development facilities” to promote the “health, safety, morals and general welfare of the citizens of the County.” The project will provide jobs during the construction, and provide a quality of life amenity for the residents of the County at no cost to the taxpayers.
The following is the description of the project from the resolution:
The proceeds of the Bonds will be used by the Borrower, at its 2125 South Highland, Bloomington, Indiana location, to replace the current small pool and both hot tubs with a new multi-use family/therapy pool and hot tub. The scope of the Project will include the demolition of the current small pool, hot tubs and mechanical room space. The Borrower will then construct the new aquatic facilities in a space that will be approximately 9,000 square feet and house the new pool, hot tub and mechanical room. All necessary equipment such as plumbing, HV AC and mechanical equipment will be included in the Project. In addition to the new pool and hot tub, the Borrower will be replacing the HV AC unit that currently services its main pool area. The new unit will provide air conditioning, heating and dehumidification. The Project also includes all costs of issuance with respect to the Bonds and any reimbursements to the Borrower for expenses incurred on the Project prior to the issuance of the Bonds.
The bond will raise up to $2.75M. As a revenue bond, it is backed only by the revenues that the project itself will generate (i.e. revenues from membership fees at the YMCA), and does not obligate the County or the City at all. However, the statute that enables this type of revenue bond requires approval from the County Economic Development Commission (EDC), the Bloomington City Council, and the Monroe County Council. Primarily, these bodies are certifying that the project will not have an anticompetitive effect on the local marketplace.
The Bloomington City Council will consider the bond on Wednesday, April 4, 2012. The Monroe County Council will vote on the bond on Tuesday, April 10, 2012.