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Commission approves tax-exempt loan extension for Fargo YMCA facility; county has no obligation
Summary
The commission approved a bond/loan modification to extend tax-exempt, bank-qualified status for financing of a family wellness facility in Fargo; county acted as a conduit and staff said the county holds no financial obligation.
The Cass County Commission approved a resolution authorizing a bond and loan modification for the YMCA of Cass and Clay counties that preserves the project’s tax-exempt, bank-qualified status.
A representative for the YMCA told the commission the action is a routine extension of a matured loan and is a pass-through conduit arrangement that imposes no obligation on the county. The financing supports a family wellness facility in Fargo; details were included in a memorandum distributed to commissioners.
The commission opened and closed a public hearing after receiving no public comment and voted to approve the modification. Commissioners recorded their approval on the roll call; the recording shows affirmative votes by Commissioners Breitling, Bettle, Grinberg, Capitan and Flacco.
Staff and the YMCA representative emphasized the county’s role is administrative for the bank-qualified tax-exempt status and that the county is not liable on the underlying loan.
The motion carried and commissioners directed no further action beyond the required public hearing and resolution adoption.
