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GENERAL MANAGER <br />Tex Ward <br />TO: <br />FROM: <br />CONEJO RECREATION PARK �S�gICT <br />Board of Directors <br />Tex Ward, General Manager <br />BOARD OF DIRECTORS <br />Michael D. Berger, Chair <br />Joe Gibson, Vice Chair <br />Mark H. Jacobson, Director <br />George M. Lange, Director <br />Susan L. Holt, Director <br />SUBJECT: Proposal to Advance Funds to the Southeast Ventura County <br />YMCA to Facilitate the Covering of the Aquatics Facility at the <br />Miller Brothers YMCA in Dos Vientos Ranch <br />DATE: September 1, 2005 <br />The YMCA will soon undertake construction of a pool in conjunction with their <br />new facility in Dos Vientos Ranch. Funds have been raised to build the basic <br />facility; however, they are insufficient to erect a cover for the pool. An enclosed <br />pool would be a highly desirable feature for extended use and community <br />programming. Accordingly, the District and the YMCA now have an opportunity <br />to provide that amenity. <br />Taking a chapter from our association with the YMCA in the past, discussions <br />have been held with the President, relative to an arrangement similar to that <br />crafted in 1992. As you may recall, an agreement was reached wherein the <br />District advanced $300,000 to the Conejo YMCA to accelerate the construction <br />of the aquatics/hydrotherapy pool. The terms provided that funds would be <br />repaid over 48 months, and that in lieu of the interest equivalent to 10 percent of <br />the loan, the District would be entitled to pool use at a negotiated rate. The rate, <br />which was reflective of operating costs, was then applied to the "interest" value. <br />In this case, it is proposed that the Board consider entering into a similar <br />agreement with the following fundamental terms: <br />Loan: $550,000 <br />Term: No longer than five years from date funds are advanced <br />payable in five equal annual installments. <br />Interest calculation: Track with actual pooled investment earnings estimated to <br />be $55,000. <br />Consideration: Guarantee of pool use by the District at mutually agreed <br />rate, currently estimated at $45.00 per hour <br />HILLCREST CENTER • 403 WEST HILLCREST DRIVE • THOUSAND OAKS, CALIFORNIA 91360-4223 <br />(805) 495-6471 • FAX: (805) 497-3199 • E-MAIL: parks@crpd.org • www.crpd.org <br />