Andover is making it easier for the local YMCA to pay for a new expansion by issuing conduit bonds.
The YMCA of the Greater Twin Cities is looking to expand its Andover location and is borrowing $6.65 million from PNC Bank via conduit bonds issued by the city Nov. 6.
“The note, when issued, will not constitute a charge or a lien or an encumbrance of any kind to the city or to any property in the city,” City Administrator James Dickinson said.
The expansion will be paid for by the YMCA but will be owned by the city and leased by the organization.
The YMCA will add a new gym and a new Kids Stuff place (a room for kids to stay while parents participate in the YMCA) and more space for the upper fitness area. The current Kids Stuff will be remodeled into a multipurpose youth space to be used for childcare, arts and humanities programs and birthday parties, and a new studio will be added.
Renovations also are planned for the YMCA’s lobby to improve the atmosphere.
“We’re really looking at how we can open that and make it feel more welcoming so people can relax and commune with other members and friends,” Amanda Novak, the senior director for new development, said.