Council votes to liquidate SKB Trust
Money from the SKB Trust Fund could help build a YMCA in Rosemount or another big community project. The city council voted Tuesday night to liquidate the $1.5 million fund and put it in the city’s Capital Improvement Fund to be used when a project is chosen.
City administrator Dwight Johnson said the time is right to aggregate the fund for a larger use that will benefit the community for years to come. Specifically, Johnson said a YMCA facility would be a strong contender.
Up to this point, the SKB Trust has given the funds out in small increments to organizations in the community. Specifically, trust fund money was used to purchase the land for the Robert Trail Library. It also has covered costs to construct several athletic fields, provided street lighting among other projects. According to the SKB website other beneficiaries include Boy Scouts of America, the Dakota County Health Department, Alternative Learning Center, Meals on Wheels and area youth athletics.
While the money has helped the community in a number of ways, Johnson said using the money for a large project is more in tune with the spirit of the original agreement. The most prominent project on the horizon that has potential, Johnson said is a possible YMCA. The SKB Trust Fund money could help the city bring the resources forward to make the project a reality, Johnson said.
In November, Johnson said the group of interested parties looked at tentative site plans and the possibility arose that the facility might be better situated west of Akron Avenue and south of County Road 42. Johnson said the YMCA has started discussions with UMore LCC to see if land could be made available.
Liquidating the trust fund also required approval from the SKB Trust Board and SKB Environmental. The trust board approved the liquidation at their Dec. 16, 2013 meeting. Johnson said the company has approved of the move as well.
Council member Mark DeBettignies asked that the money be segregated from the rest of the capital funds so that it’s clear what the money is for.
The city council’s decision will start the process to liquidating the trust. Johnson said process will take several months.