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CASE # / <br /> <br />RAMSEY'S REDEVELOPMENT PLAN FOR FIRE STATION PROJECT <br /> By: City Administrator James E. Norman <br /> <br />Background: <br /> <br />The Economic Development Authority of the City of Ramsey is being asked to issue bonds for the <br />construction of Fire Station #2. The type of bonds to be issued are known as lease revenue bonds, <br />as the EDA acts as a lessor to the City of Ramsey, the lessee. The Economic Development <br />Authority will be listed as the bond issuer, with the bond proceeds to be used for the construction of <br />Fire Station #2. The Authority will act on behalf of the City of Ramsey, and be the sole issuer. <br />This process does not require obtaining a public referendum for the City of Ramsey to construct the <br />fire station. The City will include the annual principal and interest payments as a special levy to be <br />certified to the following year's property taxes. <br /> <br />The Economic Development Authority approved a reimbursement resolution at its meeting on <br />October 4, 1999. The purpose of the resolution was to allow the EDA to be reimbursed for any' <br />costs that are incurred prior to the bonds being issued. The EDA met again on October 13, 1999, <br />adopting a resolution to approve the redevelopment plan and the budget for the Fire Station #2 <br />project. <br /> <br />The Planning Commission approved the Redevelopment Plan at its meeting on October 19, 1999. <br />The purpose of the resolution was to allow the Planning Commission to review the Redevelopment <br />Plan for the Fire Station project to determine the consistency of the Plan with the Comprehensive <br />Plan of the City. <br /> <br />A letter of explanation fi.om Mary Ippel of Briggs and Morgan, the City's Bond Counsel, explains <br />the Redevelopment Plan process. This plan is directly related to the Fire Station only, and should <br />not be confused with the Redevelopment Study being done with Hoisington Koegler Group, Inc. <br /> <br />Attached for your review please fred: <br /> <br />a) <br />b) <br />c) <br />d) <br /> <br />Letter Dated October 8, 1999 fi.om Briggs & Morgan. <br />Ramsey Redevelopment Plan for Fire Station Project <br />Timeline <br />Resolution for your consideration <br /> <br />Recommendation: <br /> <br />To adopt Ramsey's Redevelopment Plan and budget for Fire Station Project and adopt <br />Redevelopment area. <br /> <br /> <br />