Agenda - Council - 12/08/1998 - Laserfiche WebLink

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I I I I I I I I I I ! I I I I I I I CASE # ISSUANCE OF GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 1999A By: Cindy Sherman, Community Development Director Background: The City has entered into a joint powers agreement with the Anoka County Housing and Redevelopment Authority for the construction and operation of a senior housing project to be known as Savannah Oaks of Ramsey. At the November 24, 1998 City Council meeting the City authorized the sale of $3,000,000 in bonds by the Anoka Co. HRA. This is the second part of financing the project and includes the issuance of $1,I95,000 of General Obligation Tax Increment Bonds by the City. Springsted Incorporated (Springsted) as the City's financial advisor has requested that the Council establish the date and time of receiving bids and to establish the terms and conditions of the offering. Observations: The bond sale is consistent with the financing that has been proposed during the overall Senior Housing development process. Recommendation: Staff recommends that the Council establish the bid date for the bonds as January 12, 1998 at 11:00 a.m. and that the terms and conditions of the offering be as outlined in the recommendations in the report fi.om Springsted dated December 2, 1998. Council Action: ~ Motion to establish a bid date and time of Januaryll3,' 199.?at, fi 1:00 a.m. for the issuance of terms as $1,195,000 General Obligation Tax Increment Bonds~gA with the outlined in the Springsted report and to adopt resolution # 98-12- Review Checklist: City Administrator Finance Officer CC: 12/8/98 g:\users\cindy\bond.doc q/