Agenda - Council - 02/28/1995 - Laserfiche WebLink

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I iI I I I I I I ! I I I CASE PROVID~ FOR THE ISSUANCE AND SALE OF $2,600,000 GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 1995A By: Jessie Hart, Finance Officer Background: During the past year the City has been actively involved in the establishment of long term development plats as they relate to the development and improvement of the commercial and industrial areas o~' the City. The following is a list of projects and activities that we have been working on and have been discussed as candidates for a bond sale: BUsiness Assistance Programs: ~ Parabody : Listul Industries i Anoka-Ramsey Sports Center ~ Ramsey Athletic Club , AEC Facilities Sunfish Square : Detail Tool : Wendell's ~ Three Pending Development Agreements De~,elopment of the Industrial Area [land acquisitions and utility extensions] ;~ Spohn Property !Eggum Property ?Groves Property '~Airport Property Rat~n~ sey Business Park - Phases II and III Public Improvements: iSunwood Drive ~AEC Utility Extension iHighway 10 Redevelopment iGeneral Water and Sewer Improvements [wells, water towers, lift stations] !McKinley Street Uranium Street During this process, the City has acquired significant amounts of property, utilizing tax increments, and hits also anticipated that at a point in time it would be necessary to sell a tax increment supportq, d bond. At this time it is advisable that we proceed with a non-taxable issue in the amount of $2,600,000 to cover the City's anticipated costs on the following projects: Pu~ic Improvements [street, watermains, sanitary, sewer, storm sewer]: ~AEC Utility Extension* Uranium Street McKinley Street Sunwood Drive* * Bond proceeds represent only a portion of anticipated revenues. [see attached schedule of project costs]