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CONSIDER FINANCING FOR <br />RAMSEY TOWN CENTER REGIONAL IMPROVEMENTS <br />By: James E. Norman, City Administrator <br /> <br />Background: <br /> <br />One of the isstles remaining from the completion of the Development Agreement with Ramsey <br />Town Center, LLC was the responsible parties to pay for the regional improvements surrounding <br />the Town Center project. Staff has been in discussions with Anoka County since the summer of <br />2002 and recer~tly received the first proposed draft of a Joint Powers Agreement (JPA) with <br />Anoka County (attached). The draft JPA does not include the amount the County will participate <br />iii the regional improvements. <br /> <br />Staff' has also been in contact with representatives from the County's financial consultant group <br />of Oppenheimer & Company Inc. and has discussed the possibility of using General Obligation <br />Variable Rate Demand Bonding for the project. Staff would like to discuss this concept with the <br />Finance Committee to begin explaining this process and how it could work. Ralph McGinley of <br />Oppcnheimer would be on hand to provide information on the financing concept. <br /> <br />Committee Action: <br /> <br />No action necessary, this item is for information only. <br /> <br />Reviewed by: <br /> <br />City Administrator <br />Finance Officer <br /> <br />FC: 02/24/04 <br /> <br /> <br />