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Do <br /> <br />The municipal center wili be leased to the City under a lease with <br />option to purchase agreement. <br /> <br />Financing Plan <br /> <br />1. Project Budget <br /> <br />Attached hereto as Exhibit B is a budget which details estimated <br />development costs associated ,with :Constructing and equipping the <br />municipal center as currently contemplated. The items of cost and <br />the costs thereof shown in the .budget are estimated to be necessary <br />based upon information noW, available. It is anticipated that the- <br />items of cost and the costs thereof shown in each category.in the <br />budget may decrease or increase, but that the total project cost will <br />not exceed the amount shown above. <br /> <br />2. Source of Funds andiSecurity <br /> <br />The City is entering into the lease with option to purchase <br />agreement with the EDA pUrsuant to Minnesota Statutes, Section <br />465.71. The lease With option tO purchase agreement is payable <br />from general sources includ~g taXes, and its payment is not <br />limited to a specifie fund or .SPecific source of revenues. Sources <br />of funds for any other public improvements include rates and <br />charges, assessments and other available funds_of the EDA or City. <br /> <br />3. Bond Issue Details <br /> <br />The EDA will issue approximately $19,200,000 in public project <br />revenue bonds to finance the construction of the municipal center. <br />No bonding has currently been strUctured to finance costs of any <br />public improvements. <br /> <br />Development Standards <br /> <br />The EDA will consider among other things, the following factors <br />when evaluating development proposals for projects within the <br />Redevelopment Area seeking Public assistance and support: <br /> <br />1. Degree to which redevelopment objectives are provided for or enhanced. <br /> <br />2. Consistency with this plan and the City of Ramsey's Comprehensive Plan. <br /> <br />Environmental Controls <br /> <br />It is presently anticipated that the proposed development in the <br />Redevelopment Area will not present major environmental <br />problems. All municipal actions and public improvements will be <br /> <br />1723662v2 <br /> <br />27 <br /> <br /> <br />