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The EDA proposes to cause the municipal faeig6es-to be <br /> tructed and ......... :~,~. ^,u ..... ~,~;~; .......... · .... :,~,;, <br /> <br />City under a lease with option to purchase agreement, The Ci~ <br />proposes to construct two par, king ramps: AUAR <br /> <br />roadways: Phase, l roadw, ays and utili .ty improvements and <br />Phase II roadw, a~s and, utflitvrimprovements within the <br />Redevelonment Area. A deserinfion of these imnrovement$ <br />amd the'l~cation b!f where ~eSe:'~lnurovements ~ill be installed <br />is on tilde with the City. ~ <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 and installing public <br />improvements. The items of cos/and the costs thereof shown in <br />the budget are estimated to be necessary based upon information <br />now available. It is anticipated that the items of cost and the costs <br />thereof shown in each category in the budget may decrease or <br />increase, but that the total project cost will not exceed the amount <br />shown above. <br /> <br />2. Source of Funds and Security <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 including taxes, and its payment is not <br />limited to a specific fund or specific source of revenues. Sources <br />of funds for ~publie 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 />~TO 1.,~A;~ ~. ..... ~+I,~1.,~... ~+~.~+,,~A +~ ~ ........ +~ ~',~' .... If <br />is anticfnated that,the City:Will issue eeneral oblie_ation bonds <br />to finance the public improvements to be constructed within the <br />Redevelonment Arena. <br /> <br />Development Standards <br /> <br />1723662vdoc <br />Red. vs. 3 lo vs. 2; <br />2/18/05 <br /> <br />4 <br /> <br />19 <br /> <br /> <br />