Agenda - Council - 03/08/2005 - Laserfiche WebLink

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roadways, Phase I r°adWaYs'and utility improvements and Phase II roadways and utility improvements: within the Redevelopment Area. A description of these' imprOVements and the location of where these improvements Will be installed is on file with the City. Financing Plan 1. Project Budget Attached hereto as Exhibit Bi is a bUdget which details estimated development costs associated with constructing and equipping the municipal center as Currently e°ntemplated and installing public improvements. The items o~cost and the costs thereof shown in the budget are estimated :to be neceSsary based upon information now available. It is anticipatedthat the items of cost and the costs thereof shown in each category in the budget may decrease or increase, but that the total project cost will not exceed the amount shown above. 2. Source of Funds and Security The City is enteringinto the lease With option to purchase agreement with the EDA pursuantto Minnesota Statutes, Section 465.71. The lease _with option ;tO pUrchase agreement is payable from general sources in¢ludifig taxes, and its payment is not limited to a specific fund or specific source of revenues. Sources of funds for public improvements include rates and charges, assessments and other aVailable funds of the EDA or City. 3. Bond Issue Details The EDA will issue approximately $19,200,000 in public project revenue bonds to finance the COnstruction of the municipal center. It is anticipated that the City will issue general obligation improvement bonds to finance the Public improvements to be constructed withinthe RedevelOpment Area. Development Standards The EDA will consider among other things, the following factors when evaluating de~telopment proposals for projects within the Redevelopment Area seeking' public assistance and support: Degree to which redeVelopment objectives are provided for or enhanced. Consistency with this Plan and the City of Ramsey's Comprehensive Plan. 1723662v4