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Case #1 <br /> <br />AUTHORIZE THE ISSUANCE OF $19,200,000 PUBLIC PROJECT LEASE <br />REVENUE BONDS, SERIES 2005A AND THE EXECUTION AND DELIVERY <br />OF A GROUND LEASE AGREEMENT, A LEASE AGREEMENT AND AN <br />INDENTURE OF TRUST <br /> BY: Diana Lund, Finance Officer <br /> <br />Background: <br /> <br />At thc January 25, 2005, City Council meeting, authorization was given to proceed with <br />thc Municipal Center project and to make a formal i'equest of the Economic Development <br />Authority (EDA) to initiate the bonding process for the project, which would be a lease <br />reventte bond in an amount not to exceed $19,200,000. <br /> <br /> proceed tbrward with the funding of the Municipal Center via the EDA the following <br />&~tes m~d procedures were t~bllowed: (All of these documents are on file at.City Hall) <br /> <br /> February 2, 2005 - EDA adopted Resolution Initiating Process for Establishment <br />Redevelopment Plan and Reimbursement Resolution. <br /> <br /> February 8, 2005 City Council adopted ResolUtion Initiating Process for <br />Approval of Redevelopment Project Area and calling for a public hearing. <br /> <br /> February 18,2005 Public Hearing notice on Redevelopment Plan was <br />published in the Anoka Union <br /> <br /> March3,2005 Planning Commission adopted Resolution Concerning <br />R;:dcvelopment Project Area and recommends approval to the City. <br /> <br /> March 8, 2005 City Council held public hearing on Redevelopment Plan <br />and adopts Resolution approving Redevelopment Project Area and Plan. <br /> <br /> March 9, 2005 <br />Area and Plan. <br /> <br />EDA adopted Resolution approving Redevelopment Project <br /> <br />Construction bids [hr the project were opened on May 5, 2005, and the following <br />summary is attached for review. With the addition 0fproject financing, City portion of <br />parking ramp, capitalized interest and debt service requirement, the total amount of <br />bonded debt required is $19,200,000 (total project costs is attached). The debt has been <br />s'm~ctured so that the City's tax capacity rate of 38.15% for taxes payable 2005 will be <br />held at approximately the same tax rate for taxes payable 2006-2009 and shows a decline <br />in fi~ll,>wing years as more taxable market value is added in the City. <br /> <br />The issuance of debt through the EDA requires that a lease agreement be established <br />bc. twccn thc 15DA o f the City o f Ramsey and the City of Ramsey. <br /> <br />8 <br /> <br /> <br />