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Case <br /> <br />AUTHORIZE THE EXECUTION AND DELIVERY OF A GROUND LEASE <br />AGREEMENT AND LEASE AGREEMENT BETWEEN THE ECONOMIC <br />I)EVELOPMENT AUTHORITY OF THE CITY OF RAMSEY (EDA) AND THE' <br />CITY OF RAMSEY FOR THE NEW MUNICIPAL CENTER <br /> BY: Diana Lund, Finance Officer <br /> <br />Background: <br /> <br />J\t the January 25, 2005, City Council meeting, authorization was given to proceed with <br />the Municipal Center project and to make a formal request of the Economic Development <br />Authority (EDA) to initiate the bonding process for the project, which would be a lease <br />revenue bond in an amount not to exceed $19,200,000. -. <br /> <br />T,.> proceed forward with the funding of the Municipal Center via the EDA the following <br />dates and procedures were followed: (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 /> March 3,2005 Planning Commission adopted Resolution Concerning <br />Redevelopment Project Area and recommends approval to the City. <br /> <br /> March 8, 2005 City Council held public hearing on Redevelopment Plan <br />arid adopts Resolution approving Redevelopment Project Area and Plan. <br /> <br /> March 9, 2005 EDA adopted Resolution approving Redevelopment Project <br />Area and Plan. <br /> <br />Construction bids for the project were opened on May 5, 2005, and the following <br />summary is attached for review. With the addition of project 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 />structured 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 ~bllowing years as more taxable market value is added in the City.. <br /> <br />-229- <br /> <br /> <br />