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ACCEPTING OFFER TO PURCHASE $4,335,000 GO IMPROVEMENT BONDS, <br />SERIES 2005B <br /> BY: Diana Lurid, Finance Officer <br /> <br />ihickground: <br /> <br />The Ramsey Town Center project calls for the improvement of the AUAR roadways <br />(Ramsey Blvd. Armstrong Blvd, and Sunfish Lake Blvd). Per the feasibility study dated <br />January 2005, the total estimated cost of the improvements is $14,607,860. Of this <br />amount, $3,000,000 is to be specially assessed to the Town Center area, $4,335,000 to be <br />I~aid by Anoka County via Joint Powers Agreement, $1,387,860 State/Federal Funded <br />and thc remainder of $5,885,000 to be paid by the City. <br /> <br />The Joint Powers Agreement between Anoka County and the City of Ramsey states that <br />the City will be responsible for the issuance of the debt attributed to the County's $4.3 <br />million responsibility. Begirming January 2006, the County will make the respective debt <br />service payment, on the $4.3 million issuance, to the City for a period of 20 years. <br /> <br />Recommendation: Staff recommends that Council adopt Resolution #05-05-XXX <br />authorizing the purchase of $4,335,000 General Obligation Improvement Bonds, Series. <br />2005B. <br /> <br />Cou ncil Action: Motion to authorize the adoption of Resolution #05-05-XXX accepting <br />the ol'fer to purchase $4,335,000 General Obligation Improvement Bonds; Series 2005B, <br />pledging special assessments for the security thereof and levying a tax for the payment <br />thereof. <br /> <br />Reviewed by: <br /> <br />City Administrator <br />[:inance Officer <br /> <br />(;C: 5/24/05 <br /> <br />-241 - <br /> <br /> <br />