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EDA # 1 <br />RAMSEY’S REDEVELOPMENT PLAN FOR FIRE STATION PROJECT <br />By: Community Development Assistant Sean Walther <br /> <br />Background: <br /> <br />The Economic Development Authority of the City of Ramsey is being asked to issue bonds for the construction of Fire Station #2. The type of bonds to be issued are known as lease revenue <br /> bonds, as the EDA acts as a lessor to the City of Ramsey, the lessee. The Economic Development Authority will be listed as the bond issuer, with the bond proceeds to be used for the <br /> construction of Fire Station #2. The Authority will act on behalf of the City of Ramsey, and be the sole issuer. This process does not require obtaining a public referendum for the <br /> City of Ramsey to construct the fire station. The City will include the annual principal and interest payments as a special levy to be certified to the following year’s property taxes. <br /> <br />The Economic Development Authority passed the reimbursement resolution at its meeting on October 4, 1999. The purpose of the resolution was to allow the EDA to be reimbursed for any <br /> costs that are incurred prior to the bonds being issued. <br /> <br />The Economic Development Authority had many questions at the last meeting and tabled the Resolution to adopt the Redevelopment Plan for Fire Station #2. Staff has prepared responses <br /> to each question, gathered documents for your information, and requested a letter of explanation from Mary Ippel of Briggs and Morgan, the City’s Bond Counsel. <br /> <br />Attached for your review please find: <br /> <br />Staff memorandum dated October 8, 1999 responding to questions raised during the EDA meeting on October 4, 1999. <br />Letter dated October 8, 1999 from Briggs & Morgan. <br />Ramsey’s Redevelopment Plan for Fire Station Project <br />Timeline <br />Copy of the Hoisington Koegler Group, Inc. Fire Station Site Location Study (For Your Information) <br /> <br />Recommendation: <br /> <br />To adopt Ramsey’s Redevelopment Plan for Fire Station Project. <br /> <br />EDA Action: <br /> <br />Motion to adopt Ramsey’s Redevelopment Plan for Fire Station Project. <br /> <br />Reviewed by: <br />City Administrator <br />Finance Officer <br />EDA: 10/13/99