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  <br />the 2024 Capital Improvement Plan. A dedicated source of funding will be needed if we are to continue <br />to make progress toward this potential project. <br /> <br />Based on the estimated project cost of $2.5 million, staff has obtained three debt service scenarios for a <br />future issuance of bonds. The table below represents three different bond terms with a debt service levy <br />as low as $200,114 for a 20-year repayment schedule and as high as $327,977 for a 10-year repayment <br />schedule. Please note that total interest paid on the bonds differs based on repayment terms. The longer <br />the City takes to repay the loan, the more total interest will be paid. Even though the $100,000 is not <br />sufficient to fund a possible future debt service payment, it estimated to be approximately 42% of a 15- <br />year debt service levy for a 2.5 Million debt issuance. <br /> <br /> <br /> <br />If the City Council decides to keep the $100,000 in the 2024 levy, these funds can be used to decrease <br />the total project cost. This would ultimately reduce the loan amount which will in turn reduce future <br />annual debt levy service payment and interest payments, as well as reducing the burden of implementing <br />a debt levy service payment all at once. The $100,000 represents a 2.38% levy increase. <br /> <br />All other budgetary increases for contracted services such as permitting software, audit services, CDL <br />training, communications and newsletter printing are relatively minor and total $56,000. <br /> <br />10.79% increase levy impact analysis: <br /> <br />The bellow tables present a 10.79 % levy increase impact to single home residential properties as well <br />as Commercial/Industrial Properties. <br /> <br />Note: Highlighted in yellow in the first table is the median single-family home value in the City of Little <br />Canada per the Ramsey County Assessor’s Office. <br />