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ae .tea Yfrd; Wa iza �y <br />MAYOR <br />Bill nlesencr <br />COUNCIL <br />Rick Montour <br />Barbara Allan <br />John Kcis <br />Michael McGraw <br />515 Little Canada Roact, Little Canada, MN 55117-1600 ADNIIN(Sf'RATOR <br />(651) 766 -4029 / FAX: (651) 766 -4048 Jocl R. I!orison <br />www.ci.little-canada.mn.us <br />MEMORANDUM <br />TO: Mayor Blesener & Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: March 7, 2008 <br />RE: 2008 Bonci Issue <br />Attached is the Presale Report as prepared by Ehlers, Inc. for the sale of $2,690,000 of General Obligation <br />Bonds. Todd Hagen of Ehlers will be present at Wednesday's meeting to review this bond issue with you. <br />In the meantime, the background on this issue is as follows: <br />$1,790,000 will be for tax increment costs associated with Development District #5 (St. Jude and the <br />Viking Drive Redevelopment). As you know, we are not providing direct assistance to St. Jude. However, <br />we are undertaking a number of improvements related to their project that includes upgrades to the water <br />system in the area (looped 12" main), new trunk sanitary sewer line to avoid need for lift station, <br />landscaping improvements along County Road B2, and acquisition of added right -of -way for B2 to <br />facilitate a second left turn lane that will also eliminate some blighting impacts in this area and provide a <br />route for a water main loop to Rice Street. We are in the process of finalizing a development agreement <br />with St. Jude that will provide for a minimum assessment agreement and an annual TIF guarantee. We <br />hope to have this wrapped up before the end of March. <br />$900,000 is for public improvement revolving (PIR) fund bonds that will finance the following: <br />® Beam Avenue Improvements - $200,000 <br />o Sewer & Water to Richie Place - $160,000 <br />® Sewer & Water to Canadian Woods - $280,000 <br />• Cobblestone Storm Sewer Repair - $85,000 <br />® Edgerton Sanitary Sewer Service Repair - $16,000 <br />® Payne Avenue Storm Sewer Repair - $15,000 <br />® Provinces Storm Pipe Repair - $10,000 <br />o Replacement of Desoto Retaining Wall - $20,000 <br />• Twin Lake Blvd. Catch Basin Replacement - $10,000 <br />e Country Drive /Blacktern Pond Storm Sewer - $20,000 <br />® Bwana Storm Pipe - $3,000 <br />® Storm Pipe south of Demont - $20,000 <br />• Patrina Storm Pond Repair - $8,000 <br />1 <br />