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515 Little Canada Road, Little Canada, MN 55117-1600 <br />(651) 766 -4029 / FAX: (651) 766 -4048 <br />www.ei.little-eanada.mn.us <br />MEMORANDUM <br />TO: Mayor Fahey & Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: August 9, 2002 <br />RE: Wingspan Tax Exempt Financing <br />MAYOR <br />Michael I. Fahey <br />COUNCIL <br />Beverly Scalze <br />Jim LaValle <br />Matt Anderson <br />Rick Montour <br />ADMINISTRATOR <br />Joel R. Hanson <br />Ms. Jenny Grain of Briggs & Morgan will be present at Wednesday's meeting to discuss the <br />City's interest in issuing a tax - exempt note to finance various projects for Wingspan Life <br />Resources. As the attached memo indicates, this does not create an obligation or liability for the <br />City. We would also generate $14,000 due to our 1% issuance fee we charge for this type of <br />financing instrument. Wingspan will also be responsible for the reimbursement of all costs we <br />incur associated with this undertaking. <br />Subject the presentation Ms. Grain makes on Wednesday evening, I would recommend we <br />sponsor this tax exempt financing. If you agree, we would need to adopt the enclosed resolution <br />calling for a public hearing on the issuance of this financing instrument. <br />