Laserfiche WebLink
515 Little Canada Road, Little Canada, MN 55117 -1600 <br />(612) 484 -2177 / FAX: (612) 484 -4538 <br />July 22, 1994 <br />TO: Mayor Hanson and Members of the City Council <br />FROM: Joel R. Hanson, City Administrator <br />RE: Fee Schedule for Tax Exempt Financing <br />MAYOR <br />Raymond G. Hanson <br />COUNCIL <br />Beverly Scalze <br />Jim LaValle <br />Steve MoreIan <br />Bob Pedersen <br />ADMINISTRATOR <br />Joel R. Hanson <br />Attached is a memo from Mary Ippel of Briggs and Morgan outlining <br />tax exempt financing fees being collected by some of the other <br />cities they have done work for. I contacted the City of Vadnais <br />Heights and was informed they charge a 1% fee at initial issuance <br />of tax exempt bonds, and recover the City's direct costs related <br />to refundings. <br />Based on this information, it would appear a 1% fee at closing <br />should be charged for the initial issuance of Tax Exempt Bonds. <br />(In the case of Dominium Group, this would generate a fee of <br />$42,500.) Refundings could be charged 1/4 %. Revenues realized <br />from these fees could be used for economic development purposes. <br />We should discuss this matter in greater detail, addressing the <br />pros and cons of this possibility. <br />Page 215 <br />