03-23-26 - EDA Agenda Packet - Laserfiche WebLink

Home Search

ECONOMIC DEVELOPMENT AUTHORITY STAFF REPORT AGENDA ITEM 4. STAFF ORIGINATOR:Tracy Thoma, Finance Director MEETING DATE March 23, 2026 AGENDA ITEM:Consider Approval of Resolution 26-01 Providing for the Issuance and Sale of Lease Revenue Bonds Series 2026A INTRODUCTION The City of Lino Lakes is moving forward with plans for a new Public Works Facility to address long-standing space and operational challenges. The construction cost of the building will need to be financed through the issuance of debt. The City's fiscal advisor, Ehlers and Associates, will advise on the type and amount of debt to be issued for this project. Keith Dahl from Ehlers and Associates will be present to provide an overview of the issuance and sale of Lease Revenue Bonds. BACKGROUND The current Public Works Facility, built in 1971, was originally designed to house City Hall, Police, and administrative staff—not an expanding Public Works operation. As the community has grown, so has the size of the vehicle fleet and the range of services the department provides. The existing facility no longer meets today’s standards for efficiency, safety, or storage capacity, and many vehicles and pieces of equipment must be stored outside due to limited space. The new Public Works Facility will be constructed on the current site and designed specifically to meet all operational needs, including providing enough space to house the full fleet of vehicles and equipment indoors. The City’s fiscal advisor, Ehlers and Associates, has recommended the issuance of Lease Revenue bonds through the City’s Economic Development Authority (EDA) to finance the cost of construction. Approval of Resolution 26-01 provides for the issuance and sale of Lease Revenue Bonds (City of Lino Lakes, MN Public Works Facility, Series 2026A, in the proposed aggregate principal amount of $27,440,000. REQUESTED COUNCIL DIRECTION Motion to adopt Resolution 26-01 providing for the issuance and sale of lease revenue bonds (City of Lino Lakes, Minnesota Public Works Facility), Series 2026A, in the proposed aggregate principal amount of $27,440,000. ATTACHMENTS