09/11/2006 Council Packet - Laserfiche WebLink

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• • • AGENDA ITEM 2D & 2D(i) STAFF ORIGINATOR Al Rolek MEETING DATE September 11, 2006 TOPIC VOTE REQUIRED BACKGROUND Public Hearing to Establish a Municipal Building and Facilities Capital Improvement Plan for 2006 — 2010 and Consideration of Resolution 06 -146 Approving a Municipal Buildings and Facilities Capital Improvement Plan for 2006 -2010 and Confirming Intent to Issue Bonds Simple Majority At the August 7 work session staff brought before the City Council an opportunity to refinance the outstanding Lease Revenue Bonds of 1998A, issued for the construction of the Civic Center Complex, with General Obligation Capital Improvement Plan bonds. The issuance of CIP bonds is authorized by Minnesota Statutes Section 475.521 and requires a public hearing on the capital improvement plan calling for the improvement to be financed in this manner. This refinancing effort is complicated somewhat by the operating lease between the City and the Centennial School District. The City's bond counsel has reviewed the original bond documents and has determined that, because the District leases and occupies approximately 20% of the Civic Center Complex for its ECFE, the City can only acquire and refinance the remaining 80% of the Complex that is comprised of the City Hall and Police buildings. However, the City will still realize present value savings in excess of $226,000 from the refinancing action. Staff has developed a Municipal Buildings and Facilities Capital Improvement Plan that includes the acquisition of the City Hall and Police building portions of the Civic Center Complex from the Lino Lakes EDA for consideration by the City Council. After holding the required public hearing on the CIP, staff recommends the adoption of Resolution 06 -146 approving the Municipal Buildings and Facilities Capital Improvement Plan and confirming the city's intent to issue bonds for the acquisition of the City Hall and Police building portions of the Civic Center Complex. 1. Adopt Resolution 06 -146. 2. Refer to Staff for further review. 3. Deny Resolution 06 -146. RECOMMENDA Option 1 -45a-