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III Under the proposed debt repayment scenario, Lino Lakes would continue to receive at <br />least $18,000 per year in franchise fees after debt service is paid. <br />City attorneys for the member cities have revised the amendment that was originally <br />proposed so that the cities are not obligated to use any source other than franchise fees to <br />retire the debt on the new facility. <br />The debt repayment scenario contains conservative estimates of franchise fee revenue. <br />For example, the first annual payment exceeded projections by $25,000. <br />The current interest rates makes financing attractive at this time. <br />The other member cities have approved the amendment. Staff recommends that Lino <br />Lakes also approve it. <br />OPTIONS: <br />1. Approve Resolution No. 03 -52. <br />2. Decline to approve Resolution No. 03 -52. <br />3. Return to staff for further review and /or action. <br />RECOMMENDATION: <br />III 1. Option #1 <br />• <br />