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AGENDA ITEM 3 <br />STAFF ORIGINATOR: Brian Wessel <br />DATE: 6/22/98 <br />TOPIC: Consideration of Resolution No. 98-02 Awarding the Sale of $5,350,000 <br />Lease Revenue Bonds, Series 1998A (Civic Complex) <br />BACKGROUND: <br />This is the final action to be taken by the EDA necessary for the financing of the <br />Civic Complex. Springsted, Inc. solicited proposals to purchase the bonds, and <br />the proposals were received the morning of June 22. <br />In the transactions that will be taking place between the EDA and the city, the <br />city will lease the site to the EDA until the bonds are repaid. The EDA will lease <br />the site and project back to the city pursuant to the lease. The EDA will issue the <br />bonds to pay acquisition and construction costs, and the city's lease payments <br />will be used to pay the principal and interest on the bonds. When all the required <br />lease payments are made and the bonds are repaid, the land and the building <br />will be owned by the city. <br />OPTIONS: <br />1. Approve resolution No. 98 -02 <br />2. Return to staff for further consideration <br />RECOMMENDATION <br />Option 1 <br />