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2005-114 Council Resolution
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2005-114 Council Resolution
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9/12/2014 9:50:44 AM
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9/12/2014 9:41:40 AM
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City Council
Council Document Type
Master List Resolution
Meeting Date
08/08/2005
Council Meeting Type
Regular
Resolution #
05-114
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• <br />• <br />AGENDA ITEM A <br />STAFF ORIGINATOR Al Rolek <br />MEETING DATE August 8, 2005 <br />TOPIC Consider Resolution 05 -114 Adopting Private Activity Tax - <br />Exempt Financing Guidelines <br />Simple Majority <br />VOTE REQUIRED <br />BACKGROUND. <br />The YMCA has approached the City of Lino Lakes with a request to utilize private activity <br />revenue bonds to finance a portion of their Lino Lakes facility. This would allow them to <br />finance the construction of the facility with tax - exempt debt, saving the YMCA 1 -2% on the <br />interest rate they would have to pay on taxable debt financing. While working through this <br />process it came to Tight that the City does not presently have any guidelines for using this <br />type of financing. Staff has worked with our financial advisors, Springsted, Inc. and the <br />City's bond counsel, Kennedy and Graven, to write a set of guidelines that establishes <br />criteria under which the City will allow this type of financing and sets forth fees for such <br />activity. <br />Staff recommends that the guidelines be established by resolution. Resolution 05 -114 <br />adopts private activity tax - exempt financing guidelines for the City that would apply to the <br />YMCA financing and any future requests for like financing. <br />OPTIONS <br />1. Approve Resolution 05 -114 adopting private activity tax - exempt financing <br />guidelines. <br />2. Refer to Staff for further review. <br />3. Deny Resolution 05 -114 adopting private activity tax - exempt financing guidelines. <br />RECOMMENDATION <br />Option 1. <br />
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