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WS — Item #2 <br />WORK SESSION STAFF REPORT <br />Work Session Item No. 2 <br />Date: March 2, 2015 <br />To: City Council <br />From: Michael Grochala <br />Re: Fire Station Financing <br />Background <br />At the February 23, 2015 work session Terri Heaton, Spingsted Inc., provided an <br />overview of the two financing methods being proposed for the construction of the Lino <br />Lakes Fire Station. Based on their evaluation Springsted is recommending the use of <br />Lease/Revenue bonds to finance the building construction and internal road <br />improvements. Abatement bonds will be used for construction of the external road and <br />utility improvements. The amount of this bond will be offset in part by funding from the <br />trunk utility area and unit fund. <br />Mikaela Huot from Springsted Inc., will be present at the work session to review the <br />abatement bond process. A public hearing, as required by law, is being noticed for the <br />March 23, 2013 City Council meeting. <br />Requested Council Direction <br />None required. Staff and Springsted representative will be available to address council <br />questions. <br />Attachments <br />None. <br />