03-23-2015 EDA Packet - Laserfiche WebLink

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LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY AGENDA ITEM 3 STAFF ORIGINATOR: Al Rolek MEETING DATE: March 23, 2015 TOPIC: Consider Resolution 15-01 Providing for the Issuance and Sale of Lease Revenue Bonds, Series 2015A, in the Maximum Aggregate Principal Amount of $5,600,000, Subject to Certain Parameters VOTE REQUIRED: Simple Majority INTRODUCTION The City of Lino Lakes has entered into a contract to construct a fire station building at the corner of Birch Street and Centerville Road. The construction cost of the building will need to be financed through the issuance of debt. The City has retained Springsted, Inc. to advise on the type and amount of debt to be issued for this project. BACKGROUND The City of Lino Lakes is in the process of organizing a fire department to provide fire protection in the City. Fire services are scheduled to begin in January, 2016. It has been determined that a second fire station will be needed to adequately cover the service area. The City Council has provided for the design of a new fire station and has advertised for and awarded a bid to Jorgenson Construction to build the new facility. The City’s fiscal advisor, Springsted, Inc., has recommended the issuance of Lease Revenue bonds through the City’s Economic Development Authority (EDA) to finance the cost of construction. Terri Heaton of Springsted, Inc. will be present to explain the process for issuing the bonds and to answer any questions that the EDA Board may have relative to the recommended financing. Approval of Resolution 15-01 provides for the issuance and sale of Lease Revenue Bonds, Series 2015A, in the maximum aggregate principal amount of $5,600,000, subject to certain parameters. RECOMMENDATION Staff is recommending approval of Resolution No. 15-01. ATTACHMENTS Resolution 15-01