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15 <br /> E HLE R <br /> & ASSOCIATES INC <br /> ® To: St.Anthony City Council and Housing and Redevelopment Authority(HRA) <br /> MMike Mornson—City Manager <br /> W From: Stacie Kvilvang & Sid Inman—Ehlers and Associates <br /> Date: June 2,2004 <br /> Subject: Policy on Issuance of Revenue Bonds <br /> Dominium has requested that the City and the City's Housing and Redevelopment Authority (HRA) <br /> assist them in obtaining private activity revenue bonds from the State of Minnesota for the purposes of <br /> developing 260 units of rental housing in the Northwest Quadrant Redevelopment Area. The City and <br /> the HRA have assisted both rental housing developments and industrial developments with obtaining <br /> these bond funds from the State in the past. However, the City and HRA have never had a formal <br /> policy on what type and how much of a fee they would charge for assisting developers in pursuing <br /> these types of bonds. <br /> After discussions with the City Attorney and City Manager, it is recommended that the City and HRA <br /> adopt formal policy charging the following: <br /> 1. A one time issuance fee of one(1)percent of the principal amount of the bonds; and <br /> 2. The Applicant must pay all expenses of the City and HRA related to the issuance of such <br /> revenue bonds, whether or not the revenue bonds are issued <br /> Please contact me at 651-697-8506 if you have any questions. <br /> LEADERS IN PUBLIC FINANCE <br /> 3060 Centre Pointe Drive Phone:651-697-8506 Fax: 651-697-8555 <br /> Roseville,MN 55113-1105 skvilvang @ehlers-inc.com <br />