Laserfiche WebLink
STAFF REPORT <br />DATE: July 15, 2025 <br /> REGULAR <br /> <br /> <br />TO: Mayor and Councilmembers <br />FROM: Clarissa Hadler, Finance Director <br />AGENDA ITEM: 2025 Bonding <br /> <br /> <br />CORE STRATEGIES: <br /> <br />☐ Vibrant, inclusive, connected community ☐ Efficient, reliable, innovative services ☐ Responsive, transparent, adaptive governance ☒ Balanced Finances now and future <br />☐ Managed Growth <br /> <br />BACKGROUND: <br />Each year, the city determines how much money it would like to bond for to complete the capital projects <br />it has planned. In 2024, staff received direction from the Council to begin to decrease the amount the city <br />bonds for projects, so this year, of the approximately $6 Million in Infrastructure Capital Projects for <br />2025, only $2,185,000 $2,025,000 will come from bonding. <br /> <br />The Council has previously approved the project we will be bonding for this year. The 2025 Street <br />Improvements is considered a single construction project but encompasses improvements in five areas of <br />the city; <br />• 55th Street / 57th Street / Julep Way <br />• Irish Court <br />• Lake Elmo Vista Neighborhood (55th St) <br />• Prairie Hamlet Neighborhood (59th St Ct N) <br />• Teal Pass Estates Neighborhood (Jerome Ave N / Jasper Ave N / 49th St) <br /> <br />At the June 17th meeting, Council approved the sale of the bonds. Staff participated in a bond rating call <br />with Moody’s in June. The City’s bond rating has not changed and continues to stay at Aa1. That report <br />is attached. <br /> <br />ISSUE BEFORE COUNCIL: <br />Should the Council authorize the issuance and sale of $2,185,000 $2,025,000 general obligation bonds? <br /> <br />PROPOSAL DETAILS/ANALYSIS: <br />The sale is scheduled to happen the morning of July 15th – the morning of this Council meeting. Tammy <br />Omdahl from Northland will be at the Council meeting to provide the results, which will be used to update <br />the resolution in your packet. <br /> <br />FISCAL IMPACT: <br />The estimated levy schedule can be found on page 7 of the finance plan from the June 17th meeting. The <br />city is required to levy 105% of the general fund portion of the improvement (street) projects. <br /> <br /> <br />REVISED MOTION