10. PRSR 08-08-2001 - Laserfiche WebLink

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Red Wino Housing and. R2d2velGpnenC Authority Board: r.r:! Chir,`CC� Family r- ucabon • Advisory. Council: Pa.ricipants in Adult Basic rducadon: Community Education Advisory Committee: Red Wing Board of Education: Public Health Advisory Committee: and the Gooch-1u°.. County Interagency Early intervention Committee. These meetings prcv:ded valuable insight ' to assist the ccllaboradve partners in fine tuning the focus of the Colv'ill Family Center. and the Cciv;il redevelopment project as a whole. Pr 0 j ect Financing When the decision was made to proceed ,,vitih the Colvil lr'amiiv Center. :he school district needed to explore potential funding sources for the project. With current school funding practices it was not feasible for the district to remodel and add to the Coivill school from the current capital outlay fund. In addidcn. a typical referendum did not seem appropriate since two Gears ago, the community passed a bond issue to build both a new high school and a new elementary school. Therefore. in order for this project to come to fruition. it was necessary for the school district to develop a creative financing plan. Thus the present cooperative arrangement. The Red 'Nino Housing and Redevelopment Authority ty LaS very interested in the = :c::iily center because they were already working on neighborhood development in tills sect on of the city and they had docume nted a need for another site for short term transitional housing. Af ter lengthy consultation it was decided that the Red Wing Housing and Redevelopment Authority (H.R.A.) would finance the Colvin Family Center. :his t district donated : entire �,� ii1V C2 t2 To facilitate he school di..�_ C: Cnate .he 2 ur2 school owned site (facility and surrounding land) to the H.R.A. They in _u:n sold revenue bonds and deposited he money in First Trust of St. Paul. These bonds will finance a large portion of :he • The e school district is responsible for the design and construction of the project and First Trust will act as a fiscal agent of the funds. School Districts are currently allowed to levy funds to lease space for programs when they have no facility of their own available. This lease would be :equivalent to the amount the I-I.R.A. would need to .eoa L the bonds for the next 15 years. The Red Wing School District manage._i the project development S`r ii as and CCP �.ucuCP as well -nanaginc :he operation,s of the CCiviii Family Center al._r its openinct in SepternPer of :995. III