Laserfiche WebLink
N <br /> • <br /> At Monday's meeting, the EDA and City Council will be considering Development Project <br /> No. 1 of the Elk River Economic Development Authority including establishment of <br /> development project area and adoption of its Development Program. In summary, this Plan <br /> states that there is a need for development in the city and that it is necessary to provide <br /> public safety and other government services. The Plan goes on to state that the <br /> Development Project fits within the requirements of Minnesota Statutes. The Plan also <br /> provides estimated development costs for the public safety and municipal utilities <br /> construction projects and authorizes the issuance of bonds to finance the project costs. The <br /> resolution to be considered on Monday night approves the Development Project and adopts <br /> the Development Program. (Adoption of the resolution will allow the City to take future <br /> action to issue bonds for this project.) <br /> The attached memo from Sid Inman and Mark Ruff of Ehlers and Associates discusses the <br /> structure of the debt payments and why the proposed structure is being recommended. <br /> New tax impact data has been calculated based on the revised structure of the bonds. The <br /> tax impacts are consistent with those presented earlier. Tax impact information will be <br /> included in the next city newsletter so property owners can determine the affect this project <br /> will have on their property taxes. Hopefully, the newsletter insert will be available for <br /> distribution at Monday's meeting as well. <br /> At both the EDA and City Council meetings, Sid Inman of Ehlers and Associates and I will <br /> • give a brief presentation of the financing proposal in general and the specific action to be <br /> taken now. Other public safety and ERMU representatives will also be available to answer <br /> questions on the project. <br /> Action Requested— EDA <br /> The EDA is asked to hold a public hearing regarding the establishment of Development <br /> Project No. 1 and consider a resolution approving the Development Project and <br /> Development Program. <br /> Action Requested— City Council <br /> The City Council is asked to hold a public hearing regarding the establishment of <br /> Development Project No. 1 and consider a resolution approving the Development Project <br /> and Development Program. <br /> • <br />