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<br /> <br />t I <br /> <br />Church of Saint Andrew <br /> <br />November 29,2004 <br /> <br />Ms. Lori Johnson, Finance Director <br />City of Elk River <br />13065 Orono Parkway, Box 490 <br />Elk River, MN 55330 <br /> <br />Dear Ms. Johnson, <br /> <br />The Church of 5t. Andrew, like the entire Elk River community, has been the subject of rapid growth in the <br />number of families we serve. Correspondingly, we have developed a long-range master plan to meet both <br />our current and anticipated future facility needs. The size of the plan requires that it be completed in phases <br />and we are planning to break ground on Phase One of the project in May/J une 2005 with substantial <br />completion in October/November 2005. <br /> <br />Scope of the Project <br />Phase One of the project includes the demolition of the existing school gym, basement cafeteria and kitchen <br />as well as the old church and power plant. The school will be retrofitted with a new HVAC system, the new <br />church and school will have sprinkler systems installed, and a new gym/parish center, cafeteria and kitchen <br />will be built along with supporting mechanical and storage space. The main entry to the school will be <br />remodeled to become handicapped-accessible. Finally, there will be a conference room that is convertible to <br />a nursery for use during Sunday worship services. These facilities will be constructed in a way that all <br />buildings with the exception of the current offices will form one contiguous facility. <br /> <br />Financing <br />The best available cost estimates for Phase One as of this writing is $3.7M. It is our understanding that a <br />portion/percentage of our project will qualify for funding through the use of tax-exempt municipal bonds. We <br />anticipate that a significant percentage of the costs of our kitchen, cafeteria, and gymnasium will qualify for <br />this funding. An initial cost estimate of these eligible portions would be in the $1.0M - $1.5M range. We are <br />currently in negotiations with several local banks to determine our best financing plan but it would seem to <br />include the purchase of the entire issuance by the lender whose proposal we accept. <br /> <br />Request <br />To accomplish our goals and plans listed above, the Church of 5t. Andrew is formally requesting that the City <br />of Elk River consider, and ultimately approve as more details are known, the issuance of these bonds for the <br />identified purpose and project. <br /> <br />;;J,i,ncereIY, <br /> <br />.F&a1!~ <br /> <br />Thomas J. Kaempffer . <br />Parish Business Administrator <br /> <br />cc: Fr. Joseph Korf <br />file <br /> <br />566 Fourth Street NW . Elk River, Minnesota 55330 . phone (763) 441-1433 . Fax (763) 441-1435 <br />