4.4. SR 09-20-1999 - Laserfiche WebLink

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. 1:fNORTHSTAR · CORRIDOR . 3) 4) Agenda Item #2a MEMORANDUM August 27, 1999 To: NCDA From: Executive Committee Subject: Capital Funding Recommendation At its meeting on August 19, the Executive Committee discussed the attached information regarding the capital funding of the Northstar Corridor. The recommendation of the Committee was as follows: 1) The county or regional railroad authority members of the NCDA should contribute 10% of the capital costs of the Northstar Corridor up to a maximum of $18,000,000. The obligation of each county or regional railroad authority should be consistent with the allocation of contributions to the administrative budget of the NCDA, determined by population within 5 miles of either side of the rail corridor and bounded by the Mississippi River. It was recommended that ACRRA issue bonds in the amount of $18,000,000 with a term of 30 years. The total amount of the bonds, and the share of the county or regional railroad authority, may be reduced by a contribution of funds or property. Enhancements to the system will not act to reduce the total amount (e.g., upgrades to a station requested by a city or town). The obligation to issue bonds and contribute funds is contingent on the receipt of state and federal funding for the remaining 90%. 2) 5) Note that each county or regional railroad authority has been requested to consider a resolution expressing its intent to contribute to the financing of the Northstar Corridor. The ACRRA adopted its resolution (attached) at its meeting of August 24. Action Requested: Information. . Northstar Corridor Development Authority 2100 3rd Avenue, Anoka, Minnesota 55303-2265 (612) 323-5700 Fax: (612) 323-5682