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At Monday's meeting, the EDA and City Council will be considering Development Project <br />No. I 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 /> <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 /> <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 /> <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 /> <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 /> <br />