5.0. EDSR 03-11-2002 - Laserfiche WebLink

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Item 5 . • City of Elk -�-1 River MEMORANDUM TO: Economic Development Authorty FROM: Lori Johnson, Finance Director DATE: March I I, 2002 SUBJECT: Consider Resolution Initiating Process for Consideration of Development Project (Public Safety and ERMU Buildings) Plans are proceeding for the construction of a public safety facility and the relocation of Elk River Municipal Utilities to City Hall with construction estimated to start this June. The City Council has proposed financing these buildings with lease revenue bonds issued by the Economic Development Authority. Because there are several different parties, the EDA, ERMU and City,involved in this project, and because this is a lease revenue bond, there will be numerous steps and action items that require official action in the financing process. The first step is for the EDA and City Council to call separate public hearings to discuss the proposal that the EDA establish Development Project No. 1 and adopt the development program for the development project collectively called"the Plans." The development project includes authorization for the EDA to issue bonds to finance construction of the public safety and public utility buildings. The attached resolution calls for the public hearings to be held at the April 8 EDA and City Council meetings. Public comment on the Plan must be taken at both the EDA and City Council meetings. The Planning Commission will also be reviewing the Plan on March 26 to determine the consistency of the Plan with the City's comprehensive plan. However, all comments on the financing component of the Plan will be directed to the EDA and City Council. Action Requested The EDA is asked to consider the attached resolution initiating process for consideration of development project. S:Council/Lori/ResolDevProjC.doc •