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• Item 5. & Item 6. <br /> City of <br /> Elk -�-� <br /> River <br /> MEMORANDUM <br /> TO: Mayor and Council <br /> Economic Development Authority <br /> FROM: Lori Johnson, Finance Director <br /> DATE: April 8, 2002 <br /> SUBJECT: Public Hearing Regarding the Establishment of Project No. I <br /> and Consider Resolution Approving Development Project and <br /> Development Program <br /> • Prior to calling for the sale of lease revenue bonds to finance construction of the public <br /> safety and municipal utilities buildings,both the Economic Development Authority and the <br /> City Council are required to hold a public hearing on Development Project No. 1 after <br /> which each will consider a resolution approving the Development Project and Development <br /> Program (collectively call the "Plans"). I want to stress that adoption of the Plans is not <br /> final approval to issue bonds for this project, that action is scheduled for June after <br /> construction bids are received. Monday's action is to consider the Development Project and <br /> to take public comment on the Plans. <br /> Attachments <br /> The following items are attached for your review: <br /> • Development Project No. 1 of the Elk River EDA Including Establishment of <br /> Development Project Area and Adoption of its Development Program <br /> • EDA Resolution Approving Development Project and Development Program (for <br /> EDA consideration) <br /> • Resolution of the Elk River City Council Approving Development Project and <br /> Development Program (for City Council consideration) <br /> • Information prepared by Ehlers and Associates <br /> ▪ Memo regarding Lease Revenue Bond Structure Options <br /> Tax Impact for Public Facility Portion of the Lease Revenue Bonds <br /> ▪ A proposed Schedule of Lease Revenue Bonds (Option 2) <br /> Bond Issue Schedule (including proposed dates for action by the Council and <br /> • EDA) <br /> • Resolution of the Elk River Planning Commission Concerning the Elk River <br /> Economic Development Authority's Development Project Proposals <br />