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city of <br />El �. <br />To <br />City Council <br />Meeting Date <br />August 5, 2024 <br />Item Description <br />Resolution 24-47 Spectrum High School Conduit <br />Bonds <br />Action Requested <br />Request for Action <br />Item Number <br />7.1 <br />Prepared By <br />Cal Portner, City Administrator <br />Reviewed by <br />Cal Portner <br />Tina Allard <br />Adopt, by motion, Resolution 24-47 consenting to and approving the issuance by the City of Bethel of its <br />Charter School Lease Revenue Obligations and taking other actions with respect thereto. <br />Background/Discussion <br />Spectrum High School is planning an addition and upgrades to their school facilities located at 17823 and <br />17796 Industrial Circle NW in Elk River. They plan to issue conduit bonds to fund the project. They propose <br />to issue tax-exempt charter school lease revenue bonds through the City of Bethel, MN. <br />Because the facilities are located within Elk River, Spectrum needs host approval for the issuance. The City of <br />Elk River has provided host approval for two previous bond issuances. During the previous approval <br />processes, the city requested a Payment in Lieu of Fees (PILOF) as they were purchasing a property that <br />would be taken off the tax roles. For this action, they are building on existing property, so there is no <br />property tax impact to request a PILOF. <br />Financial Impact <br />There is no financial or other impact on the City of Elk River. <br />Mission/Policy/Goal <br />EII< River Mission Statement <br />Attachments <br />I . Spectrum School Resolution <br />2. Letter Regarding Host Approval <br />The Elk River Vision <br />A welcoming 6ommuni�, with revolutionary and spirited mourcyidum, exceptional service, and community P� d W E R E D 0d <br />engagement that encourages and inspires prosperityJNPqU 159 <br />