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Item 5.1 & 5.2. <br /> <br />River <br /> <br />MEMORANDUM <br /> <br />TO: <br /> <br />Mayor and Council <br />Economic Development Authority <br /> <br />FROM: <br /> <br />Lori Johnson, Finance Director <br /> <br />DATE: <br /> <br />April 8, 2002 <br /> <br />SUBJECT: <br /> <br />Public Hearing Regarding the Establishment of Project No. I <br />and Consider Resolution Approving Development Project and <br />Development Program <br /> <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 /> <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 /> o Memo regarding Lease Revenue Bond Structure Options <br /> o Tax Impact for Public Facility Portion of the Lease Revenue Bonds <br /> ° A proposed Schedule of Lease Revenue Bonds (Option 2) <br /> o 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 /> <br /> <br />