HomeMy WebLinkAbout[06] Governement Center Bonds Council Agenda Item 6
MEETING DATE: April 4, 2016
AGENDA ITEM: Monte Eastvold—Government Center Bonds
SUBMITTED BY: Finance
BOARD/COMMISSION/COMMITTEE RECOMMENDATION: EDA recommended approval
for the creation of TIF District 91.
PREVIOUS COUNCIL ACTION: Council adopted the 2016 Capital Improvement Plan and
accepted bids for the Government Center. Council created TIF District 1 for the Colts Academy property.
BACKGROUND INFORMATION: Minnesota Statute §475.521 allows GO CIP bond funding for
certain capital improvements of city buildings. The statute provides strict requirements to follow to
qualify a project for GO CIP bond funding. Following a public hearing on February ls`, Council adopted
the Capital Improvement Plan to construct a new government center for administration,police and
council. Bids came in favorably for the project, over $100,000 under estimates. In addition, bond rates
are at an all-time low. GO CIP bond rates range from 1.2%-3.4% over a 20-year period estimated
currently.
Another bonding option is Public Project Revenue bonds. These bonds require the City to hold money in
reserves ($332,000) to cover defaults on tax proceeds and hold a higher tax rate in today's market
(1.7%-4%). The debt levy over a 20 year life of$501,500, approximately .75% additional tax rate
annually. As such, staff recommended GO CIP bonds to save on the additional debt levy.
Monte Eastvold from Northland Securities will be present to talk about the potential project financing.
Enclosed are the estimated debt schedules for the GO Capital Improvement Plan Bonds of 2016 and
Public Project Revenue Bonds of 2016. The bonds were reduced by the proceeds from the sale of the
current facility along with using the 2011 bond proceeds still in the City's reserves. The anticipated issue
date is July ls`. The revenue sources for the bond payments shows all debt levy. Council can also choose
to use sales tax revenue for this project when the debt management study is reviewed annually.
Note: The City did receive a petition signed by 41 persons who previously signed the petition to place
the matter on the ballot to rescind their signature. Therefore the petition received was not valid due to
lack of the required signatures.
BUDGET/FISCAL IMPACT: $4,415,000 estimated bond issue, annual payment appx. $290,000
ATTACHMENTS: Request for Council Action—Government Center Bonds
Estimated Debt Schedules
REQUESTED COUNCIL ACTION: Informational at this time.
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