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AGENDA ITEM – 5D(b) <br /> <br /> <br /> <br /> <br />MEMORANDUM <br /> <br /> <br />DATE: March 28, 2016 <br /> <br />TO: Honorable Mayor and City Council <br /> <br />FROM: Sue Iverson, Interim City Administrator/Director of Finance and Admin Services <br /> <br />SUBJECT: Intent to Reimburse Certain Expenditures from the Proceeds of Tax-Exempt Bonds <br />to be issued by the City for TCCAP Infrastructure <br /> <br /> <br />Background <br /> <br />The City Council discussed the Cooperative Agreement Amendment for the Final Design of TCAAP <br />Infrastructure at its March 21, 2016, work session. As part of that discussion staff told the Council that in <br />order to recapture expenditures related to this project f rom future bond proceeds that a “Reimbursement <br />Resolution” would need to be adopted by the City Council. <br /> <br />Discussion <br /> <br />Attached is the Resolution for Council approval. The Reimbursement Resolution constitutes the City’s <br />official intent to reimburse the expenditures made for certain costs of public improvements related to the <br />Twin Cities Army Ammunition Plan site from the proceeds of general obligation bonds to be issued by the <br />City in an estimated maximum principal amount of $10,000,000. This is a maximum amount which includes <br />trunk utilities, possible water tower and planning/engineering. The amount of the actual bond will be <br />determined at some point in the future, we are setting an estimate in order to adopt a resolution of an intent to <br />reimburse for these expenses before we incur expenditures so they will be eligible to be reimbursed. <br /> <br />Requested Action <br /> <br />Motion to adopt Resolution 2016-012, a resolution declaring the official intent of the City of Arden Hills, <br />Minnesota to reimburse certain expenditures from the proceeds of tax-exempt bonds to be issued by the City. <br /> <br /> <br />Attachments <br /> <br />Attachment A: Resolution 2016-012