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<br /> - CITY OF ARDEN HILLS <br /> MEMORANDUM <br /> DATE: February 13,1998 <br /> TO: Brian Fritsinger, City Administrator <br /> FROM: Terrance Post, City Accountant @ <br /> SUBJECT: G,O. Tax Increment Bond Sale <br /> Back~round <br /> On January 26, 1998, the City Council adopted Resolution #98-09, Providing for the Sale of <br /> $3,100,000 General Obligation Tax Increment Bonds, Series 1998A. This action was taken <br /> conditioned upon execution of the Development Agreement with Welsh Development Company, <br /> LLC. The closing date for execution of the Development Agreement has been scheduled for <br /> Friday, February 13, 1998. <br /> Subsequent Events <br /> , 1. Upon adoption of Resolution #98-09, the City's independent financial advisors, Ehlers <br /> and Associates, Inc., were instructed to release a Bond Sale Report to Standard & Poors <br /> (S & P) for an updated rating review and distribute such rated report to national <br /> institutional investors for bidding purposes. <br /> 2. As of the time of this writing, confirmation of the Development Agreement signing has <br /> not yet occurred; although staff anticipates this action occurring later in the day. <br /> Information Available at Meeting <br /> Ehlers and Associates, Inc. will present a tabulation of bid proposals as a bench handout at the <br /> Special Council meeting. Based upon this information, Council will consider awarding the sale <br /> of $3, 100,000 General Obligation Tax Increment Bonds to an identified purchaser's proposal as <br /> per the Terms of Proposal of the Bond Sale Report. <br /> Recommendation <br /> Staffrecommends that the Arden Hills City Council adopt Resolution #98-23, Awarding the Sale <br /> of $3, 1 00,000 General Obligation Tax Increment Bonds, Series 1998A; Fixing Their Term and <br /> Specifications; Directing Their Execution and Delivery; and Providing for Their Payment. <br /> BFlsls <br /> .. <br />