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Gem Lake News Page 3 of 8 <br /> <br /> Conduit Debt Financing <br />Approved for Montessori <br />School <br /> <br />A financial arrangement between the City of Gem Lake <br />and the White Bear Montessori School was approved <br />following a public hearing on May 21, 2024. The <br />arrangement is called Conduit Debt Financing. The City <br />of Gem Lake allows the school, which is located in Gem <br />Lake, to use its tax-exempt status to get a better rate on <br />bonds for a planned expansion of the school. In <br />exchange, the school pays a fee to the city to cover all <br />administrative costs. Once the initial financing is closed, <br />the city has no liability for the bonds. <br /> <br /> <br />Conduit Debt Financing was used in 1998 when the <br />school first moved to Gem Lake. It was also used about <br />15 years ago when a major expansion was done for a <br />Mahtomedi based nursing home. <br /> <br />A significant expansion of the White Bear Montessori <br />School has been planned over the course of the past <br />several years to accommodate rapidly growing <br />enrollment rates. The school has outgrown their space <br />and plans to spend about $3 million dollars on new <br />classrooms, a storm shelter area, additional office space <br />and a Home Economics Kitchen, along with some other <br />features. This will help the school navigate through their <br />high retention rates and ever-expanding student wait <br />lists. <br /> <br /> <br />In March of this year, the Gem Lake City Council <br />reviewed details of the arrangement and voted to <br />advance the project to the public hearing phase, which <br />happened at the May city council meeting. Premier <br />Bank, which handled the 1998 remodel, will also be <br />handling the financing for the current project. <br /> Improvements Planned for <br />Gem Lake Open Space <br /> <br />Several projects will be conducted this summer to <br />enhance Gem Lake’s small trail and open space area, <br />which is located in the southwestern section of the city. <br /> <br /> <br />Between 14-16 new trees will be planted, primarily to <br />replace older trees that have died in the western and <br />northern sections of the public property. In addition, an <br />agency that plants free trees on public land intends visit <br />Gem Lake and remove and replace about a dozen trees <br />they planted several years ago. <br /> <br />Lastly, Prairie Restorations, a company that manages <br />wildflower gardens, will begin a two-year project to <br />reseed the large wildflower plantings on this property. <br />This project will begin with removal of invasive species <br />that have moved into the area, followed by an overspray <br />of native grasses. It is planned that a complete reseeding <br />of wildflowers will happen in 2025, as budget allows. <br /> <br /> <br />