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Proceeds from the sale of the bonds of approximately $4500.000, will be applied toward <br /> payment of costs now estimated as follows: <br /> Acquisition of land: $ -0- <br /> New construction: $2.621.500 <br /> Demolition and site preparation: $ -0- <br /> Acquisition and Installation of Equipment: $ 71,500 <br /> Fees: Architectuaral,engineering, <br /> inspection, fiscal, legal, <br /> administration, or printing: $ 157,000 <br /> Construction Interest: $ .0. <br /> Initial Bond Reserve: $ .0. <br /> Contingencies: 5% $ 150.000 <br /> Other: Refunding $1.500.000 <br /> It is presently estimated that construction will begin on or about March 22002 and <br /> will be complete on or about November , 20When completed, there will be <br /> approximately �obs created by the project at an annual payroll of approximately <br /> $60.000 based upon currently prevailing wages, (If applicable) There are 8 existing <br /> jobs provided by business. <br /> (If applicable) There will be N/A jobs created by construction of the project. Number of <br /> hours N/A . Average wage level $ N/A <br /> Repayment of the proposed issue will be amortized over a period of 20 years. <br /> The following exhibits are furnished with this application and are incorporated herein by <br /> reference: <br /> 1 An opinion of bond counsel that the proposal constitutes a project under Minn Stat. <br /> 469.153, subd. 2. <br /> 2. A copy of the resolution by the governing body of the issuer giving preliminary approval <br /> for the issuance of its revenue bonds and stating that the project, except for a project under Minn. <br /> Stat. 469.153, subd. 2(g) or 0) would not be undertaken but for the availability of Industrial <br /> Development Bond financing. <br /> 3. A comprehensive statement by the municipality indicating how the project satisfies the <br /> public or purpose and policies of Minn. Stat. 469.152-. 165. <br /> 4. A letter of intent to purchase the bond issue or a letter confirming the feasibility of the <br /> project from a financial standpoint. <br /> 5 A statement signed by the principal representative of the issuing authority to the effect <br /> that upon entering into the revenue agreement, the information required by Minn. Stat. 469.154, <br /> subd. 5 will be submitted to the Department (not applicable to project under Minn. Stat. 469.153, <br /> subd. 2(g) or <br /> 1343480-1 <br />