2001_1211_packet - Laserfiche WebLink

Home

REQUEST FOR COUNCII, ACTION Date: 12/11/2001 Item No. : C-5 Department Approval: Manager Reviewed Agenda Section � �� C� Consent Item Description: Clarifying Additional Information Regarding Concordia Academy Request for tax exempt Private School Facility Revenue Bonds Background On the November 13, 2001 Council Meeting the Council took action to approve the setting of a public hearing regarding Concordia Academy's request on December 17, 200L Included in that resolution were also other aspects necessary to prepare for the public hearing. Those items included: l. Authorization for the Mayor and City Manager to submit the proposal and application to the Minnesota Department of Trade and Economic development to obtain authorization under State Statutes. 2. To give preliminary approval to the Concordia proposal so that the above application may be submitted. 3. Other provisions to assure that no City funds are needed or committed to this project. It is important that this transaction be done in 2001 since the City has the capacity available under the State tax exempt cap. If approval does not occur until 2002, the application could limit the Council on any future applications they may receive next year. Financial Implications There is no financial obligation on the part of the City of Roseville. All costs and debt service are to be paid by the borrower including a 1% issuance fee. Council Action Motion to approve the attached resolution which not only established a public hearing regarding the issuance of $4.5 million of Private School Facility Revenue Bonds, Series 2001 for Concordia Academy but also provided for preliminary approvals so that the application process to the Minnesota Department of Trade and Economic development authorization may proceed in anticipation of the December 17, 200 1 public hearing.