City Council Meeting Date: June 17, 2025
To: Mayor and City Council
City Administrator
From: David Bennett, P.E., Public Works Director/City Engineer
Title
Consider Resolution Approving Ice Arena Lease Revenue Bonds Issuance Parameters with EDA.
Body
Action Requested:
The Northfield City Council consider approval of Resolution Approving Ice Arena Lease Revenue Bonds Issuance Parameters with the EDA.
Summary Report:
The City of Northfield approved the partnership framework with the City of Dundas, Northfield School District and Northfield Hockey Association on June 18, 2024, along with the contract for the architect.
RJM Construction received the bids for the New Ice Arena on Wednesday April 23, 2025 and the Council approved the bids and construction of the Ice Arena at the May 6, 2025 Council Meeting.
The City is proposing to establish the Ice Arena Lease Revenue Bond Issuance Parameters that align with the partnership framework that has been established for the project. The Northfield Hockey Association has deposited their cash contribution at the City. The financing parameters align with the Ehlers Finance summary from the May 6, 2025 Council Meeting and is attached (Attachment 1).
Nick Anhut, Senior Municipal Advisor with Ehlers and Jenny Boulton, Transition Partner with Kutak Rock LLP - Minneapolis who is bond legal counsel will be presenting the background information and be available for questions.
Alternative Options:
NA
Financial Impacts:
See Attached
Tentative Timelines:
Debt Issuance Schedule
• City Council authorization of Lease Agreements and approval of issuance of Lease Revenue Bonds Completed
• Pre-Sale Review by the Board of Commissioners June 23, 2025
• Due Diligence Call to Review Official Statement: Week of July 9, 2025
• Conference with Rating Agency: Week of July 9, 2025
• Distribute Official Statement: July 10, 2025
• Ehlers receives and evaluates proposals for purchase of the Bonds to provide a recommendation for award: July 22, 2025
• Designated Officials Award Sale of the Bonds: July 22, 2025
• Estimated Closing Date: August 7, 2025