EDA Meeting Date: June 23, 2025
To: Members of the Economic Development Authority
From: Ben Martig, City Administrator
Jake Reilly, Community Development Director
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:
Staff Recommends the Northfield EDA consider Resolution Approving Ice Arena Lease Revenue Bonds Issuance Parameters.
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.
The City's construction manager at risk, 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 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 the appropriate 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 present the background information and be available for questions.
Ms. Boulton has provided a memo (Attachment 3) to provide the City and the EDA with a brief description of the legal authority for the issuance of EDA lease revenue bonds (the "Bonds") and describe the various documents the City and/or EDA will execute in connection with the issuance of the Bonds. The legal authority described in Attachment 2 has been included in this staff memo. Staff recommends the members of the EDA Board read...
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