City Council Meeting Date: May 1, 2018
To: Mayor and City Council
From: Ben Martig, City Administrator
Title
Consider Resolution Authorizing Amended and Restated Fire Station Lease Agreement
Body
Action Requested:
Northfield City Council approves a Resolution Authorizing Amended and Restated Fire Station Lease Agreement.
Summary Report:
The attached proposed lease is serving as the mechanism to fund the payment on bond obligations for the related Fire Station major remodel and expansion project. The agreement has been developed by City Attorney Hood along with input from NAFRS representatives, Kennedy & Graven as bond counsel, and Nick Anhut with Ehlers & Associates. The NAFRS Board approved the agreement at their regular meeting on April 19.
City Administrator Martig will be highlighting some of the key provisions of the agreement at the meeting.
The agreement will finalized after financing as illustrated in the attached tentative timeline schedule.
Alternative Options:
None recommended.
Financial Impacts:
See bonding information and related lease schedule.
Tentative Timelines:
See attached.