City Council Meeting Date: December 5, 2017
To: Mayor and City Council
From: Ben Martig, City Administrator
Title
Consider Resolution Calling for Public Hearing on the Intention to Issue General Obligation Capital Improvement Plan Bonds and the Proposal to Adopt a Capital Improvement Plan for 2018 through 2022 Under Minnesota Statutes, Section 475.521.
Body
Action Requested:
The Northfield City Council makes a motion to approve a Resolution Calling for Public Hearing on the Intention to Issue General Obligation Capital Improvement Plan Bonds and the Proposal to Adopt a Capital Improvement Plan for 2018 through 2022 Under Minnesota Statutes, Section 475.521.
Summary Report:
The recommended resolutions will provide for setting a hearing to present financing of the new Fire Station and a re-financing of existing debt on the police station. Recommended lease terms for the financing and related joint powers amendments have been previously presented and will be included in greater detail at the hearing scheduled for January.
The Northfield Area Fire & Rescue Services (NAFRS) approved the recommended project cost and related financing at their November meeting. The following is a summary of the proposed Capital Improvement Bonds for the Fire Station:
o $4.215 million fire facility financing. The Capital Improvement Bond
o Leased by NAFRS Joint Powers
o NAFRS to cover construction period of interest (possibly some partner contribution - Northfield from reserves if this is pursued)
o 20-year amortization
o Subject to Council approval after Public Hearing and 30-day reverse referendum
o Estimated issuance Spring 2018
City Administrator Martig previously has presented alternative funding options for gateway improvements along the north side of Fifth Avenue along the southern edge of Ames Park. The final legal opinion from Kennedy & Graven has concluded that those improvements may not be utilized within the debt authority of the Capital Improvement Bonds. ...
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