HomeMy WebLinkAbout7.b. St. Joseph's School Project - Preliminary Approval to the Issuance of a Revenue NoteAGENDA ITEM: St. Joseph School Project Preliminary
Approval to the Issuance of a Revenue
Note
AGENDA SECTION:
Public Hearing
PREPARED BY: Jeff May, Finance Director
AGENDA NO. 1. b
ATTACHMENTS: Resolution, Memo from Springsted,
Memo from Briggs Morgan
APPROVED BY: ow
RECOMMENDED ACTION: Motion to adopt a Resolution Giving Preliminary Approval to
the Issuance of a Revenue Note for the St. Joseph School Project.
4 ROSEMOUNT
CITY COUNCIL
City Council Meeting Date: September 2, 2008
EXECUTIVE SUMMARY
ISSUE
Hear testimony and discuss the proposed project and financing for the St. Joseph school project.
BACKGROUND
This item is on the agenda for Council to conduct a public hearing for the proposed project and financing
for the St. Joseph school. This is the third financing that the City will have undertaken for these types of
notes since the Council adopted a Private Activity Tax- Exempt Financing Policy on March 6 of 2006.
This public hearing is a step in the process for the school to work with the City to secure this financing.
This step involves the preliminary approval of the issuance of the revenue note by passing of the proposed
resolution following the public hearing. The public hearing and approval is required by federal and state
law. It is important to understand that this approval does not constitute approval or waiver of any other
City regulations or requirements for the project, such as land use regulations. The approving resolution
authorizes and is contingent on the project receiving the approval of the Minnesota Department of
Employment and Economic Development. Also, the project will come back to the City Council at a later
date for the approval of a final resolution approving the terms of the financing documents.
Both our financial advisor, Springsted, and our bond counsel, Briggs Morgan, have supplied information
included with this packet that addresses the project and the financing. The St. Joseph's school is in
compliance with the City's Private Activity Tax- Exempt Financing Policy at this time.
Representatives from St. Joseph's will be present to speak about the specifics of the project.
SUMMARY
Recommend approval of the motion listed under the Recommended Action.
2214623v1
CITY OF ROSEMOUNT
DAKOTA COUNTY, MINNESOTA
RESOLUTION NO. 2008
RESOLUTION GIVING PRELIMINARY APPROVAL TO
THE ISSUANCE OF A REVENUE NOTE FOR THE
ST. JOSEPH SCHOOL PROJECT
RESOLUTION 2008
WHEREAS, pursuant to Minnesota Statues, Sections 469.152 through 469.1651, as amended (the
"Act the City of Rosemount, Minnesota (the "City is authorized to issue revenue bonds for
the purpose of financing real and personal property, whether or not now in existence', which
property is used or useful in connection with a revenue producing enterprise, whether or not
operated for profit; and
WHEREAS, in enacting the Act, the Legislature found that the welfare of the State of Minnesota
requires the active promotion, attraction, encouragement and development of economically sound
industry and commerce to prevent, as far as possible, the emergence of blight and areas of chronic
unemployment and to prevent economic deterioration;
WHEREAS, The Church of St. Joseph of Rosemount, Minnesota, a Minnesota nonprofit
religious corporation (the "Company has proposed that the City issue a revenue note in the
approximate principal amount of $5,200,000 (the "Note to finance a project consisting of
financing the construction and equipping of an approximately 46,000 square foot new K -8 school
to be located at 13900 Biscayne Avenue in the City (the "Project The Project will be owned and
operated by the Company; and
WHEREAS, the full faith and credit of the City will not be pledged to the Project or for the
payment of the principal of premium, if any, and interest on the Note; and
WHEREAS, the Company's proposal calls for the City to loan the proceeds realized upon the sale
of the Note to the Company pursuant to a revenue agreement wherein the Company will be
obligated to make payments at the times and in the amounts sufficient to provide for the prompt
payment of principal of, premium, if any, and interest on the Note and all costs and expenses of
the City incident to the issuance and sale of the Note; and
WHEREAS, the undertaking of the proposed Project and the issuance of the Note to finance the
cost thereof will further promote the public purposes and legislative objectives of the Act,
including Section 469.155, subdivision 4, by construction and equipping of a new educational
facility in the City; and
WHEREAS, a public hearing on the Project was held on this date following duly published
notice. The general nature of the Project and an estimate of the aggregate principal amount of the
note to be issued to finance the Project were described in the notice of public hearing
WHEREAS, no public official of the City has either a direct or indirect financial interest in the
Project nor will any public official either directly or indirectly benefit financially from the Project.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Rosemount,
Minnesota (the "Council as follows:
2214623v1 2
RESOLUTION 2008
1. The Council hereby gives preliminary approval to the proposal of the Company that the
City undertake the Project pursuant to the Act, consisting of the financing of the construction and
equipping of an approximately 46,000 square foot new K -8 school within the City. Pursuant to a
revenue agreement between the City and Company, the Company will operate so as to produce
income and revenues sufficient to pay, when due, the principal of and interest on the Note to be
issued pursuant to the Act.
2. On the basis of information available to this Council it appears, and the Council hereby
finds, that the Project constitutes properties, real and personal, used or useful in connection with
one or more revenue producing enterprises within the meaning of Subdivision 2(b) of Section
469.153 of the Act; that the Project furthers the purposes stated in Sections 469.152 and 469.154
of the Act; that the availability of financing under the Act and the willingness of the City to furnish
such financing will reduce debt service costs, and that the effect will be to encourage the
development of economically sound industry and commerce, to assist in the prevention of the
emergence of blighted and marginal land, to help provide educational facilities, to help prevent
chronic unemployment, to help retain and improve the tax base and to provide the range of service
and employment opportunities required by the population, to help prevent the movement of
talented and educated persons out of the state and to areas within the State where their services
may not be as effectively used, to promote more intensive development and use of land within the
City and eventually to increase the tax base of the community;
3. Briggs and Morgan, Professional Association, acting as bond counsel, is authorized to assist
in the preparation and review of the necessary documents relating to the Project, to consult with
the City, the Company, the original purchaser or purchasers of the Note, and their respective
attorneys, as to the maturities, interest rates and other terms and provisions of the Note and as to
the covenants and other provisions of the revenue agreement and other necessary documents and
to submit such documents to the Board for final approval.
4. In accordance with Subdivision 3 of Section 469.154 of the Act, the City Clerk is hereby
authorized and directed to submit the proposal for the Project to the Minnesota Department of
Employment and Economic Development "DEED and to request its approval, and the other
officers, employees and agents of the City are hereby authorized to provide DEED with such
preliminary information as it may require.
5. The Company has agreed and it is hereby determined that any and all costs incurred by the
City in connection with the financing of the Project whether or not the Project is carried to
completion and whether or not the Project is approved by DEED will be paid by the Company.
6. Nothing in this resolution or in the documents prepared pursuant hereto shall
authorize the expenditure of any municipal funds on the Project other than the revenues
derived from the Project or otherwise granted to the City for this purpose. The Note shall
not constitute a charge, lien or encumbrance, legal or equitable, upon any property or
funds of the City except the revenues and proceeds pledged to the payment thereof, nor
shall the City be subject to any liability thereon. The holders of the Note shall never have
the right to compel any exercise of the taxing power of the City to pay the outstanding
principal on the Note or the interest thereon, or to enforce payment thereof against any
property of the City. The Note shall recite in substance that the Note, including interest
thereon, are payable solely from the revenue and proceeds pledged to the payment thereof.
The Note shall not constitute a debt of the City within the meaning of any constitutional
or statutory limitation.
7. The adoption of this resolution by the City does not constitute a guarantee or a firm
commitment that the City will issue the Note as requested by the Company. The City reserves the
right, in its sole discretion, to withdraw from participation and accordingly not issue the Note to
finance the Project at any time prior to the adoption of the final resolution authorizing the issuance
of such Note should the City so determine.
ADOPTED this 2n day of September, 2008.
Al i EST:
Amy Domeier, City Clerk
RESOLUTION 2008
William H. Droste, Mayor
Motion by: Seconded by:
Voted in Favor:
Voted Against
Members Absent:
2214623v1 3
STATE OF MINNESOTA
COUNTY OF DAKOTA
CITY OF ROSEMOUNT
CERTIFICATE
I, Amy Domeier, duly appointed, acting and qualified City Clerk of the City of Rosemount, do
hereby certify that I have examined the City of Rosemount records and the Minute Book of said
City for the meeting of the 2n of September, 2008 and that the attached copy of the
RESOLUTION GIVING PRELIMINARY APPROVAL TO THE ISSUANCE OF A
REVENUE NOTE FOR THE ST. JOSEPH SCHOOL PROJECT was approved and is a true
and correct copy of the City Proceedings relating to said Resolution.
IN WITNESS WHEREOF, I have hereunto set my hand this day of 2008.
2214623v1 4
Amy Domeier, City Clerk
City of Rosemount
RESOLUTION 2008
August 28, 2008
Mr. Dwight Johnson, Administrator
Mr. Jeff May, Finance Director
City of Rosemount
2875 -145th Street West
Rosemount, MN 55068 -4997
RE: $5,200,000 Educational Facilities Revenue Note, Series 2008 (St. Joseph School Project)
Gentlemen:
Springsted
Springsted Incorporated
380 Jackson Street, Suite 300
Saint Paul, MN 55101 -2887
Tel: 651 223 -3000
Fax: 651 223 -3002
www.springsted.com
The City of Rosemount has been asked to issue a revenue note on behalf of the borrower, The Church of
St. Joseph of Rosemount, MN, for the purpose of financing the construction of and equipping of a new
46,000 square foot K -8 grade school at 13900 Biscayne Avenue in the City.
The Church of St. Joseph is a non -profit religious corporation located in Rosemount.
Bond proceeds of up to $5,200,000 will be used to construct and equip the new school: Cash of
$1,043,017 and other loans of $800,000 will complete the $7,043,017 project: The cost components are
estimated as follows:
New Construction $5,056,918
Equipment 149,000
Soft costs (consultants) 777,125
Costs of Issuance 131,900
Capitalized Interest 120,900
Other 807,174
Total $7,043,017
The single Bank Qualified Tax Exempt Note will be unrated with no public disclosure, privately placed with
a commercial bank. The selected bank may sell to others in denominations of $100,000 to sophisticated
investors in accordance with IRS regulations. These terms will be clearly outlined in the loan documents as
prepared by Bond Counsel. This complies with the City of Rosemount's Policy.
Policy Compliance Considerations:
1) Does the project provide a positive benefit to the City?
Public Sector Advisors
Rosemount, Minnesota
August 28, 2008
Page 2
Economic Base -The proposal assists a business that employs 33 people and serves several
dozens of students. By developing this project, the jobs in place will likely remain in Rosemount and one
new position will be added. Additionally, there will be 47 jobs created during the construction of this project.
Education- Education is a primary function of the project. The school will educate students in
grades K -8.
Community Services- The Church of St. Joseph educational facility provides opportunities for youth
to experience a safe learning environment and youth activities that benefit the children and the community
as a whole..
2) Is the application complete with all fees paid?
The applicant has completed the application, as requested, and followed all steps outlined in the City's
policy. The application fee will have been paid prior to the public hearing. They have agreed to pay the
administrative fee plus all out of pocket costs.
3) Are the bonds structured to protect the City's assets and resources?
The only revenues pledged are those of the Church of St. Joseph. The Issuer is not subject to any liability
related to this transaction nor shall any holder of the bonds have the right to compel the exercise of the
taxing power of the Issuer to pay the bonds or the interest thereon. The bonds do not constitute a pecuniary
liability, general or moral obligation, charge, lien or encumbrance, legal or equitable upon any property of
the Issuer.
The City and its representatives are held harmless should any legal challenges be made regarding the
bonds. The City's policy requires a statement of indemnification stating that the applicant agrees to
indemnify and hold the City, its officers, employees and agents harmless against any and all losses, claims
damages, expenses or liabilities, including attorneys fees incurred in their defense, to which the City, its
officers, employees and agents may become subject in connection with the City's consideration, issuance
or sale of the bonds for the Applicant's project and the carrying out of the transactions contemplated by this
agreement and any resolutions adopted, or agreements executed by the City in connection with the
issuance of its bonds for this project.
4) How is the likelihood of default minimized?
The Revenue Note will be secured by a mortgage on the building used for the school. The Notes of
$5,200,000 account for about 74% of the cost. Cash of $1,043,017 constitute 14% of the project costs.
This is a fair amount of equity in the project.
A default would be expensive for the Church of St. Joseph. The bank purchasing the bonds would take
back the property in the case of default, and could sell the building or use it to generate revenue streams to
service the bonds. They would also lose their equity. This is an organization that has been in the
community 127 years and has been in business 140 years.
Rosemount, Minnesota
August 28, 2008
Page 3
The impact of non repayment of the bonds on the City of Rosemount's credit rating is negligible. Rating
agencies have indicated that conduit debt does not reflect the City's ability to repay, only that of the
borrower.
5) Is the transaction administratively manageable?
After completing the closing document signatures, the transaction will be administered by the Church of St.
Joseph and the yet -to -be -named commercial bank.. Unless there is a change to the covenants or bond
schedule, the City will not need to be involved. The City should report this Issue in their Financial
Statements in the Notes section, not on the balance sheet.
6) Impact on the City of Rosemount's ability to issue other bonds.
These bonds are bank qualified, meaning the City does not intend to issue more than $10,000,000 in bonds
during 2008, including this issue. There is an understanding that the City will stay within $10,000,000.
However, if circumstances require the City to issue bonds causing the total to exceed this cap and be sold
as non -bank qualified (reducing the tax exempt benefit to banks) the additional estimated cost in interest
rates will be paid by the Church of St. Joseph. At this time, the City's only plans for debt is an equipment
certificate in the amount of approximately $400,000.
In conclusion, the applicant has complied with the City's policy for Private Activity Tax- Exempt Financing.
The resulting transaction saves interest costs for the Church of St. Joseph by using the City's tax exempt
bonding authority, but does not obligate or impact the City's finances today or in the future.
Please let me know if you have any questions or if I can be of further assistance.
Respectfully,
CIAAL-
Terri Y. Heaton, Senior Vice President
Client Representative
BRIGGS
camicascom
August 22, 2008
City of Rosemount
2875 145 Street W
Rosemount, MN 55068 -4941
Attention: Jeff May
The Church of St. Joseph
of Rosemount, Minnesota
13900 Biscayne Street
Rosemount, MN 55068
Attention: Gary Mitchell
Re: City of Rosemount, Minnesota $5,200,000 Educational Facilities Revenue
Note, Series 2008 (St. Joseph School Project)
Ladies and Gentlemen:
We have been asked to serve as Bond Counsel for a revenue note (the "Note to be
issued by the City of Rosemount, Minnesota (the "Issuer and purchased by a lender to be
determined (the "Bank The proceeds of the Note will be loaned by the Issuer to The Church
of St. Joseph of Rosemount, Minnesota, a Minnesota nonprofit religious corporation (the
"Company and used to pay for certain costs incurred by the Company in connection with the
financing of the construction of a new K -8 school in Rosemount, Minnesota.
In performing our services as Bond Counsel, our client will be the Issuer. Our principal
responsibility as Bond Counsel is to provide the Issuer, the Company and the Bank an expert
opinion (the "Bond Opinion upon which each of them and the holders of the Bonds may rely,
as to (i) the validity and enforceability of the Note and the Issuer's obligations under the
financing documents, and (ii) exemption of interest on the Note from federal and Minnesota
income taxes. We will also assume principal responsibility for drafting the financing documents
and any security documents agreed to by the parties.
We do not assume any responsibility for any disclosures made to the Bank regarding the
Company, the Project, or the security for the Note. We do not expect to give any opinion with
respect to the Company's participation in the financing or the status of title or the priority of any
mortgage lien, if any, or security interest securing the Note. As to these and other matters the
parties will be relying upon the opinion to be given by counsel for the Company.
2214609v1
W2200 First National Bank Building
332 Minnesota Street
St Paul MN 55101 -1396
tel 651.808.6600
fax 651.808.6450
Mary M. Dyrseth
(651) 808-6625
mdyrseth@briggs.com
Briggs and Morgan, Professional auodatlon
Minneapolis 1 St Paul I www.briggscam
Member l.ex Mundt a Global Assot3atlon of Independent Law Firms
BRIGGS AND M O R G A N
August 22, 2008
Page 2
The Bond Counsel opinion will be executed and delivered by us in written form on the
date the Note is purchased by the Bank and will be based on facts and law existing as of that
date. Upon delivery of the Bond Counsel opinion, our responsibilities as Bond Counsel will be
concluded with respect to this financing.
In rendering the Bond Counsel opinion, we will rely upon representations of the Issuer,
the Company and the Bank set forth in the financing documents, the certified proceedings, and
other certifications of public officials, officials of the Company and other persons (including
certifications as to the use of Note proceeds and various tax matters) without undertaking to
verify the same by independent investigation. As Bond Counsel, we do not review the financial
condition of the Company or the financial feasibility of the financing, and we will express no
opinion relating to the foregoing.
We understand that the Company will be responsible for payment of our fees and
disbursements as Bond Counsel. Based upon: (i) our current understanding of the terms,
structure, size and schedule of the financing represented by the Note; (ii) the time we anticipate
devoting to the financing, we estimate that our fee as Bond Counsel for this transaction will be in
the range of $20,000 to $25,000. Such fee may vary: (i) if the principal amount of Note actually
issued differs significantly from the amount stated above, (ii) if the manner in which the Note is
marketed (private placement, public offering, etc.) changes, (iii) if material changes in the
structure of the financing occur, or (iv) if unusual or unforeseen circumstances arise which
require a significant increase in our time or responsibility. If the Note is in fact issued we will
submit our statements for services and disbursements to the Company at the closing.
If the transaction is cancelled before closing for whatever reason, we would then submit
our bill to the Company for the time expended and disbursements made by us to the date of
termination at our standard hourly rates.
If the foregoing omits or misstates any item, please contact me. Otherwise, we will
assume our participation as Bond Counsel and the scope of our engagement as Bond Counsel are
acceptable to you. We are pleased to be working on this matter and look forward to bringing it
to a successful conclusion.
cc: Mr. Michael Kratochvil
2214609v1
Very truly yours,
ary M. yrseth
ROSEMOUNT, MINNESOTA
PRIVATE ACTIVITY
TAX- EXEMPT FINANCING POLICY
March 6, 2006
Rosemount, Minnesota
Private Activity
Tax Exempt Financing Guidelines
PART 1
GENERAL
Under the Minnesota Municipal Industrial development Act, Minnesota Statutes, Sections 469.152 to
469.1651 (the "Industrial Development Act"), the City of Rosemount, Minnesota has authority to issue
revenue bonds or notes to attract or promote economically sound industry and commerce to the City,
including the development of facilities by qualified 501(c)(3) organizations.
Under Minnesota Statutes, Chapter 462C (the "Housing Act the City is authorized to issue housing revenue
bonds to finance multi family residential housing projects for low and moderate income persons and elderly
persons.
The City Council is aware that such financing for certain private activities may be of benefit to the City and
will consider requests for tax exempt financing subject to these Guidelines. The City Council considers tax
exempt financing to be a privilege, not a right.
It is the judgment of the City Council that tax exempt financing is to be used on a selective basis to encourage
certain development that offers a benefit to the City as a whole, including employment and housing
opportunities. It is the applicant's responsibility to demonstrate the benefit to the City. The applicant should
understand that although approval may have been granted by the City for the issuance of financing for a
similar project or a similar debt structure that is not a basis upon which approval will be granted. Each
application will be judged on the merits of the project as it relates to the public purposes of the Housing Act
or the Industrial Development Act and the benefit to the City at the time the request for financing is being
considered.
PART II
GUIDELINES
1. The City Council will consider tax exempt financing for manufacturing and health care facilities,
and other facilities operated by qualified 501(c)(3) organizations, under the Industrial
Development Act; and housing projects under the Housing Act. An applicant for tax exempt
financing pursuant to the Industrial Development Act must submit to the City the application
contained in Part IV of these Guidelines.
2. The project must be a positive benefit to the City. The project must be of a nature that the City
wishes to attract, or an existing business which the City wishes to retain or expand within the
City, considering employment opportunities, incentive for further development, impact on City
services, and support for the industrial, commercial or health care operations currently located in
the City. A housing project must provide significant housing opportunities for low and
moderate income persons or the elderly.
3. The City Council will, if requested, grant an applicant a pre application review. The purpose of
the pre application review is to inform applicants of the possibility of rejection or the possible
basis for such a rejection. The fact that the project is not rejected at the pre application stage is
not to be construed as approval of the project or as an indication that the project will be
approved upon formal request to the Council. Requests for tax exempt financing may be
rejected by the City whether or not the project was submitted to a pre application review and
regardless of the outcome or recommendation of that pre application review.
A request for pre- application review must be in writing, addressed to the City Finance Director,
and set forth the name of the project, the type of project intended and the name, address and
telephone number of the person who will be representing the applicant at the pre application
review, together with such additional information as the applicant desires to submit.
The City will appoint bond counsel for the bond issue, which will normally be the City's regularly
retained bond counsel.
4. Pursuant to the Industrial Development Act and the Housing Act, consideration of an
application for tax exempt financing must be done at a public hearing held by the Board.
5. The City is to be reimbursed and held harmless for and from any out -of- pocket expenses related
to the tax exempt financing including, but not limited to, legal fees, financial advisor fees, bond
counsel fees, the City's expenses in connection with the application, and any deposits or
application fees required under state law in order to secure allocation of bonding authority. A
non refundable application fee in the amount of $5,000 must be included with the submission of
the application.
Prior to closing and delivery of the bonds for the project, the applicant must pay to the City, or
commit to pay, as the case may be, a one -time administrative fee equal to 1% of bond issue
amount. Notwithstanding anything to the contrary herein, the administrative fees required by
this paragraph will be reduced to the extent needed to ensure that the fee does not affect the tax
exempt status of the bonds under Internal Revenue Code of 1986, amended and related
regulations.
6. Should the tax exempt financing request for a 501(c)(3) project cause the City's total bonding for
the year to exceed $10,000,000 in a year that the City would otherwise be eligible to issue bank
qualified bonds, (bonds with tax incentives to banks), any interest rate differential between bank
qualified and non -bank qualified bonds shall be estimated and the difference paid by the
borrower. If the City would have exceeded this amount without the tax exempt issue, no
differential would be calculated or paid by the borrower.
7. Applications for financing must be made on the forms attached to these Guidelines. In addition,
the applicant must furnish a description of the project, together with a brief description of
applicant and the proposed financing in such form as required at the time of application.
8. The City may, in its sole discretion, withdraw its preliminary approval of a project any time if in
its judgment the purposes of the Act will not be served by going forward with the project and it's
financing. The applicant, by itself and not in conjunction with the City, represents that the
applicant has done reasonable investigation and made inquiry and is now convinced that the
project which is the subject of these bonds is feasible and appropriate to undertake considering
all appropriate city, county and state regulations and requirements. The adoption of a resolution
giving preliminary approval to the issuance of revenue bonds shall not be deemed to establish a
legal obligation on the part of the City or the City Council to issue revenue bonds for the project
nor does it constitute an approval or waiver by the City of any land use, planning, permitting or
other municipal approvals required for the project.
9. The City may, in its sole discretion, reduce the administrative fee in cases where the borrower's
request is related to a partnership with the City and provides a public service benefit to the
community as a whole.
PART I I I
MISCELLANEOUS MATTERS
1. Ratings. The City will give its most favorable consideration to proposed tax- exempt bond issues
that have a credit rating in the "A" category or higher by Moody's Investment Service or
Standard Poor's Corporation. Issues carrying lower ratings or non -rated issues may be sold
only to institutional or other investors on a private placement basis and must be in
denominations of at least $100,000. The City Council may depart from this guideline when, in its
judgment, the project is of a level of merit and public purpose to justify the departure; and in
case of such a departure, the City Council must state its reasons therefore in the resolution
awarding the sale of bonds.
2. Refundings. The City Council will normally approve the refunding of a tax exempt issue but
only upon a showing by the applicant of (i) substantial debt service savings, (ii) the removal of
bond covenants significantly impairing the financial feasibility of the project, or (iii) both (i) and
(ii). In the case of refunding of bonds for which the administrative fee listed in paragraph 6 of
Part II have been paid in full, a reduced administrative fee of .25% of the bond issue amount is
required, and; the full non refundable application fee must be paid together with all City
expenses in excess of that fee. If any fees related to the initial bond issue have not been paid,
such fees must be paid in full prior to closing the refunding bonds.
3. Subsequent Proceedings. Where changes to the underlying documents or credit facilities of
outstanding bond issues are to be made and require Council action (including changes that are a
"deemed reissuance" under Internal Revenue Service regulation), no administrative fee is
charged but a non refundable fee of $2,500 must be deposited with the City to cover
administrative costs. No formal application form is required.
4. Issue by Another Political Subdivision. The City will consider requests for tax exempt financing
of projects in the City by other political subdivisions. In these cases the non refundable
application fee must be paid and all procedures through the approval of the preliminary
resolution followed. No administrative fee is charged. At the Council's discretion, all or part of
the application may be waived if there are offsetting benefits resulting from this financing.
5. City Contact. Initial contacts about tax exempt financing are made by contacting
City Finance Director
City of Rosemount
2875 145th Street West
Rosemount, MN 55068 -4997
(651) 322 -2031
6. Deadlines. The City Council considers all tax exempt financing matters at regularly scheduled
City Council meetings held on the first and third Tuesdays of each month. Documents for City
Council consideration must be at the City office no later than the Friday 10 days prior to next
regular Council meeting at which the matter is to be considered. In the case of a publicly offered
bond issue, the documents, when submitted, may specify a maximum price and maximum
effective interest rate if prices and rates have not yet been established.