HomeMy WebLinkAbout4.h. Armory Project - Debt Payment City Portion of Armory .. �
CITY OF ROSEMOtTNT
EXECUTIVE St7�+�1ARY FOR ACTION
CITY COUNCIL MEETING DATE: JULY 6, 1993
AGENDA ITEM: ARMORY PROJECT - DEBT PAYMENT AGENDA SECTION:
CITY PORTION OF �R.MORY CONSENT
PREPAR�D BY: STEPHAN JIUK, CITY ADMINISTRATOR AGENDA NO. '
ATTACffi�TTS: PAYMENT REQUEST / SCHEDULE APP OVSD BY;
This is a request for payment of the first debt service payment on the City
obligatiion for the National Guard Armory.
This payment covers the debt serviee on the 12 .5% share obligation of the
City far the construction of the National Guard Armory portion of the
Community Center and National Guard Armory project.
This 12 .5o share is what the Ci�y and National Guard agreed upon and is the
t�pical share for any city. The amount of debt serviced by this paymeri�
has al.ready been reduced by obligations of the State of Minnesota committed
to by the State in prior negotiations approved by the City Council .
The City will make payments directly to the MinnesQta Armory Building
Commission as the Commission issued the entire debt for the construction of
the Armory.
RECOIyIldENDED ACTION:
Motion to apprave payment of $57, 908 to the Minnesota State Armory
Building Commission for debt service on the National Guard Armory.
COIINCIL ACTIONs
♦ �
T4: City Manager
City of Rosemount
P.O. Box 510
Rosemount, MN 550fi8-0510
IN ACCOUNT WiTH
MINNESOTA STATE ARMORY BUILDING COMMtSSION
First Floor West, Veterans Service Building
St. Paul, Minneso#a 55155-2098
June 28, 1993
Ta7c proceeds for payment of construction bonds sold to�nance the construction of the
Rosemaunt National Guard Training and Community Center p�r city resolution.
Payment Number 1 due July 26, 1993 $57,908
�G.���
Terrence J. Palmer
Executive Director
' MN State Armory Bui(ding Commission