Item 4.2 Consider Scheduling Economic Development Authority Meeting
Request for
City Council Action
DEPARTMENT INFORMATION
ORIGINATING DEPARTMENT REQUESTOR: MEETING DATE:
Administration City Administrator/Finance Director Flaherty October 28, 2024
PRESENTER(s) REVIEWED BY: ITEM #:
Consent 4.2 – EDA
STRATEGIC VISION
MEETS: THE CITY OF OTSEGO:
X Is a strong organization that is committed to leading the community through innovative communication.
Has proactively expanded infrastructure to responsibly provide core services.
Is committed to delivery of quality emergency service responsive to community needs and expectations in a
cost-effective manner.
Is a social community with diverse housing, service options, and employment opportunities.
Is a distinctive, connected community known for its beauty and natural surroundings.
AGENDA ITEM DETAILS
RECOMMENDATION:
City staff is recommending that the City Council schedule a meeting of the Economic Development Authority.
ARE YOU SEEKING APPROVAL OF A CONTRACT? IS A PUBLIC HEARING REQUIRED?
No No
BACKGROUND/JUSTIFICATION:
The Otsego Economic Development Authority (the “EDA”) is proposing to issue lease revenue bonds pursuant to
Minnesota Statutes 469.090 through 469.1082 (the “EDA Act”) to finance a new fire and emergency services building (the
“Facility”) on land located in the City of Otsego (the “City”).
A meeting of the EDA is being recommended for the EDA Commissioners to review a draft Finance Plan for the proposed
issuance of lease revenue bonds, which will be presented by Northland Securities representative Jessica Green. The
contents of a Finance Plan typically have an outline including: an executive summary, overview of the issuance, purpose,
authority, structure, the issuance process, preliminary payment and levy schedules, etc.
SUPPORTING DOCUMENTS ATTACHED:
• None
POSSIBLE MOTION
PLEASE WORD MOTION AS YOU WOULD LIKE IT TO APPEAR IN THE MINUTES:
Motion to schedule a meeting of the Otsego Economic Development Authority on November 12, 2024, at 5:30PM to
be held at the Prairie Center.
BUDGET INFORMATION
FUNDING: BUDGETED:
N/A
N/A