Declaration of Official Intent 2024 PMP Project and Other Utility ProjectsDECLARATION OF OFFICIAL INTENT
This is a Declaration of Official Intent of the City of Chanhassen, Minnesota (the “Issuer”) to
reimburse expenditures with proceeds of borrowing or borrowings authorized by the Issuer. This
Declaration is made under and pursuant to Treas. Reg. § 1.150-2. The undersigned has been
designated as an official or employee authorized by the Issuer to make this Declaration of
Official Intent pursuant to Resolution 2024-02 adopted on January 8, 2024. This Declaration of
Official Intent is a public record maintained in the files of the Issuer and is available for public
inspection pursuant to Minnesota State Statutes.
The undersigned hereby declares that it is the reasonable expectation of the Issuer to use
proceeds of a borrowing or borrowings to be incurred by the Issuer to reimburse expenditures for
the property, project, or program from the fund(s)/account(s) described below:
1. 2024 City Pavement Rehabilitation Project in the following neighborhood
areas: Chan View, Del Rio/Sante Fee, and Stone Creek. The City intends to issue
bonds for the Surface Water Management portion of the project. The City also intends
to issue bonds for the street portion of the project that will be specially assessed to
property owners.
2. Downtown Water Reuse Project
3. Crimson Bay Road/Dogwood Road Connection – Surface Water Management
Portion
The maximum principal amount of the borrowing or borrowings to be incurred to reimburse
expenditures for the above-described purposes is reasonably expected, on the date hereof, to be
$5,065,000.
The Issuer intends to reimburse itself from borrowed funds within eighteen (18) months (or three
(3) years if the City is considered a small government issuer for the calendar year, i.e., no more
than $5,000,000 of government bonds is expected to be issued in the calendar year) after the later
of (a) the date the expenditure is paid or (b) the date the facility is placed in service, but in no
event, more than 3 years after the expenditure is paid.
No money from sources other than the anticipated borrowing or borrowings is or is reasonably
expected to be, reserved, allocated on a long-term basis, or otherwise set aside by the Issuer with
respect to the expenditure, pursuant to the budgetary and financial circumstances of the Issuer as
of the date of this Declaration.
Dated this 22nd day of April 2024.
CITY OF CHANHASSEN
By: ____________________________
Kelly Grinnell, Finance Director
Attest: ____________________________
Kim Meuwissen, City Clerk
DocuSign Envelope ID: F79E6EF0-AE05-470D-A690-198B4574C365