3a. Award of Bid 2008 Public Works facility Bonds
CITY OF
CHANHASSEN
7700 Market Boulevard
PO Box 147
Chanhassen, MN 55317
Administration
Phone: 952.227.1100
Fax: 952.227.1110
Building Inspections
Phone 952.227.1180
Fax: 952.227.1190
Engineering
Phone: 952.227.1160
Fax: 952.227.1170
Finance
Phone: 952.227.1140
Fax: 952.227.1110
Park & Recreation
Phone: 952.227.1120
Fax: 952.227.1110
Recreation Center
2310 Coulter Boulevard
Phone: 952.227.1400
Fax: 952.227.1404
Planning &
Natural Resources
Phone: 952.227.1130
Fax: 952.227.1110
Public Works
1591 Park Road
Phone: 952.227.1300
Fax: 952.227.1310
Senior Center
Phone: 952.227.1125
Fax: 952.227.1110
Web Site
www.ci.chanhassen.mn.us
4-a...,
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MEMORANDUM
TO: Mayor & City Council Members
FROM:
~.'l'
~~
Greg Sticha, Finance Director
DA TE:
October 27, 2008
SUBJ:
Award of Bid 2008 Public Works facility Bonds
PROPOSED MOTION
"Staff recommends that the City Council awards the bid for issuance of
$7,550,000 General Obligation CIP Bonds for the City's Public Works Facility
to the Low Bidder of (To be announced at the meeting that evening)."
Approval of this resolution requires a simple majority vote of those City
Council members present.
BACKGROUND
During the past few months staff and council has undergone the process of
preparing financing/bonding options for the new Public Works Facility. During
that time city council and staff decided to issue General Obligation CIP Bonds
for financing of the facility. The City held a public hearing, as required for
issuance of these type of bonds, and allowed for a 30 day open window for
submittal of a petition requesting a referendum in regards to issuance of these
bonds. No petition was submitted to the city requesting a referendum for
issuance of these bonds.
During the past week city staff underwent a review process by our bond rating
agency Standard & Poors. The results of that rating call and award of bid for
sale of the bonds will be announced at the council meeting. Representatives
from our financial advisor's Ehler's & Associates will be available to discus the
sale of the bonds at the meeting.
RECOMMENDA TION
Staff is recommending that the City Council award bid for issuance of
$7,550,000 General Obligation CIP Bonds for the Public Works Facility to the
lowest Bidder.
Chanhassen is a Community for Life - Providing for Today and Planning for Tomorrow