HomeMy WebLinkAbout5.F.5. Amending Fees for Private Activity Revenue Bond Financing-Ord. No. 836CITY OF SHAKOPEE
1Vlemorandum
TO: Mayor and Council
Mark McNeill, City Administrator
FROM: Gregg Voxland, Finance Director
SUBJ: Private Activity Revenue Bond Financing Fees
DATE: August 10, 2010
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Introduction
In conjunction with the adoption of a policy for private activity revenue bond financing, an
amendment to the Fee Schedule is needed.
Backeround
The current private activity revenue bond financing fees are:
Commercial/Industrial/Mortgage Revenue Bond Fees
1] Application Fee
2] Legal expenses as billed in addition to above
3] Application Fee for refinancing
4] Legal expenses as billed in addition to above
1/10th of 1% of amount issued with a $2,600 min\$6,330 max.
1/20th of 1% of amount issued with a $1,300 min\$3,150 max.
Pursuant to the new policy for private activity revenue bond financing the suggested fees are;
1] Application Fee $1,000
2] Pre-application review fee $370
3] All out of pocket and staff costs as billed in addition to above
4] Administration Fee at closing 1/10th of 1% of amount issued with a $2,600 minimum
5] Subsequent proceedings $370
Goals
B. Positively manage the challenges and opportunities presented by growth, development and
change.
C. Maintain the City's strong financial health.
D. Maintain, improve and create strong partnerships with other public and private sector
entities.
Action Requested
Offer Ordinance No. 836, Fourth Series, an Ordinance of the City of Shakopee, Minnesota
Amending the City's Adopted 2010 Fee Schedule for Commercial/Industrial/Mortgage Revenue
Bonds, and move its adoption.
ORDINANCE NO. 836, FOURTH SERIES
AN ORDINANCE OF THE CITY OF SHAKOPEE, MINNESOTA
AMENDING THE CITY'S ADOPTED 2010 FEE SCHEDULE
FOR COMMERCIAL/INDUSTRIAL/MORTGAGE REVENUE BONDS
WHEREAS, the City Council has determined that it is desirable to modify the 2010 Fee
Schedule related to commercial/industrial/mortgage revenue bond fees.
NOW, THEREFORE BE IT ORDAINED, that the City Council of the City of Shakopee
hereby revises the Adopted 2010 City Fee- Schedule by amending the
commerciaUindustriaUmortgagerevenue bond fees as follows:
Private Activity Revenue Bond Fees
1 ] Application Fee
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~~ff Pre-application review fee $370.00
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All out of pocket and staff costs as billed in addition to above
4]
Administration Fee at Closing 1/10' of 1% of amount issued with a $2.600
minimum.
5~ Subsequent proceedings $370.00
Adopted in adjourned regular session of the City Council of the City of Shakopee,
Minnesota held this 17th day of August, 2010.
Ordinance No. 836, Fourth Series
Mayor of the City of Shakopee
ATTEST:
City Clerk
Published in the Shakopee Valley News on