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Council approves cost-share and development agreement for Country Manor project; calls public hearing on conduit bonds
Summary
The council approved a cost-share agreement with Crow Wing County for a turn lane on Beaver Dam Road and approved a development agreement with Country Manor Campus Brainerd LLC contingent on that cost-share; the council also adopted a resolution calling a March 17 public hearing on conduit revenue bonds for the project.
Brainerd City Council approved a county cost-share arrangement and a development agreement with Country Manor Campus Brainerd LLC, and adopted a resolution scheduling a public hearing on conduit revenue bonds related to the project.
Community Development Director James Kramvik said Crow Wing County would pay 25 percent of construction costs for the turn lane on Beaver Dam Road and would reimburse the project developer. Council approved the cost-share agreement on a motion by Councilmember Bevins and then approved the development agreement with Country Manor Campus Brainerd LLC contingent on execution of the cost-share agreement.
Kramvik said the development agreement (Section 15) formalizes a delayed payment structure for certain fees that council previously approved at the Feb. 3 meeting. He asked the council to approve the cost share separately and to approve the development agreement contingent upon executed signatures from both the county and the city.
The council also adopted a resolution calling a public hearing on the issuance of conduit revenue bonds for the benefit of Country Manor Campus LLC; the hearing is scheduled for March 17, 2025. Kramvik emphasized the resolution calls for a hearing and does not itself approve issuance of bonds.
Why it matters: the actions clear the way for right-of-way and construction work tied to the Country Manor project and begin the bond hearing process required by Minnesota statutory procedures for conduit financings.
Next steps: staff will execute the cost-share paperwork with Crow Wing County, sign the development agreement once the county agreement is in place, and prepare for the March 17 public hearing on conduit debt.
