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Blaine council approves public hearing and move to allow up to $6 million in conduit debt for National Sports Center
Summary
The council held and closed a public hearing and voted to allow the Economic Development Authority to consider issuing up to $6 million in conduit debt for the National Sports Center, primarily to refinance earlier issuances and to fund equipment and campus road work.
The Blaine City Council on Monday conducted a public hearing and voted to allow the Economic Development Authority to proceed with conduit debt issuance of up to $6 million for the National Sports Center.
City Finance Director Zimmerman told the council the conduit notes would preserve tax‑exempt status and that the borrower, not the city or EDA, would be responsible for repaying the bonds. Zimmerman said the applicant estimates the financing need is closer to $5.3 million and that most of that amount would refinance two prior issuances from 2011…
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