At its October 27, 2009 meeting, the Ramsey County Board of Commissioners adopted Resolution #2009-363 and associated procedures to allocate $11,655,000 in bonding authority to local units of government in Ramsey County, for Recovery Zone Facility Bonds (RZFBs) as authorized by the American Recovery and Reinvestment Act of 2009 (ARRA).
Recovery Zone Facility Bonds are authorized for the financing of projects located in designated economic recovery areas. Recovery Zone Facility Bonds are tax-exempt private activity bonds, similar to Industrial Revenue Bonds. Qualifying projects include any depreciable property that is to be constructed, reconstructed, renovated, or acquired by a private user within a recovery area as designated by the local unit of government. Projects can be for any trade or business conducted within economic development areas, except for residential rental housing and other limited exceptions. The bond principal and interest is repaid by the revenues generated from the private project.
The Public Notice, Application, Worksheet and Allocation Procedures are posted below.
Questions may be directed to Lee Mehrkens, Ramsey County Chief Financial Officer, at 651-266-8040, or email.
Public Notice (pdf)
Bonding Application (pdf)
Bonding Worksheet (pdf)
Procedures for Application and Allocation of Recovery Zone Facility Bonding Authority (pdf)
UPDATE: All Recovery Zone Facility Bond authority has been allocated by the Board. On January 19, 2010, one allocation of $7,000,000 was awarded by the Board. An additional application of $4,655,000 was awarded on February 2, 2010. Both allocations were provided to the City of Vadnais Heights (the only applicant).
