MN HF2702

City of Edina may impose a one-half of one percent sales and use tax if approved by voters, with revenues used for Fred Richards Park ($17,700,000) and Braemar Park improvements.

Braemar Park project funding authorization increased from $21,600,000 to $53,300,000 plus associated bonding costs.

City may issue bonds under Minnesota Statutes chapter 475 to finance the projects, with aggregate principal amounts not exceeding $17,700,000 for Fred Richards Park and $53,300,000 for Braemar Park.

Bonds are exempt from debt limitations and levy limitations applicable to the city, and no separate voter election is required to approve the bonds.

Sales and use tax expires at the earlier of 19 years after imposition or when sufficient funds are collected to pay project costs and bond-related expenses, with any remaining funds placed in the city's general fund.