MN SF1667

City of Excelsior may collect additional revenue from an existing one-half of one percent sales and use tax, subject to voter approval at a general election, for commons improvements specified in a Master Plan adopted January 9, 2023.

Additional $23,000,000 in project funding authorized through the expanded tax revenue, plus associated bonding costs for commons improvements including walkability, beach enhancements, shoreline erosion prevention, port redesign, and playground equipment.

City may issue up to $23,000,000 in bonds to finance the expanded project costs, exempt from debt limitations and levy limitations, with no additional voter approval required after the initial tax authorization.

Combined tax revenue from both the original and expanded authorizations expires at the earlier of 25 years or when $30,000,000 total has been received to cover project costs and bond issuance expenses.

Remaining funds after all project costs and bond retirement are placed in the city's general fund.