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EDA to discuss south shore bonding

The Bemidji Economic Development Authority will hold a public hearing on Monday on its intent to issue bonds in an amount not to exceed $14 million to establish an economic development district.

The public hearing will take place immediately following the Bemidji City Council meeting, which is scheduled to begin at 7 p.m. at City Hall. The council will adjourn its meeting and then reconvene as the EDA and hold the public hearing.

The EDA plans to purchase about 130 acres along the south shore of Lake Bemidji for redevelopment, which would include parkland, trails and the site for the proposed events center.

The $14 million in bonds would include the $13,085,528 needed to purchase the land and also the interest on the bonds for the first two years.

The public hearing will be accompanied by a second reading of the ordinance that would allow the EDA to issue the bonds.

The EDA plans to meet in a special council meeting at noon Christmas Eve, Dec. 24, at City Hall to consider final adoption of the ordinance.

If approved, the EDA must wait 30 days from the date of official publication before issuing bonds, so the soonest that could happen would be late January.

The city has purchase agreements in place to buy the following properties:

-- 106.48 acres from ShoreQuest L.L.C. for $11,770,000 (this includes $230,000 for 8.26 acres that was the Dean Schnell property, which ShoreQuest had already purchased)

-- 8.38 acres from Duane Sea for $300,000

-- 5.04 acres from Joe Waslaski and Kris Klasen for $125,000

-- 9.23 acres from North Central Door for $890,528