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Commonweal Theatre to refinance debt


Fri, Jan 10th, 2014
Posted in Lanesboro Government

A public hearing was held prior to the Lanesboro City Council meeting on January 6. Councilman Keith Eide was absent. The hearing was in regard to the nonprofit theatre corporation’s request to amend and reissue its commercial development note that had been issued in 2006.

Mike Bubany, David Drown and Associates, explained that with the 1982 Tax Equity and Fiscal Responsibility Act the rules were made more stringent. A city can get a lower rate as a tax exempt entity and this can be extended to non-profits. Commonweal Theatre Corporation can take advantage of the tax exempt rate with the city acting as a conduit in the reissuance of the revenue note. There will be no liability to the city if the city agrees to the requested changes in the original note.

Bubany emphasized that it wouldn’t affect the credit rating of the city in any way. He added that any local government entity could act as the conduit for the theatre. It just made sense for that entity to be Lanesboro as the theatre is located here. There is a limit on the amount any city can designate as “qualified tax exempt obligation” during the period of one year and that is $10 million. Bubany noted that Lanesboro will not be affected by that limit.

With the amendment of the note the Commonweal Theatre will save 1.5 to 2 percent on interest rates. F & M Bank is the sole holder of the debt.

Hal Cropp, speaking for the theatre board, pointed to the downturn in the economy in the years after the original note was issued. He acknowledged that over $450,000 of pledges had to be written off. However, since 2011 funds gained through operations have covered all interest payments on the debt. Principal payments have to come from capital campaign fund raising.

In 2010 a fund raising campaign was started with a target of $1,000,000. Over $450,000 in cash and pledges has been received to this point.

The restructuring of the debt will reduce the annual principal and interest payments to $37,000. They currently are $120,000. The reduction in the debt service will allow the theatre to establish reserve funds for operations, building and equipment, along with new programming.

Charles Aug explained the restructuring of the debt is comparable to the refinancing of one’s home. It will lower the interest rate for the first five years from 5.53 percent to 4.00 percent. It will reduce debt service cost and solve .....
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Hoffman Stables

Lanesboro mourns the loss of three

By Mitchell Walbridge

Fri, Jan 10th, 2014
Posted in Lanesboro Features

As the story topped many media outlets’ broadcasts and headlines across southeastern Minnesota for days, those in the community of Lanesboro were hoping for the best, or at least some piece of good news, as law enforcement officials, dive teams, a ..... 
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Jeffery Lynn Strom

Fri, Jan 10th, 2014
Posted in Lanesboro Obituaries

Jeffrey Lynn Strom, 59 died January 1, 2014 at his home in Rohnert, Calif. of natural causes. Jeffrey Strom was born July 20, 1954 in Preston, Minn. Raised in Lanesboro, Minn., he was a 1972 graduate of Lanesboro High. After graduation he move ..... 
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Documentary Films featuring Action/Adventure in Lanesboro January 18

Fri, Jan 10th, 2014
Posted in Lanesboro Arts & Culture

Sit back and experience big-screen action-packed adventure in films featuring everything from mountain bike jumps to Yosemite Valley rock climbing to Mexican jungle kayaking to extreme skiing to wingsuit flying. To kick off the 2014 Frozen River Fi ..... 
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Blake Erik Overland

Thu, Jan 9th, 2014
Posted in Lanesboro Obituaries

Blake Erik Overland, 28, of Stewartville, Minn., died Sunday, January 5, 2014 in an automobile accident near Winona, Minn. Blake was born December 30,1985, to Erik and Laurie (Jorde) Overland. He attended school in Lanesboro, Minn. and graduated ..... 
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Vacancies

Fri, Jan 3rd, 2014
Posted in Lanesboro Legals

The City of Lanesboro is seeking qualified candidates to fill two vacancies; one on the Historic Preservation Commission and one on the Economic Development Authority Commission. Interested candidates should apply in person at City Office by submitt ..... 
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Juried High School Art Show at Lanesboro Arts Center

Thu, Jan 2nd, 2014
Posted in Lanesboro Arts & Culture

Juried High School Art Show at Lanesboro Arts Center January 11 – February 8, 2014: Featuring Art by 9-12th grade students from four regional schools. Opening Reception Saturday, January 11, 6-8 p.m. Artwork by 9th-12th grade students from throu ..... 
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Lanesboro School Board sets 2014 levy

Fri, Dec 27th, 2013
Posted in Lanesboro Education

The Lanesboro School Board certified their levy and approved the budget at their regular meeting on December 19. The levy for 2014 was set at $373,445.53. Superintendent Jeff Boggs said the levy has gone down this year, and has been doing so for t ..... 
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Light Matters

Fri, Dec 20th, 2013
Posted in Lanesboro Letter to the Editor

To the Editor, What a poignant irony that it is in these shortest, dark days we gratefully celebrate the gift of the infinite and brightest of lights as manifest in the Christ. His unique biological life story - His origin, His counsel and works ..... 
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