Chaska Economic Development Authority Agenda May 4, 2026
EDA Plans Redemption of 2025 Lease-Purchase with Security Bank
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Description
Security Bank & Trust Co. holds the City of Chaska’s 2025 Lease-Purchase Agreement, originally $3.972 million, for land acquisition for the municipal service building. The EDA intends to redeem the remaining balance on August 1, 2026 with proceeds from the planned Series 2026A bonds and a rental payment from the City.
Contract Details
Contract Amount
$3,972,000 (original principal); $3,678,000 outstanding
Vendor
SECURITY BANK & TRUST CO
Agency
City of Chaska, MN
Contract Type
FINANCIAL_SERVICES
Document Date
May 4, 2026
Contract Term
Lease-Purchase Agreement dated January 16, 2025; to be redeemed August 1, 2026
Renewal Date
2026-08-01
Renewal Info
No renewal is contemplated; the lease-purchase agreement is scheduled for full redemption on August 1, 2026.
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