## Agenda Page 1 ## WORK SESSION 1st Work Session to discuss 2027 Budget ## 5:45 – 7:00 PM ## AGENDA ## CHASKA CITY COUNCIL ## CHASKA CITY HALL - COUNCIL CHAMBERS & ZOOM Monday, August 3, 2026 ## 7:00 PM 1. Call to Order 2. Pledge of Allegiance ## 3. Roll Call ## 4. Adopt Agenda ## 5. Visitor Presentation ## 6. Approve Previous Meeting Minutes 6.A. Meeting Minutes 07-20-2026 ## 7. Consent Items 7.A. Designate Depositories and Investment Institutions for 2026 7.B. Adopt Resolution 2026-70 Calling for a Public Hearing on the ## Establishment of TIF District No. 26 (Big Woods Business Park) 7.C. Massage Therapist - Yun Liu DOB 05-04-1983 license approval ## 8. Action Items 8.A. Adopt Resolution 2026-69 Ratifying the Sale of Series 2026B Bonds 9. Bills ## 9.A. ACCOUNTS PAYABLE CLAIMS ROSTER 8-3-2026 ## 10. Other Business ## 10.A. City Administrator's Report 10.A.i. Biweekly 08-03-2026 10.B. Financial Reports as of 5/31/26 11. Adjourn Page 1 of 164 ## Agenda Page 2 ## Chaska Economic Development Authority Meeting ## Immediately following City Council Page 2 of 164 ## DRAFT ## - MINUTES - ## CHASKA CITY COUNCIL ## JULY 20, 2026 1. Call to Order The meeting was called to order by Mayor Pro Tem Grau at 7:00 p.m. 2. Pledge of Allegiance ## 3. Roll Call Roll call was taken. Present: Mayor Pro Tem Grau and Councilmembers Sheveland, Benesh, and Hatfield. Also Present: Matt Podhradsky, City Administrator; Noel Graczyk, Administrative Services Director; Elise Durbin, Assistant City Administrator; Nate Kabat, Community Development Director; Ashley Cauley, City Planner; Julie Grove, Economic Development Coordinator; Krista Mark, Communications Coordinator; and Christophe Morschen, City Attorney. ## Absent: Mayor Hubbard 4. Adopt the Agenda Motion by Councilmember Hatfield, second by Councilmember Benesh to adopt the agenda as presented. Motion carried. ## 5. Visitor Presentation No one wished to address the Council. ## 6. Approve Previous Meeting Minutes ## 6.A. Approve the June 29, 2026 City Council Meeting Minutes Motion by Councilmember Sheveland, second by Councilmember Hatfield to approve the minutes of the June 29, 2026, City Council meeting. Motion carried. ## 7. Consent Agenda Councilmember Hatfield asked about the City’s third and final Cannabis Retail location, whether the owner will grow cannabis on the inside or outside of the building. City Administrator Podhradsky stated they would grow it inside the building. Motion by Councilmember Benesh, second by Councilmember Sheveland, to approve the ## Consent Agenda Items A through G: A. Approve Cannabis Retail Local Registration for Blom Inc. Motion to approve a Cannabis Retail Local Registration for Blom Inc., located at 4024 Peavey Rd., Chaska. B. Approve Low-Potency Hemp Retail Registrations – Holiday Stationstores #67 and #340 Page 3 of 164 ## MINUTES-CHASKA CITY COUNCIL July 20, 2026 PAGE 2 DRAFT Motion to approve low-potency hemp edible retail registrations for Holiday Stationstores #67 and #340 to sell low-potency hemp edible related products. C. Approve On-Sale Liquor License at a Community Event – The Copperfield Chaska Motion to approve On-Sale Intoxicating License at a Community Event, Lic# OSCF26.03, for The Copperfield Chaska, 3210 Chaska Blvd., Chaska, MN for Chaska Fire & Ice Festival effective July 10th and 11th, 2026. D. Adopt Resolution No. 2026-66 Approving the Conditional Use Permit (CUP) for outdoor storage at 3700 Chaska Boulevard (PC # 2026-14). Motion to adopt Resolution No. 2026-66 approving the Conditional Use Permit (CUP) for open storage exceeding a 2:1 building-to-land ratio and totaling 75,000 square feet at 3700 Chaska Boulevard (PC #2026-14). ## E. Approve Minnesota Municipal Utilities Association (MMUA) Delegates Motion to approve the updated delegates. F. Adopt Resolution No. 2026-67, accepting the Feasibility Report for SE Collector in SW Area- Savanna Way. Motion to adopt Resolution No. 2026-67, approving the Feasibility Study, Authorizing Plans and Specifications, and Scheduling the Public Improvement Hearing to be held on August 31st for the SE Collector in SW Chaska. G. Adopt Resolution No. 2026-68, accepting Bids & Awarding Contract – 2026 Industrial Park (Columbia Motion to adopt Resolution No. 2026-68 Authorizing the City Administrator and City Engineer to execute a construction contract with Bituminous Roadways Inc. for the 2026 Industrial Park Watermain Project in the total bid amount of $591,225.00. Motion carried. ## 8. Action Items ## 8.A. Annual 2025 Financial Reports City Administrator Podhradsky introduced Administrative Assistant Noel Graczyk to present this item. Mr. Graczyk presented an overview of the audit report to the Council, and noted that the Manager of CLA, Ezra Koetz, will be presenting the audit report. Mr. Koetz noted that the audit results did come back "clean" and financial statements were found to be fairly stated in all material respects. Under Internal Controls, there were no deficiencies in 2025; there was one restatement identified as unavailable revenue was recorded in 2024 in the Public Improvement Projects Fund, and the impact was a decrease in fund balance of $54,000. Due to decreased activity in the fund during 2025, a lower materiality threshold resulted in the amount being considered material and requiring restatement. There were no deficiencies in legal compliance for 2025. Mr. Koetz noted that a single audit is required when a City has over $1 million of federal expenditures, which Chaska had in 2025. It is related to the Emergency Operations Center and getting the last documentation for the single audit, but he expects City Staff to have it completed by the September 30 deadline. Page 4 of 164 ## MINUTES-CHASKA CITY COUNCIL July 20, 2026 PAGE 3 DRAFT Mr. Koetz explained that, per accepted auditing standards, they performed a risk assessment, looked at accounting policies, and did not find any significant new accounting policies in 2025; no accounting estimates were made in 2025, and there were no difficulties performing the audit or disagreements with management. He noted that City Staff was great to work with and were well prepared to help complete the audit. Mr. Koetz reviewed the financial results, noting a $34 million decrease in the Governmental Fund balance due to spending bond proceeds on the Public Facilities project. The General Fund balance increased by $789,000 as reserves were replenished, with positive revenue trends driven by recreation programs, permits, and strong tax collections. He also noted higher expenditures in Parks and Recreation for maintenance and in Public Safety due to increased payroll costs from hiring and turnover. Mr. Koetz explained that the Enterprise Funds increased by $9 million, with changes across all the Enterprise funds that were positive. The Electric Fund increased operating revenue by $3.75 million with an increase in usage and rates. This fund did really well and was able to transfer out $8 million to help other operations, and a large portion went to the General Fund. Mr. Koetz noted that the Water Fund operating revenue increased by $484,000 with increases in residential consumption. The Sewer Fund had an increase in revenue of just under $500,000 due to increased sewer rates, and operating costs stayed consistent. The Storm Fund had revenue increases of $125,000 with additional residential and commercial consumption, but operating expenses increased by $400,000 with depreciation on assets that contributed to the deficit in this fund. The Turbine Generator Fund has the same revenue as last year, and due to amortization of this lease asset, overall operating expenses stayed consistent as well. The Community Center Fund had growth in revenue, and operating expenses increased by $342,000. It is still operating at a loss, even without depreciation. City Administrator Podhradsky noted that there is a plan each year to take some money from the General Fund to help support the Community Center Fund, because it is not self-supporting. Councilmember Sheveland asked if some of the Parks and Recreation budget used to be funded by the Community Center Fund. City Administrator Podhradsky confirmed that was correct, and some of those salaries were pulled from the Community Center Fund and put in the General Fund. Mr. Koetz noted that the Curling Center Fund increased by $63,000 due to additional memberships. Operating costs also increased by $40,000 with some additional salaries and repair expenses. Overall, operating at a loss in 2025, similar to the Community Center. A change in this fund would require transfers from other funds to support the activity. The Golf Course Funds, starting with the Loop at Chaska Fund, also had a deficit even without depreciation, with revenue increases of $74,000 and operating expense increases of $199,000. The Town Course Golf Fund operating revenue had a $146,000 increase, and operating expenses decreased by about $274,000, resulting in a positive operating income in 2025. Page 5 of 164 ## MINUTES-CHASKA CITY COUNCIL July 20, 2026 PAGE 4 DRAFT Mr. Koetz reported that the City's net position increased by $27 million in 2025, including $18.4 million in governmental activities and $9 million in business activities, for a total net position of $299 million. He also reviewed upcoming GASB standards that will improve financial statement presentation, clarify operating revenue classifications, and update subsequent event disclosure requirements. Mr. Graczyk added more updates to the Council regarding the audit report. Councilmember Sheveland stated it was a pleasure to have someone who knows what they are doing go through this report with Council. Mayor Pro Tem Grau noted that the report is a good model of growth. Motion by Councilmember Hatfield, second by Councilmember Benesh to accept the 2025 Annual Comprehensive Financial Report (ACFR) for the City of Chaska and associated audit reports as well as the 2025 Annual Financial Report (AFR) for the Chaska Fire Department Relief Association and associated audit reports. Motion carried. 8.B. Adopt Resolution No. 2026-65, approving the Concept Plan for Vista Ridge/ Johnson ## Reiland Homes/ PC #2026-12 City Administrator Podhradsky introduced City Planner Ashley Cauley to present this item to the Council. Ms. Cauley presented the item to the Council. Mayor Pro Tem Grau asked who named the streets. Ms. Cauley stated the street names were proposed by the developer. Mayor Pro Tem Grau asked if he could suggest Soaring Hawk Parkway, not Eagle. Ms. Cauley stated that Soaring Eagle was a request by the property owner, but would put that note in. Councilmember Sheveland asked if the Schram lot where it sits today will be rebuilt into a house. City Administrator Podhradsky stated that right now it received conditional approval to be a contractor storage building, and that parcel is needed for access but will be developed at some point. Mayor Pro Tem Grau added that the only reason it was used is that it was abandoned. City Administrator Podhradsky noted that it was used as the firearm training lot because of the steep slope. Mayor Pro Tem Grau asked about property easements and if property owners use them as their own property; if that is a violation that would be enforceable by the City. Ms. Cauley confirmed that is correct. City Administrator Podhradsky stated the most uncomfortable conversations are when neighbors get upset at other neighbors for using the conservation easement as their own property. Councilmember Sheveland asked if the City could keep ownership of those and the lot lines could be smaller. Mayor Pro Tem Grau stated the easements are owned by the City, but the problem is in residents' backyards. Page 6 of 164 ## MINUTES-CHASKA CITY COUNCIL July 20, 2026 PAGE 5 DRAFT Community Development Director Nate Kabat noted that easements and property lines are all enforceable, but if a resident has a desire to encroach, it is hard to enforce. Mayor Pro Tem Grau stated that he brought it up for the percentage of people that do not know that they are doing something wrong. City Administrator Podhradsky noted that the most effective way is to put up signs that actually indicate where the easement is. Councilmember Sheveland noted that in the Chevalle neighborhood, there is a lot of green space there and the City has been very clear that it is City- owned. City Administrator Podhradsky stated the City still has enforcement issues in that area with encroachment occurring. Councilmember Sheveland asked how water drainage will occur because that area is so steep. Mr. Kabat stated he could not answer exactly how drainage will be captured and treated, but it will be a requirement the development needs to meet through the process. Councilmember Sheveland stated she was asking because Pulte was going to put some money towards that drainage at the new park. City Administrator Podhradsky stated all the water with this development will go towards the southeast. Mayor Pro Tem Grau asked if the concept is a one road in, and one road out subdivision. Ms. Cauley confirmed that was correct and there is a turnaround to allow fire trucks to turn around until a future connection is made. Councilmember Sheveland asked if Johnson Reiland also built Carlson Bluffs. Ms. Cauley confirmed that they did. Mayor Pro Tem Grau asked how steep the grade of Big Woods Boulevard is. Ms. Cauley stated it meets City standards, so it is less than eight percent. Mr. Kabat stated that he has had conversations with the property owners that surround this property, and road access, sewer, and water access all require cooperation with neighboring properties. This particular property will not get that service without that cooperation. It is very important for the developer to keep that in mind throughout the process. Councilmember Sheveland noted that it is exciting, but there are a lot of contingencies on this development. Councilmember Hatfield stated it is a beautiful area and will be great to have homes there once everything is worked through. Mayor Pro Tem Grau added that with development comes some changes, which is good. Motion by Councilmember Sheveland second by Councilmember Hatfield, to adopt Resolution No. 2026-65 approving the Concept Plan of Vista Ridge Reiland Homes P.C. No. 2026-12. Motion carried. Page 7 of 164 ## MINUTES-CHASKA CITY COUNCIL July 20, 2026 PAGE 6 DRAFT 8.C. Authorize Letter of Intent for TIF Assistance for the Proposed Big Woods Business Park ## Project City Administrator Podhradsky introduced Economic Development Coordinator Julie Grove to present this item to the Council. Ms. Grove presented the item to the Council. Councilmember Sheveland asked if the land is all owned by the same developer. City Administrator Podhradsky stated that is correct. Councilmember Hatfield stated she appreciated City Staff for outlining this project and the need to service the development with public utilities. Motion by Councilmember Sheveland, second by Councilmember Hatfield, to authorize the City Administrator to execute the Letter of Intent for TIF assistance to the proposed Big Woods Business Park Project. Motion carried. 9. Bills ## 9.A. Accounts Payable Claims Roster 07-20-2026 Motion by Mayor Pro Tem Grau, second by Councilmember Benesh to approve the bills as presented. Roll call was taken. Voting aye: Councilmembers Hatfield, Benesh, Sheveland, and ## Mayor Pro Tem Grau. Voting nay: None Motion carried. ## 10. Other Business ## Councilmember Sheveland: • Recapped the July 4 Fireworks, which were on Wednesday before July 4. ## Councilmember Benesh: • Shared about the upcoming Parade for River City Days. ## Councilmember Hatfield: • Recapped her attendance at Fire and Ice. • Recapped her attendance at the latest Farmer’s Markets. • Shared upcoming events: River City Days parade on Thursday (July 23) at 6:30 p.m., Blood Drive (July 24) from 10:00 a.m. to 4:00 p.m. at the Curling Center, Coffee with the First Responder is in the Public Safety building classroom from 9:00 a.m. to 10:00 a.m., the Chaska Cubs game will be hosted by Chaska Police and Parks and Recreation (July 23) at 6:00 p.m. at the Athletic Park. ## Community Development Director Nate Kabat: • Shared that the City's Downtown Master Plan will be on display at the River City Days event at the City's booth to gather feedback from the community. ## Assistant Administrator Elise Durbin: • Shared that in addition to the Downtown Master Plan, the City's booth at River City Days will also have information on the new MSB facility, the new library, and City Hall Plaza. Page 8 of 164 ## MINUTES-CHASKA CITY COUNCIL July 20, 2026 PAGE 7 DRAFT ## City Attorney Christophe Morschen: • Introduced Hakeem Jackson, their firm’s newest Associate Attorney. ## City Administrator Podhradsky: • Shared that the only way to go to the new amphitheater in Shakopee is by using Southwest Transit. ## Mayor Pro Tem Grau: • Recapped his attendance at Fire and Ice. • Thanked all the volunteers that are helping out with River City Days, as it is not a City- run event. • Gave a shout-out to the Chaska 11AAA Baseball team, as tomorrow is their last game and is the League Championship, and recapped his time as Assistant Coach. • Shared that the next meeting is scheduled for August 3. ## 10.A. City Administrator's Report 10.A.i. Bi-Weekly Report 07-20-2026 11. Adjourn Motion by Councilmember Hatfield, second by Councilmember Benesh to adjourn the meeting at 9:17 p.m. Motion carried. Page 9 of 164 ## Subject: Designate Depositories and Investment Institutions for 2026 ## Reviewed By: Noel Graczyk, Administrative Services Director ## Prepared By: Erica Mattice, Finance Division Director ## Background As required by State Statute, any bank or credit union with city funds on deposit must annually be designated by the city council as an official depository. The City of Chaska’s Cash Management Program also states that the city council shall annually designate financial institutions for placement of investments. At this time, the city needs to update the name on three designated financial intuitions before entering into updated agreements with each. Historically, the city council has designated each bank and credit union that operates a local office within the city as a designated depository. U.S. Bank is designated as a city depository as it is used by the League of Minnesota Cities, which sponsors the 4M Fund. The city also uses U.S. Bank to process utility billing lockbox transactions. It is recommended that all current designated depositories and investment institutions as designated for 2026 be retained. The current name for the League of Minnesota Cities and PTMA Financial Network, Inc. (4M Fund); PFM Asset Management, a division of U.S. Bancorp Asset Management, Inc.; and, UBS Financial Services, LLC each be designated to reflect their current name. The following lists include currently designated banks and financial institutions for 2026 with updated name changes: Depositories (Nine for 2026) ## Bank Vista ## Center National Bank ## Chase Bank ## Nicolet National Bank ## Old National Bank ## Security Bank ## U.S. Bank ## Wells Fargo Bank ## Wings Financial Credit Union Current Investment Institutions (Ten for 2026) ## Computershare Corporate Trust League of Minnesota Cities and PTMA Financial Network, Inc. (4M Fund) League of Minnesota Cities and PMA Financial Network, Inc. (4M Fund) Northland Securities, Inc. ## REQUEST FOR ACTION ## CITY OF CHASKA 8/3/2026 Page 10 of 164 Oppenheimer & Co, Inc. ## Piper Sandler Companies PFM Asset Management, a division of U.S. Bancorp Asset Management, Inc. ## Public Financial Management (PFM) RBC Capital Markets, Inc. UBS Financial Services, Inc. ## UBS ## Moreton Capital Markets, LLC U.S. Bank Investment Services, Inc. ## Recommendation There are no additions or deletions in designated depositories and three name changes in investment institutions. It is recommended by staff to approve all depositaries and financial institutions as listed under City Council Action Requested. ## CITY COUNCIL ACTION REQUESTED Motion to designate the following official depositories and investment institutions. ## Depositories: Bank Vista; Center National Bank; Chase Bank; Nicolet National Bank; Old National Bank; Security Bank; U.S. Bank; Wells Fargo Bank; and Wings Financial Credit Union. ## Financial Institutions: ## Computershare Corporate Trust; League of Minnesota Cities and PTMA Financial Network, Inc. (4M Fund); Northland Securities, Inc; Oppenheimer & Co, Inc; Piper Sandler Companies; PFM Asset Management, a division of U.S. Bancorp Asset Management, Inc; RBC Capital Markets, Inc; UBS Financial Services, Inc.; Moreton Capital Markets, LLC; and, U.S. Bank Investment Services, Inc. Page 11 of 164 Subject: Adopt Resolution 2026-70 Calling for a Public Hearing on the ## Establishment of TIF District No 26 (Big Woods Business Park) ## Prepared By: Julie Grove, Economic Development Coordinator ## Background On June 15, 2026, the City Council approved the Big Woods Business Park (North) Phase I Preliminary Site & Building Plan, Preliminary Plat & Comprehensive Plan Amendment for a 218,000 square foot distribution center and Phase I public improvements including road infrastructure, utilities, trails and grading for the entire north business park located in the SW Chaska. City Council is expected to consider the final Site and Building Plan in August 2026. Construction is anticipated to begin in the fall of 2026. To help make the construction of the public improvements financially feasible, the developer, Scannell Properties, has submitted an application requesting Tax Increment Financing (TIF) assistance. In order, to construct the project, the developer must make significant upfront investments in public infrastructure, including new roads, utility extensions, mass grading and site preparation. These improvements are needed not only for the Phase I facility but also to prepare the entire northern portion of the business park for future industrial development. To help make the construction of the infrastructure financially feasible, the developer is requesting Tax Increment Financing (TIF) assistance. No TIF assistance is being requested for the Phase I warehouse building or any associated private improvements. The project qualifies for TIF assistance as an eligible eight-year Economic Development TIF District. On July 20, 2026, the City Council and EDA approved a Letter of Intent for TIF assistance to support public infrastructure improvements. The Letter of Intent outlined the general terms of the assistance and authorized the next steps in the process, including the establishment of a TIF district and negotiation of a TIF agreement. State statutes requires a public hearing to be held at both the City Council and EDA in order to establish a TIF district and adopt the TIF Plan and TIF Agreement. ## Recommendation With the City Council/EDA approving a Letter of Intent with Scannell Properties on July 20, 2026, staff is asking Council to adopt the attached Resolution setting August 31 st as the date of the public hearing on this matter. The EDA will be asked to consider a similar resolution. ## CITY COUNCIL ACTION REQUESTED Motion to adopt Resolution 2026-70 calling for a public hearing on August 31, 2026, to consider the establishment of TIF District No. 26 and subsequent business subsidy. ## REQUEST FOR ACTION ## CHASKA CITY COUNCIL 8/3/26 Page 12 of 164 ## CITY OF CHASKA ## CARVER COUNTY, MINNESOTA ## RESOLUTION ## DATE AUGUST 3, 2026 RESOLUTION NO. __2026-70____ ## MOTION BY COUNCILMEMBER ______SECOND BY COUNCILMEMBER _______ ## RESOLUTION CALLING FOR A PUBLIC HEARING BY THE CITY COUNCIL ON ## THE PROPOSED ADOPTION OF A MODIFICATION TO THE REDEVELOPMENT ## PLAN FOR REDEVELOPMENT PROJECT NO. 4 AND THE PROPOSED ADOPTION ## OF A TAX INCREMENT FINANICNG PLAN FOR TAX INCREMENT FINANCING ## (ECONOMIC DEVELOPMENT) DISTRICT NO. 26 (BIG WOODS BUSINESS ## PARK) IN THE CITY AND ESTABLISHMENT OF THE TAX INCREMENT ## FINANCING DISTRICT, AND APPROVAL OF A BUSINESS SUBSIDY RELATING ## THERETO BE IT RESOLVED by the City Council (the “Council”) of the City of Chaska, Minnesota (the “City”), as follows: 1. Redevelopment Plan Modification; Tax Increment Financing Plan. The Chaska Economic Development Authority (the “EDA”) and the City desire to: a) adopt a modification to the Redevelopment Plan (the “Redevelopment Plan Modification”) for Redevelopment Project No. 4 in the City (the “Project Area”); and b) establish Tax Increment Financing (Economic Development) District No. 26 (Big Woods Business Park) (the “TIF District”), an “economic development” district, as defined in Minnesota Statutes, Section 469.174, Subdivision 12, in the Project Area and adopt a Tax Increment Financing Plan, as described in Minnesota Statutes, Section 469.175, Subdivision 1 for the TIF District (the “TIF Plan”). Minnesota Statutes, Chapter 469 and Section 469.175, Subdivision 3 requires that the City approve the Redevelopment Plan Modification and TIF Plan only after a public hearing thereon, which shall be held after notice thereof is published in a newspaper of general circulation in the City at least once not less than ten days nor more than 30 days prior to the date of the hearing. 2. Business Subsidy. At a public hearing, the Council will also consider a resolution approving certain tax increment financing assistance by the Chaska Economic Development Authority (“EDA”) to Scannell Properties (the “Developer”) for construction of a 218,000 square foot distribution center and public infrastructure improvements including road infrastructure, utilities, trails and grading. The tax increment financing assistance is a business subsidy under Minnesota Statutes, Sections 116J.993 to Page 13 of 164 116J.995 (the “Business Subsidy Act”) to the extent it does not qualify for an exemption therefrom. 3. Public Hearing. This Council will hold a public hearing at 7:00 p.m. on August 31, 2026, in the Council Chambers on the 2nd floor of City Hall (1 City Hall Plaza), on (i) the Redevelopment Plan Modification, establishment of the TIF District, and the proposed adoption of the TIF Plan, and (ii) the proposed business subsidy by the EDA to the Developer. 4. Notice of Public Hearing, Filing of the TIF Plan. The City staff is authorized and directed to work with the EDA and Baker Tilly Municipal Advisors, LLC to prepare the Redevelopment Plan Modification and TIF Plan and to provide the information required by Minnesota Statutes, Section 469.175, Subdivision 2 to the appropriate taxing jurisdictions, including Carver County and Eastern Carver County School District 112. The City Administrator is authorized and directed to: 1) cause notice of such public hearing in substantially the form of Exhibit A attached hereto to be published on the City’s website (if possible) and in the Patriot, the official newspaper of the City, not less than 10 days nor more than 30 days prior to the date of the hearing, and 2) to place a copy of the TIF Plan and a summary of the terms of the proposed business subsidy on file in the City Administrator’s office at City Hall and to make such copies available for inspection by the public. Passed and adopted by the City Council of the City of Chaska, Minnesota, this 3rd day of August, 2026. ## Taylor Hubbard, Mayor ## Attest: ## Chaska Deputy Clerk Page 14 of 164 ## EXHIBIT A ## NOTICE OF PUBLIC HEARING ## CITY OF CHASKA ## CARVER COUNTY ## STATE OF MINNESOTA NOTICE IS HEREBY GIVEN that the City Council of the City of Chaska, Carver County, State of Minnesota, will hold a public hearing on August 31, 2026, at approximately 7:00 p.m., in the Council Chambers on the 2nd floor of City Hall located at 1 City Hall Plaza, Chaska, MN 55318 for the purpose of conducting a public hearing on: (1) a modification to the Redevelopment Plan (the “Redevelopment Plan Modification”) for Redevelopment Project No. 4 in the City (the “Project Area”) and establishment of Tax Increment Financing (Economic Development) District No. 26 (Big Woods Business Park) (the “TIF District”) in the Project Area and adoption of a Tax Increment Financing Plan for the TIF District (the “TIF Plan”), pursuant to Minnesota Statutes, Chapter 469 and Sections 469.174 to 469.1794, as amended (collectively, the “TIF Act”); and (2) approval of a business subsidy (the “Business Subsidy”) in the form of tax increment financing assistance by the Chaska Economic Development Authority (“EDA”) to Scannell Properties (the “Developer”) for construction of a 218,000 square foot distribution center and public infrastructure improvements including road infrastructure, utilities, trails and grading in the TIF District, pursuant to Minnesota Statutes, Sections 116J.993 to 116J.995 (the “Business Subsidy Act”). The map accompanying this notice shows the area of the proposed TIF District and the Project Area where the increments may be collected and expended, respectively, pursuant to the provisions of the TIF Act. Following the public hearing, the City Council will consider one or more resolutions approving the Redevelopment Plan Modification, establishment of the TIF District, adoption of the TIF Plan, and the granting of the Business Subsidy by the EDA to the Developer. A summary of the terms of the proposed Business Subsidy is available for inspection at City Hall during regular business hours. Any person with a residence in the City or who is the owner of taxable property in the City may file a written complaint with the City if the City fails to comply with the Business Subsidy Act. No action may be filed against the City for the failure to comply unless a written complaint is filed. All interested persons may present their views orally during the hearing or present their views prior to the meeting in writing. More information on the City’s meetings can be found online at: https://www.chaskamn.gov/144/City-Council. Page 15 of 164 Visit www.chaskamn.com to learn more about participating in or watching city meetings. Any questions about how to participate should be directed to the Chaska Communications Department at communications@chaskamn.com or (952) 448-9200. ## BY ORDER OF THE CITY COUNCIL OF ## THE CITY OF CHASKA, MINNESOTA /s/ ## City Administrator Page 16 of 164 ## Subject: Massage Therapy Registration ## Prepared By: Denise Beebe, Senior Clerk Yun Liu, DOB 05/04/1983, address 5184 Useppa Trail, Woodbury, Minnesota has made application to register as a Massage Therapist which will allow her to work as a massage therapist out of Day Massage 150 Pioneer Trail, Chaska, MN. She has provided the necessary documentation and paid the fee. Staff recommends approval of the registration application. ## CITY COUNCIL ACTION REQUESTED Motion to approve Massage Therapy Registration No. MTR-26-15 to allow Yun Liu to practice Therapeutic Massage out of Day Massage, 150 Pioneer Trail, Chaska, MN 55318 ## REQUEST FOR ACTION ## CHASKA CITY COUNCIL 8/3/2026 Page 17 of 164 ## Subject: Adopt Resolution 2026-69 ## Ratifying the Sale of Series 2026B Bonds ## Prepared By: Noel Graczyk, Administrative Services Director ## Erica Mattice, Finance Division Director ## Overview On Wednesday, July 22 , 2026, the City of Chaska completed issuance and sale of City of Chaska General Obligation (G.O.) Water Revenue Bonds, Series 2026B through a competitive bidding process. This series of bonds provides construction financing for a second water treatment plant, three deep wells, and watermain improvements. At this time, the City Council will need to adopt a resolution ratifying this completed sale of bonds. ## Background Authorization for issuance of bonds was previously requested and established by a city resolution adopted on May 4, 2026. This adopted Parameters Resolution establishes parameters to permit issuance and completion for sale for bonds. Parameters as established were a PAR amount not to exceed $27,500,00 and a True Interest Cost (TIC) not to exceed 5.50%. On Wednesday, July 22, 2026, seven bids were received with Robert W. Baird & Co., Inc. being the winning bidder with the lowest TIC at 4.3114%. This winning bid includes issuance premium which can be used to increase construction funding for the Jonathon Watermain project by $23,963.40 for $323,963.40 in financed project costs. Here is a summary of the issuance process and final sale results. ## Issuance Process PAR Amount TIC Parameter Resolutions - Maximums $27,500,000 5.5% ## Preliminary Official Statement $27,465,000 n/a Winning Bid $27,465,000 4.3114% ## Cover Bid (Next Lowest TIC) n/a 4.3407 Bid Range n/a 4.3114% - 4.4404% ## Final Revised Agreement with Robert W. Baird & Co., Inc. $27,500,000 4.3114% The proposed resolution ratifying the sale of Chaska Series 2026B bonds has been prepared by Dorsey and Whitney, LLP, a s Bond Counsel to the city. As part of offering bonds for sale, the City issued several documents as part of the primary disclosure process. The following documents are attached for review and ratification. ## REQUEST FOR ACTION ## CHASKA CITY COUNCIL 8/3/2026 Page 18 of 164 ## 1. S&P Global Rating Report o This document assigns a “AA”, “Stable” rating to the bonds o It also affirms the “AA”, “Stable” rating on outstanding City G.O. debt. ## 2. Preliminary Official Statement o Offering document for sale of bonds o Includes on the cover the “AA” rating from S&P Global ## 3. Bid Tabulation from a Competitive Sale 4. Final Agreement with Robert W. Baird & Co. The City issued this series of bonds with assistance from Baker Tilly Municipal Advisors, LLC (BTMA), Municipal Advisor to the City. Ms. Chris Hogan, Director with BTMA will be at the meeting to provide an overview of this issuance as well as final sale results from this completed sale of bonds. ## Recommendation by Staff The action before the Council will be to adopt the proposed resolution ratifying the completed sale of Chaska Series 2026B. BTMA and city staff both recommend the adoption of the proposed resolution. ## Chaska City Council Action Requested Motion to adopt Resolution 2026-69 Relating to $27,500,000 General Obligation Water Utility Revenue Bonds, Series 2026B; Ratifying the Award of Sale, Prescribing the Form and Details, and Providing for the Payment Thereof. Page 19 of 164 4923-2014-0962\2 ## CERTIFICATION OF MINUTES RELATING TO ## $27,500,000 GENERAL OBLIGATION WATER UTILITY REVENUE BONDS, ## SERIES 2026B ## Issuer: City of Chaska, Minnesota ## Governing Body: City Council Kind, date, time and place of meeting: A regular meeting held on August 3, 2026, at 7:00 p.m. at the Chaska City Hall. Members present: Members absent: ## Documents Attached: Minutes of said meeting (including): ## RESOLUTION NO. 2026- 69 ## RESOLUTION RELATING TO $27,500,000 GENERAL OBLIGATION ## WATER UTILITY REVENUE BONDS, SERIES 2026B; RATIFYING THE ## AWARD OF SALE, PRESCRIBING THE FORM AND DETAILS AND ## PROVIDING FOR THE PAYMENT THEREOF I, the undersigned, being the duly qualified and acting recording officer of the public corporation issuing the bonds referred to in the title of this certificate, certify that the documents attached hereto, as described above, have been carefully compared with the original records of said corporation in my legal custody, from which they have been transcribed; that said documents are a correct and complete transcript of the minutes of a meeting of the governing body of said corporation, and correct and complete copies of all resolutions and other actions taken and of all documents approved by the governing body at said meeting, so far as they relate to said bonds; and that said meeting was duly held by the governing body at the time and place and was attended throughout by the members indicated above, pursuant to call and notice of such meeting given as required by law. WITNESS my hand officially as such recording officer this ___ day of August, 2026. ## City Administrator Page 20 of 164 4923-2014-0962\2 It was reported that seven (7) proposals for the purchase of $27,500,000 General Obligation Water Utility Revenue Bonds, Series 2026B were received prior to 10:00 A.M., Central Time, on July 22, 2026, pursuant to the Official Statement distributed to potential purchasers of the Bonds by Baker Tilly Municipal Advisors, LLC, municipal advisor to the City. The proposals have been publicly opened, read and tabulated and were found to be as follows: Page 21 of 164 4923-2014-0962\2 Councilmember ____________________ introduced the following resolution and moved its adoption, which motion was seconded by Councilmember ____________________: ## RESOLUTION NO. 2026- 69 ## RESOLUTION RELATING TO $27,500,000 GENERAL OBLIGATION ## WATER UTILITY REVENUE BONDS, SERIES 2026B; RATIFYING THE ## AWARD OF SALE, PRESCRIBING THE FORM AND DETAILS AND ## PROVIDING FOR THE PAYMENT THEREOF BE IT RESOLVED by the City Council (the “Council”), City of Chaska, Minnesota (the “City”), as follows: ## SECTION 1. AUTHORIZATION AND SALE. 1.01. Authorization. By resolution adopted on May 4, 2026 (the “Parameters Resolution”), this Council authorized the issuance of the City’s General Obligation Water Utility Revenue Bonds, Series 2026B (the “Bonds”), pursuant to Minnesota Statutes, Chapters 444 and 475 to finance certain improvements (the “Project”) to the City’s water utility system. The Parameters Resolution further authorized and directed the Mayor (or any Councilmember designated by the Mayor) and the City Administrator (the “Pricing Committee”) to agree with a purchaser of the Bonds upon the exact purchase price, principal amount, maturities, redemption provisions and interest rate or rates for the Bonds; provided the total principal amount of the Bonds does not exceed $27,500,000; and the true interest cost of the Bonds does not exceed 5.50%. 1.02. Sale. Pursuant to the Terms of Proposal and the Preliminary Official Statement prepared on behalf of the City by Baker Tilly Municipal Advisors, LLC, municipal advisor to the City (the “Municipal Advisor”), sealed or electronic proposals for the purchase of the Bonds were received at or before the time specified for receipt of proposals. A proposal that meets the requirements set forth in the Parameters Resolution has been received from Robert W. Baird & Co., Incorporated, in Milwaukee, Wisconsin (the “Purchaser”), to purchase the Bonds in the principal amount of $27,500,000 with a true interest cost of 4.3114302%, at a price of $27,764,610.40 plus accrued interest, if any, on all Bonds to the day of delivery and payment, on the further terms and conditions hereinafter set forth. 1.03. Ratification of Award. Pursuant to the Parameters Resolution, the sale of the Bonds has been awarded by the Mayor and City Administrator to the Purchaser. The sale of the Bonds to the Purchaser and the execution of the bond purchase agreement by the Mayor and City Administrator with the Purchaser for the sale of the Bonds to the Purchaser are hereby ratified in all respects. Page 22 of 164 4923-2014-0962\2 ## SECTION 2. BOND TERMS; REGISTRATION; EXECUTION AND DELIVERY. 2.01. Issuance of Bonds. All acts, conditions and things which are required by the Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be performed precedent to and in the valid issuance of the Bonds having been done, now existing, having happened and having been performed, it is now necessary for the Council to establish the form and terms of the Bonds, to provide security therefor and to issue the Bonds forthwith. 2.02. Maturities; Interest Rates; Denominations and Payment. The Bonds shall be originally dated as of August 20, 2026, shall be in the denomination of $5,000 each, or any integral multiple thereof, of single maturities, shall mature on February 1 in the years and amounts stated below, and shall bear interest from date of issue until paid or duly called for redemption, at the annual rates set forth opposite such years and amounts, as follows: Year Amount( $) Rate (%) Year Amount ($) Rate (%) 2028 600,000 5.000 2043 1,205,000 4.000 2029 630,000 5.000 2044 1,255,000 4.125 2030 660,000 5.000 2045 1,305,000 4.250 2031 690,000 5.000 2046 1,365,000 4.250 2032 725,000 5.000 2047 1,420,000 4.250 2033 765,000 5.000 2048 1,480,000 4.375 2034 800,000 5.000 2049 1,545,000 4.375 2035 840,000 5.000 2050 1,615,000 4.375 2036 885,000 5.000 2052 3,445,000 4.375 2037 925,000 5.000 2038 975,000 5.000 2039 1,020,000 5.000 2040 1,075,000 4.000 2041 1,115,000 4.000 2042 1,160,000 4.000 The Bonds shall be issuable only in fully registered form. The interest thereon and, upon surrender of each Bond, the principal amount thereof shall be payable by check or draft issued by the Registrar described herein, provided that so long as the Bonds are registered in the name of a securities depository, or a nominee thereof, in accordance with Section 2.08 hereof, principal and interest shall be payable in accordance with the operational arrangements of the securities depository. 2.03. Dates and Interest Payment Dates. Upon initial delivery of the Bonds pursuant to Section 2.07 and upon any subsequent transfer or exchange pursuant to Section 2.06, the date of authentication shall be noted on each Bond so delivered, exchanged or transferred. Interest on the Bonds shall be payable on February 1 and August 1 in each year, commencing February 1, 2027, each such date being referred to herein as an Interest Payment Date, to the persons in whose names the Bonds are registered on the Bond Register, as hereinafter defined, at the Registrar’s close of business on the fifteenth day of the calendar month preceding such Interest Page 23 of 164 4923-2014-0962\2 Payment Date, whether or not such day is a business day. Interest shall be computed on the basis of a 360-day year composed of twelve 30-day months. 2.04. Redemption. Bonds maturing on February 1, 2037 and in later years shall be subject to redemption and prepayment at the option of the City, in whole or in part, in such order of maturity dates as the City may select and, within a maturity, by lot as selected by the Registrar (or, if applicable, by the bond depository in accordance with its customary procedures) in integral multiples of $5,000, on February 1, 2036, and on any date thereafter, at a price equal to the principal amount thereof and accrued interest to the date of redemption. The City Administrator shall cause notice of the call for redemption thereof to be published if and as required by law, and at least thirty (30) and not more than sixty (60) days prior to the designated redemption date, shall cause notice of call for redemption to be mailed, by first class mail, to the Registrar and registered holders of any Bonds to be redeemed at their addresses as they appear on the Bond Register described in Section 2.06 hereof, provided that notice shall be given to any securities depository in accordance with its operational arrangements. No defect in or failure to give such notice of redemption shall affect the validity of proceedings for the redemption of any Bond not affected by such defect or failure. Official notice of redemption having been given as aforesaid, the Bonds or portions of Bonds so to be redeemed shall, on the redemption date, become due and payable at the redemption price therein specified and from and after such date (unless the City shall default in the payment of the redemption price) such Bonds or portions of Bonds shall cease to bear interest. Upon partial redemption of any Bond, a new Bond or Bonds will be delivered to the owner without charge, representing the remaining principal amount outstanding. Bonds maturing on February 1, 2052 (the “Term Bonds”) shall be subject to mandatory redemption prior to maturity pursuant to the sinking fund requirements of this Section 2.04 at a redemption price equal to the stated principal amount thereof plus interest accrued thereon to the redemption date, without premium. The Registrar shall select for redemption, by lot or other manner deemed fair, on February 1 in each of the following years the following stated principal amounts of such Bonds: ## Term Bonds Maturing in 2052 ## Sinking Fund ## Payment Date ## Aggregate ## Principal Amount 2051 $ 1,685,000 2052* 1,760,000 *stated maturity Notice of redemption shall be given as provided in the preceding paragraph. 2.05. Appointment of Registrar. The City hereby appoints U.S. Bank Trust Company, National Association, in St. Paul, Minnesota, as the initial Bond registrar, transfer agent and paying agent (the “Registrar”). The Mayor and City Administrator or their designees are authorized to execute and deliver, on behalf of the City, a contract with the Registrar. Upon merger or consolidation of the Registrar with another corporation, if the resulting corporation is a bank or trust company organized under the laws of the United States or one of the states of the United States and authorized by law to conduct such business, such corporation shall be Page 24 of 164 4923-2014-0962\2 authorized to act as successor Registrar. The City agrees to pay the reasonable and customary charges of the Registrar for the services performed. The City reserves the right to remove the Registrar, effective upon not less than thirty days’ written notice and upon the appointment and acceptance of a successor Registrar, in which event the predecessor Registrar shall deliver all cash and Bonds in its possession to the successor Registrar and shall deliver the Bond Register to the successor Registrar. 2.06. Registration. The effect of registration and the rights and duties of the City and the Registrar with respect thereto shall be as follows: (a) Register. The Registrar shall keep at its principal corporate trust office a register (the “Bond Register”) in which the Registrar shall provide for the registration of ownership of Bonds and the registration of transfers and exchanges of Bonds entitled to be registered, transferred or exchanged. The term Holder or Bondholder as used herein shall mean the person (whether a natural person, corporation, association, partnership, trust, governmental unit, or other legal entity) in whose name a Bond is registered in the Bond Register. (b) Transfer of Bonds. Upon surrender for transfer of any Bond duly endorsed by the Holder thereof or accompanied by a written instrument of transfer, in form satisfactory to the Registrar, duly executed by the Holder thereof or by an attorney duly authorized by the Holder in writing, the Registrar shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Bonds of a like aggregate principal amount and maturity, as requested by the transferor. The Registrar may, however, close the books for registration of any transfer after the first day of the month in which the interest payment date occurs and until such interest payment date. (c) Exchange of Bonds. At the option of the Holder of any Bond in a denomination greater than $5,000, such Bond may be exchanged for other Bonds of authorized denominations, of the same maturity and a like aggregate principal amount, upon surrender of the Bond to be exchanged at the office of the Registrar. Whenever any Bond is so surrendered for exchange the City shall execute and the Registrar shall authenticate and deliver the Bonds which the Bondholder making the exchange is entitled to receive. (d) Cancellation. All Bonds surrendered for payment, transfer or exchange shall be promptly canceled by the Registrar and thereafter disposed of as directed by the City. (e) Improper or Unauthorized Transfer. When any Bond is presented to the Registrar for transfer, the Registrar may refuse to transfer the same until it is satisfied that the endorsement on such Bond or separate instrument of transfer is valid and genuine and that the requested transfer is legally authorized. The Registrar shall incur no liability for the refusal, in good faith, to make transfers which it, in its judgment, deems improper or unauthorized. Page 25 of 164 4923-2014-0962\2 (f) Persons Deemed Owners. The City and the Registrar may treat the person in whose name any Bond is at any time registered in the Bond Register as the absolute owner of the Bond, whether the Bond shall be overdue or not, for the purpose of receiving payment of or on account of, the principal of and interest on the Bond and for all other purposes; and all payments made to or upon the order of such Holder shall be valid and effectual to satisfy and discharge the liability upon such Bond to the extent of the sum or sums so paid. (g) Taxes, Fees and Charges. For every transfer or exchange of Bonds (except for an exchange upon a partial redemption of a Bond), the Registrar may impose a charge upon the owner thereof sufficient to reimburse the Registrar for any tax, fee or other governmental charge required to be paid with respect to such transfer or exchange. (h) Mutilated, Lost, Stolen or Destroyed Bonds. In case any Bond shall become mutilated or be destroyed, stolen or lost, the Registrar shall deliver a new Bond of like amount, number, maturity date and tenor in exchange and substitution for and upon cancellation of any such mutilated Bond or in lieu of and in substitution for any Bond destroyed, stolen or lost, upon the payment of the reasonable expenses and charges of the Registrar in connection therewith; and, in the case of a Bond destroyed, stolen or lost, upon filing with the Registrar of evidence satisfactory to it that the Bond was destroyed, stolen or lost, and of the ownership thereof, and upon furnishing to the Registrar of an appropriate bond or indemnity in form, substance and amount satisfactory to it, in which both the City and the Registrar shall be named as obligees. All Bonds so surrendered to the Registrar shall be canceled by it and evidence of such cancellation shall be given to the City. If the mutilated, destroyed, stolen or lost Bond has already matured or been called for redemption in accordance with its terms it shall not be necessary to issue a new Bond prior to payment. (i) Authenticating Agent. The Registrar is hereby designated authenticating agent for the Bonds, within the meaning of Minnesota Statutes, Section 475.55, Subdivision 1, as amended. (j) Valid Obligations. All Bonds issued upon any transfer or exchange of Bonds shall be the valid obligations of the City, evidencing the same debt, and entitled to the same benefits under this Resolution as the Bonds surrendered upon such transfer or exchange. 2.07. Execution, Authentication and Delivery. The Bonds shall be prepared under the direction of the City Administrator and shall be executed on behalf of the City by the signatures of the Mayor and the City Administrator, provided that the signatures may be printed, engraved or lithographed facsimiles of the originals. In case any officer whose signature or a facsimile of whose signature shall appear on any Bond shall cease to be such officer before the delivery of such Bond, such signature or facsimile shall nevertheless be valid and sufficient for all purposes, the same as if such officer had remained in office until the date of delivery of such Bond. Notwithstanding such execution, no Bond shall be valid or obligatory for any purpose or entitled to any security or benefit under this Resolution unless and until a certificate of authentication on the Bond, substantially in the form provided in Section 2.09, has been executed by the manual Page 26 of 164 4923-2014-0962\2 signature of an authorized representative of the Registrar. Certificates of authentication on different Bonds need not be signed by the same representative. The executed certificate of authentication on any Bond shall be conclusive evidence that it has been duly authenticated and delivered under this Resolution. When the Bonds have been prepared, executed and authenticated, the City Administrator shall deliver them to the Purchaser upon payment of the purchase price in accordance with the contract of sale theretofore executed, and the Purchaser shall not be obligated to see to the application of the purchase price. 2.08. Securities Depository. (a) For purposes of this section the following terms shall have the following meanings: “Beneficial Owner” shall mean, whenever used with respect to a Bond, the person in whose name such Bond is recorded as the beneficial owner of such Bond by a Participant on the records of such Participant, or such person’s subrogee. “Cede & Co.” shall mean Cede & Co., the nominee of DTC, and any successor nominee of DTC with respect to the Bonds. “DTC” shall mean The Depository Trust Company of New York, New York. “Participant” shall mean any broker-dealer, bank or other financial institution for which DTC holds bonds as securities depository. “Representation Letter” shall mean the Representation Letter pursuant to which the City agrees to comply with DTC’s Operational Arrangements. (b) The Bonds shall be initially issued as separately authenticated fully registered bonds, and one Bond shall be issued in the principal amount of each stated maturity of the Bonds. Upon initial issuance, the ownership of such Bonds shall be registered in the Bond Register in the name of Cede & Co., as nominee of DTC. The Registrar and the City may treat DTC (or its nominee) as the sole and exclusive owner of the Bonds registered in its name for the purposes of payment of the principal of or interest on the Bonds, selecting the Bonds or portions thereof to be redeemed, if any, giving any notice permitted or required to be given to registered owners of Bonds under this resolution, registering the transfer of Bonds, and for all other purposes whatsoever; and neither the Registrar nor the City shall be affected by any notice to the contrary. Neither the Registrar nor the City shall have any responsibility or obligation to any Participant, any person claiming a beneficial ownership interest in the Bonds under or through DTC or any Participant, or any other person which is not shown on the Bond Register as being a registered owner of any Bonds, with respect to the accuracy of any records maintained by DTC or any Participant, with respect to the payment by DTC or any Participant of any amount with respect to the principal of or interest on the Bonds, with respect to any notice which is permitted or required to be given to owners of Bonds under this resolution, with respect to the selection by DTC or any Participant of any person to receive payment in the event of a partial redemption of the Bonds, or with respect to any consent given or other action taken by DTC as registered owner of the Bonds. So long as any Bond is registered in the name of Cede & Co., as nominee of DTC, the Registrar shall pay all principal of and interest on such Bond, and shall give all notices with respect to such Bond, only to Cede & Co. in accordance with DTC’s Operational Arrangements, Page 27 of 164 4923-2014-0962\2 and all such payments shall be valid and effective to fully satisfy and discharge the City’s obligations with respect to the principal of and interest on the Bonds to the extent of the sum or sums so paid. No person other than DTC shall receive an authenticated Bond for each separate stated maturity evidencing the obligation of the City to make payments of principal and interest. Upon delivery by DTC to the Registrar of written notice to the effect that DTC has determined to substitute a new nominee in place of Cede & Co., the Bonds will be transferable to such new nominee in accordance with paragraph (e) hereof. (c) In the event the City determines that it is in the best interest of the Beneficial Owners that they be able to obtain Bonds in the form of physical certificates, the City may notify DTC and the Registrar, whereupon DTC shall notify the Participants of the availability through DTC of Bonds in the form of certificates. In such event, the Bonds will be transferable in accordance with paragraph (e) hereof. DTC may determine to discontinue providing its services with respect to the Bonds at any time by giving notice to the City and the Registrar and discharging its responsibilities with respect thereto under applicable law. In such event the Bonds will be transferable in accordance with paragraph (e) hereof. (d) The execution and delivery of the Representation Letter to DTC, if not previously filed with DTC, by the Mayor or City Administrator is hereby authorized and directed. (e) In the event that any transfer or exchange of Bonds is permitted under paragraph (b) or (c) hereof, such transfer or exchange shall be accomplished upon receipt by the Registrar of the Bonds to be transferred or exchanged and appropriate instruments of transfer to the permitted transferee in accordance with the provisions of this resolution. In the event Bonds in the form of certificates are issued to owners other than Cede & Co., its successor as nominee for DTC as owner of all the Bonds, or another securities depository as owner of all the Bonds, the provisions of this resolution shall also apply to all matters relating thereto, including, without limitation, the printing of such Bonds in the form of physical certificates and the method of payment of principal of and interest on such Bonds in the form of physical certificates. 2.09. Form of Bonds. The Bonds shall be prepared in substantially the form found at EXHIBIT A attached hereto. Section 3. USE OF PROCEEDS; PROJECT FUND. There is hereby created a special bookkeeping fund to be designated as the General Obligation Water Utility Revenue Bonds, Series 2026B Project Fund (the “Project Fund”), to be held and administered by the City Administrator separate and apart from all other funds of the City. The Project Fund shall be credited with $27,764,610.40, representing the estimated costs of the Project ($27,628,185.40) and the costs of issuance of the Bonds ($136,425.00) from the proceeds of the Bonds. The City Administrator shall maintain the Project Fund until payment of all costs and expenses incurred in connection with the construction of the Project have been paid. From the Project Fund there shall be paid all costs and expenses related to the construction and acquisition of the Project and costs of issuance of the Bonds. After payment of all such costs and expenses, the Project Fund shall be terminated. All funds on hand in the Project Fund when terminated shall be credited to the Bond Fund described in Section 4 hereof, unless and except as such proceeds may be transferred to some other fund or account as to which the City has received Page 28 of 164 4923-2014-0962\2 from bond counsel an opinion that such other transfer is permitted by applicable laws and does not impair the exemption of interest on the Bonds from federal income taxes. In no event shall funds remain in the Project Fund later than August 20, 2029. ## SECTION 4. GENERAL OBLIGATION WATER UTILITY REVENUE BONDS, SERIES 2026B BOND FUND. The Bonds shall be payable from a separate General Obligation Water Utility Revenue Bonds, Series 2026B Bond Fund (the “Bond Fund”) of the City, which shall be created and maintained on the books of the City as a separate debt redemption fund until the Bonds, and all interest thereon, are fully paid. There shall be credited to the Bond fund: (i) the amounts specified in Section 3 above, after payment of all costs of the Project; (ii) net revenues of the municipal water utility system (the “System”), as described in Section 5 of this Resolution; (iii) taxes levied and collected in accordance with Section 7 of this Resolution and allocable to the Bonds; and (iv) any other funds appropriated by this Council for the payment of the Bonds. The principal of and interest on the Bonds shall be payable from the Bond Fund, and the money on hand in the Bond Fund from time to time shall be used only to pay the principal of and interest on the Bonds. On or before each principal and interest payment date for the Bonds, the City Administrator is directed to remit to the Registrar from funds on deposit in the Bond Fund the amount needed to pay principal and interest on the Bonds on the next succeeding principal and interest payment date. There are hereby established two accounts in the Bond Fund, designated as the “Debt Service Account” and the “Surplus Account.” There shall initially be deposited into the Debt Service Account upon the issuance of the Bonds the amount of $0. Thereafter, during each bond year (each twelve month period commencing on February 2 and ending on the following February 1, a “Bond Year”), as monies are received into the Bond Fund, the City Administrator shall first deposit such monies into the applicable subaccount within the Debt Service Account until an amount has been appropriated thereto sufficient to pay all principal and interest due on the Bonds through the end of the Bond Year. All subsequent monies received in the Bond Fund during the Bond Year shall be appropriated to the Surplus Account. If at any time the amount on hand in the Debt Service Account is insufficient for the payment of principal and interest then due, the City Administrator shall transfer to the Debt Service Account amounts on hand in the Surplus Account to the extent necessary to cure such deficiency. Investment earnings (and losses) on amounts from time to time held in the Debt Service Account and Surplus Account shall be credited or charged to said accounts. If the balance in the Bond Fund is at any time insufficient to pay all interest and principal then due on all Bonds payable therefrom, the payment shall be made from any fund of the City which is available for that purpose, subject to reimbursement from the Surplus Account when the Page 29 of 164 4923-2014-0962\2 balance therein is sufficient, and the City covenants and agrees that it will each year levy a sufficient amount of ad valorem taxes to take care of any accumulated or anticipated deficiency, which levy is not subject to any constitutional or statutory limitation. SECTION 5. PLEDGE OF NET REVENUES. It is hereby found, determined and declared that the City owns and operates the System as a revenue-producing utility and as a convenience, and that the net operating revenues of the System, after deducting from the gross receipts derived from charges for the service, use and availability of the System the normal, current and reasonable expenses of operation and maintenance thereof, will be sufficient, together with any other pledged funds, for the payment when due of the principal of and interest on the Bonds and on any other bonds to which such revenues are pledged. Pursuant to Minnesota Statutes, Section 444.075, the City hereby covenants and agrees with the registered owners from time to time of the Bonds that until the Bonds and the interest thereon are discharged as provided in Section 8 or paid in full, the City will impose and collect reasonable charges in accordance with said Section 444.075 for the service, use and availability of its System according to schedules sufficient to produce net revenues sufficient, with other funds pledged to payment of the Bonds, to pay the Bonds and any other bonds to which said net revenues have been pledged; and the net revenues, to the extent necessary, are hereby irrevocably pledged and appropriated to the payment of the Bonds and interest thereon when due. Nothing herein shall preclude the City from hereafter making further pledges and appropriations of the net revenues of its System for payment of additional obligations of the City hereafter authorized if the Council determines before the authorization of such additional obligations that the estimated net revenues of the System will be sufficient, together with any other sources pledged to the payment of the outstanding and additional obligations, for payment of the outstanding bonds and such additional obligations. Such further pledges and appropriations of net revenues may be made superior or subordinate to or on a parity with, the pledge and appropriation herein made. ## SECTION 6. RESERVED. SECTION 7. PLEDGE OF TAXING POWERS. For the prompt and full payment of the principal of and interest on the Bonds as such payments respectively become due, the full faith, credit and unlimited taxing powers of the City shall be and are hereby irrevocably pledged. However, it is presently estimated that the net revenues of the System, together with other funds to be appropriated by the City, will produce amounts not less than five percent in excess of the amounts needed to meet when due the principal and interest payments on the Bonds; therefore no ad valorem taxes are required to be levied at this time. Taxes, if levied, shall be irrepealable as long as any of the Bonds are outstanding and unpaid, provided that the City reserves the right and power to reduce the tax levies from other legally available funds, in accordance with the provisions of Minnesota Statutes, Section 475.61. SECTION 8. DEFEASANCE. When all of the Bonds have been discharged as provided in this Section, all pledges, covenants and other rights granted by this Resolution to the Holders of the Bonds shall cease. The City may discharge its obligations with respect to any Bonds which are due on any date by depositing with the Registrar on or before that date a sum sufficient for the payment thereof in full; or, if any Bond should not be paid when due, it may nevertheless be Page 30 of 164 4923-2014-0962\2 discharged by depositing with the Registrar a sum sufficient for the payment thereof in full with interest accrued from the due date to the date of such deposit. The City may also discharge its obligations with respect to any prepayable Bonds called for redemption on any date when they are prepayable according to their terms by depositing with the Registrar on or before that date an amount equal to the principal, redemption premium, if any, and interest then due, provided that notice of such redemption has been duly given as provided herein. The City may also at any time discharge its obligations with respect to any Bonds, subject to the provisions of law now or hereafter authorizing and regulating such action, by depositing irrevocably in escrow, with the Registrar or with a bank or trust company qualified by law to act as an escrow agent for this purpose, cash or securities which are authorized by law to be so deposited for such purpose, bearing interest payable at such times and at such rates and maturing or callable at the holder’s option on such dates as shall be required to pay all principal and interest to become due thereon to maturity or, if notice of redemption as herein required has been irrevocably provided for, to an earlier designated redemption date. If such deposit is made more than ninety days before the maturity date or specified redemption date of the Bonds to be discharged, the City must have received a written opinion of Bond Counsel to the effect that such deposit does not adversely affect the exemption of interest on any Bonds from federal income taxation and a written report of an accountant or investment banking firm verifying that the deposit is sufficient to pay when due all of the principal and interest on the Bonds to be discharged on and before their maturity dates or earlier designated redemption date. ## SECTION 9. TAX COVENANTS; ARBITRAGE MATTERS AND CONTINUING ## DISCLOSURE. 9.01. General Tax Covenant. The City agrees with the registered owners from time to time of the Bonds that it will not take, or permit to be taken by any of its officers, employees or agents, any action that would cause interest on the Bonds to become includable in gross income of the recipient under the Internal Revenue Code of 1986, as amended (the “Code”) and applicable Treasury Regulations (the “Regulations”), and agrees to take any and all actions within its powers to ensure that the interest on the Bonds will not become includable in gross income of the recipient under the Code and the Regulations. All proceeds of the Bonds deposited in the Project Fund will be expended solely for the payment of the costs of the Project. The Project is and will be owned and maintained by the City and available for use by members of the general public on a substantially equal basis. The City shall not enter into any lease, management contract, use agreement, capacity agreement or other agreement with any non- governmental person relating to the use of the Project, or any portion thereof, or security for the payment of the Bonds which might cause the Bonds to be considered “private activity bonds” or “private loan bonds” pursuant to Section 141 of the Code. 9.02. Arbitrage Certification. The Mayor and City Administrator being the officers of the City charged with the responsibility for issuing the Bonds pursuant to this Resolution, are authorized and directed to execute and deliver to the Purchaser a certificate in accordance with Section 148 of the Code, and applicable Regulations, stating the facts, estimates and circumstances in existence on the date of issue and delivery of the Bonds which make it reasonable to expect that the proceeds of the Bonds will not be used in a manner that would cause the Bonds to be “arbitrage bonds” within the meaning of the Code and Regulations. Page 31 of 164 4923-2014-0962\2 9.03. Arbitrage Rebate. The City acknowledges that the Bonds are subject to the rebate requirements of Section 148(f) of the Code. The City covenants and agrees to retain such records, make such determinations, file such reports and documents and pay such amounts at such times as are required under said Section 148(f) and applicable Regulations unless the Bonds qualify for an exception from the rebate requirement pursuant to one of the spending exceptions set forth in Section 1.148-7 of the Regulations and no “gross proceeds” of the Bonds (other than amounts constituting a “bona fide debt service fund”) arise during or after the expenditure of the original proceeds thereof. 9.04. Reimbursement. The City certifies that the proceeds of the Bonds will not be used by the City to reimburse itself for any expenditure with respect to the Project which the City paid or will have paid more than 60 days prior to the issuance of the Bonds unless, with respect to such prior expenditures, the City shall have made a declaration of official intent which complies with the provisions of Section 1.150-2 of the Regulations, provided that this certification shall not apply (i) with respect to certain de minimis expenditures, if any, with respect to the Project meeting the requirements of Section 1.150-2(f)(1) of the Regulations, or (ii) with respect to “preliminary expenditures” for the Project as defined in Section 1.150-2(f)(2) of the Regulations, including engineering or architectural expenses and similar preparatory expenses, which in the aggregate do not exceed 20% of the “issue price” of the Bonds. 9.05. Qualified Tax-Exempt Obligations. The Bonds are NOT designated as “qualified tax-exempt obligations” for purposes of Section 265(b)(3) of the Code. 9.06. Continuing Disclosure. a) Purpose and Beneficiaries. To provide for the public availability of certain information relating to the Bonds and the security therefor and to permit the Purchaser and other participating underwriters in the primary offering of the Bonds to comply with amendments to Rule 15c2-12 promulgated by the SEC under the Securities Exchange Act of 1934 (17 C.F.R. § 240.15c2-12), relating to continuing disclosure (as in effect and interpreted from time to time, the Rule), which will enhance the marketability of the Bonds, the City hereby makes the following covenants and agreements for the benefit of the Owners (as hereinafter defined) from time to time of the outstanding Bonds. The City is the only obligated person in respect of the Bonds within the meaning of the Rule for purposes of identifying the entities in respect of which continuing disclosure must be made. If the City fails to comply with any provisions of this section, any person aggrieved thereby, including the Owners of any outstanding Bonds, may take whatever action at law or in equity may appear necessary or appropriate to enforce performance and observance of any agreement or covenant contained in this section, including an action for a writ of mandamus or specific performance. Direct, indirect, consequential and punitive damages shall not be recoverable for any default hereunder to the extent permitted by law. Notwithstanding anything to the contrary contained herein, in no event shall a default under this section constitute a default under the Bonds or under any other provision of this resolution. As used in this section, Owner or Bondowner means, in respect of a Bond, the registered owner or owners thereof appearing in the bond register maintained by the Registrar or any Beneficial Owner (as hereinafter defined) thereof, if such Beneficial Owner provides to the Registrar evidence of such beneficial ownership in form and substance reasonably satisfactory to the Registrar. As used herein, Beneficial Owner means, in respect of a Bond, any person or entity which (a) has the power, directly or indirectly, to vote or consent with respect to, or to dispose of ownership of, such Bond (including persons or entities holding Bonds Page 32 of 164 4923-2014-0962\2 through nominees, depositories or other intermediaries), or (b) is treated as the owner of the Bond for federal income tax purposes. (b) Information To Be Disclosed. The City will provide, in the manner set forth in subsection (c) hereof, either directly or indirectly through an agent designated by the City, the following information at the following times: (1) on or before twelve (12) months after the end of each fiscal year of the City, commencing with the fiscal year ending December 31, 2026, the following financial information and operating data in respect of the City (the “Disclosure ## Information”): (A) the audited financial statements of the City for such fiscal year, prepared in accordance with the governmental accounting standards promulgated by the Governmental Accounting Standards Board or as otherwise provided under Minnesota law, as in effect from time to time, or, if and to the extent such financial statements have not been prepared in accordance with such generally accepted accounting principles for reasons beyond the reasonable control of the City, noting the discrepancies therefrom and the effect thereof, and certified as to accuracy and completeness in all material respects by the fiscal officer of the City; and (B) to the extent not included in the financial statements referred to in paragraph (A) hereof, the information for such fiscal year or for the period most recently available of the type contained in the Official Statement in under the headings: “Appendix A – General Information of the City – City Property Values;” “– City Indebtedness;” and “– City Tax Rates, ## Levies and Collections.” Notwithstanding the foregoing paragraph, if the audited financial statements are not available by the date specified, the City shall provide on or before such date unaudited financial statements and, within 10 days after the receipt thereof, the City shall provide the audited financial statements. Any or all of the Disclosure Information may be incorporated by reference, if it is updated as required hereby, from other documents, including official statements, which have been submitted to the Municipal Securities Rulemaking Board (the “MSRB”) through its Electronic Municipal Market Access System (“EMMA”) or the SEC. The City shall clearly identify in the Disclosure Information each document so incorporated by reference. If any part of the Disclosure Information can no longer be generated because the operations of the City have materially changed or been discontinued, such Disclosure Information need no longer be provided if the City includes in the Disclosure Information a statement to such effect; provided, however, if such operations have been replaced by other City operations in respect of which data is not included in the Disclosure Information and the City determines that certain specified data regarding such replacement operations would be a Material Fact (as defined in paragraph (2) hereof), then, from and after such determination, the Disclosure Information shall include such additional specified data regarding the replacement operations. If the Disclosure Information is changed or this section is amended as permitted by this paragraph (b)(1) or subsection (d), then Page 33 of 164 4923-2014-0962\2 the City shall include in the next Disclosure Information to be delivered hereunder, to the extent necessary, an explanation of the reasons for the amendment and the effect of any change in the type of financial information or operating data provided. (2) In a timely manner, not in excess of 10 business days after the occurrence of the event, to the MSRB through EMMA, notice of the occurrence of any of the following events (each a “Material Fact,” as hereinafter defined): (A) principal and interest payment delinquencies; (B) non-payment related defaults, if material; (C) unscheduled draws on debt service reserves reflecting financial difficulties; (D) unscheduled draws on credit enhancements reflecting financial difficulties; (E) substitution of credit or liquidity providers, or their failure to perform; (F) adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB), or other material notices or determinations with respect to the tax status of the Bonds or other material events affecting the tax status of the Bonds; (G) modifications to rights of Bond holders, if material; (H) Bond calls, if material and tender offers; (I) defeasances; (J) release, substitution, or sale of property securing repayment of the Bonds if material; (K) rating changes; (L) bankruptcy, insolvency, receivership, or similar event of the obligated person; (M) the consummation of a merger, consolidation, or acquisition involving an obligated person or the sale of all or substantially all of the assets of the obligated person, other than in the ordinary course of business, the entry into a definitive agreement to undertake such an action or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms, if material; (N) appointment of a successor or additional trustee or the change of name of a trustee, if material; (O) Incurrence of a financial obligation of the obligated person, if material, or agreement to covenants, events of default, remedies, priority rights, or other similar terms of a financial obligation of the obligated person, any of which affect security holders, if material; and (P) Default, event of acceleration, termination event, modification of terms, or other similar events under the terms of a financial obligation of the obligated person, any of which reflect financial difficulties. For purposes of the events identified in paragraphs (O) and (P) above, the term “financial obligation” means (i) a debt obligation; (ii) a derivative instrument entered into in connection Page 34 of 164 4923-2014-0962\2 with, or pledged as security or a source of payment for, an existing or planned debt obligation; or (iii) a guarantee of (i) or (ii). The term “financial obligation” shall not include municipal securities as to which a final official statement has been provided to the MSRB consistent with the Rule. As used herein, for those events that must be reported if material, an event is material if a substantial likelihood exists that a reasonably prudent investor would attach importance thereto in deciding to buy, hold or sell a Bond or, if not disclosed, would significantly alter the total information otherwise available to an investor from the Official Statement, information disclosed hereunder or information generally available to the public. Notwithstanding the foregoing sentence, an event is also material if it would be deemed material for purposes of the purchase, holding or sale of a Bond within the meaning of applicable federal securities laws, as interpreted at the time of discovery of the occurrence of the event. For the purposes of the event identified in (L) hereinabove, the event is considered to occur when any of the following occur: the appointment of a receiver, fiscal agent or similar officer for an obligated person in a proceeding under the U.S. Bankruptcy Code or in any other proceeding under state or federal law in which a court or governmental authority has assumed jurisdiction over substantially all of the assets or business of the obligated person, or if such jurisdiction has been assumed by leaving the existing governing body and officials or officers in possession but subject to the supervision and orders of a court or governmental authority, or the entry of an order confirming a plan of reorganization, arrangement or liquidation by a court or governmental authority having supervision or jurisdiction over substantially all of the assets or business of the obligated person. (3) In a timely manner, to the MSRB through EMMA, notice of the occurrence of any of the following events or conditions: (A) the failure of the City to provide the Disclosure Information required under paragraph (b)(1) at the time specified thereunder; (B) the amendment or supplementing of this section pursuant to subsection (d), together with a copy of such amendment or supplement and any explanation provided by the City under subsection (d)(2); (C) the termination of the obligations of the City under this section pursuant to subsection (d); (D) any change in the accounting principles pursuant to which the financial statements constituting a portion of the Disclosure Information are prepared; and (E) any change in the fiscal year of the City. (c) Manner of Disclosure. (1) The City agrees to make available to the MSRB through EMMA, in an electronic format as prescribed by the MSRB, the information described in subsection (b). Page 35 of 164 4923-2014-0962\2 (2) All documents provided to the MSRB pursuant to this subsection (c) shall be accompanied by identifying information as prescribed by the MSRB from time to time. (d) Term; Amendments; Interpretation. (1) The covenants of the City in this section shall remain in effect so long as any Bonds are outstanding. Notwithstanding the preceding sentence, however, the obligations of the City under this section shall terminate and be without further effect as of any date on which the City delivers to the Registrar an opinion of Bond Counsel to the effect that, because of legislative action or final judicial or administrative actions or proceedings, the failure of the City to comply with the requirements of this section will not cause participating underwriters in the primary offering of the Bonds to be in violation of the Rule or other applicable requirements of the Securities Exchange Act of 1934, as amended, or any statutes or laws successory thereto or amendatory thereof. (2) This section (and the form and requirements of the Disclosure Information) may be amended or supplemented by the City from time to time, without notice to (except as provided in paragraph (c)(2) hereof) or the consent of the Owners of any Bonds, by a resolution of this Board filed in the office of the recording officer of the City accompanied by an opinion of Bond Counsel, who may rely on certificates of the City and others and the opinion may be subject to customary qualifications, to the effect that: (i) such amendment or supplement (a) is made in connection with a change in circumstances that arises from a change in law or regulation or a change in the identity, nature or status of the City or the type of operations conducted by the City, or (b) is required by, or better complies with, the provisions of paragraph (b)(5) of the Rule; (ii) this section as so amended or supplemented would have complied with the requirements of paragraph (b)(5) of the Rule at the time of the primary offering of the Bonds, giving effect to any change in circumstances applicable under clause (i)(a) and assuming that the Rule as in effect and interpreted at the time of the amendment or supplement was in effect at the time of the primary offering; and (iii) such amendment or supplement does not materially impair the interests of the Bondowners under the Rule. If the Disclosure Information is so amended, the City agrees to provide, contemporaneously with the effectiveness of such amendment, an explanation of the reasons for the amendment and the effect, if any, of the change in the type of financial information or operating data being provided hereunder. (3) This section is entered into to comply with the continuing disclosure provisions of the Rule and should be construed so as to satisfy the requirements of paragraph (b)(5) of the Rule. ## SECTION 10. CERTIFICATION OF PROCEEDINGS. Page 36 of 164 4923-2014-0962\2 10.01. Registration of Bonds. The City Administrator is hereby authorized and directed to file a certified copy of this resolution with the County Auditor of Carver County, together with such additional information as is required, and to obtain a certificate that the Bonds have been duly entered upon the County Auditor’s Bond register. 10.02. Authentication of Transcript. The officers of the City and the County Auditor are hereby authorized and directed to prepare and furnish to the Purchaser and to Dorsey & Whitney LLP, Bond Counsel, certified copies of all proceedings and records relating to the Bonds and such other affidavits, certificates and information as may be required to show the facts relating to the legality and marketability of the Bonds, as the same appear from the books and records in their custody and control or as otherwise known to them, and all such certified copies, affidavits and certificates, including any heretofore furnished, shall be deemed representations of the City as to the correctness of all statements contained therein. 10.03. Official Statement. The Preliminary Official Statement relating to the Bonds, prepared and distributed by the Municipal Advisor, is hereby approved. The Municipal Advisor is hereby authorized on behalf of the City to prepare and distribute to the Purchaser within seven business days from the date hereof, a Final Official Statement listing the offering price, the interest rates, selling compensation, delivery date, the underwriters and such other information relating to the Bonds required to be included in the Official Statement by Rule l5c2-12 adopted by the Securities and Exchange Commission under the Securities Exchange Act of 1934. The officers of the City are hereby authorized and directed to execute such certificates as may be appropriate concerning the accuracy, completeness and sufficiency of the Official Statement. 10.04. Effective Date. This resolution shall be in full force and effect from and after its passage. Page 37 of 164 4923-2014-0962\2 Upon vote being taken thereon, the following voted in favor thereof: and the following voted against the same: whereupon the Resolution was declared duly passed and adopted. Page 38 of 164 4923-2014-0962\2 ## EXHIBIT A ## UNITED STATES OF AMERICA ## STATE OF MINNESOTA ## COUNTY OF CARVER ## CITY OF CHASKA ## GENERAL OBLIGATION WATER UTILITY REVENUE BONDS, SERIES 2026B ## R-___ $_________ Interest Rate Maturity Date Date of Original Issue CUSIP No. __% February 1, 20__ August 20, 2026 ## REGISTERED OWNER: CEDE & CO. ## PRINCIPAL AMOUNT: THOUSAND DOLLARS CITY OF CHASKA, State of Minnesota (the “City”) acknowledges itself to be indebted and for value received hereby promises to pay to the registered owner specified above, or registered assigns, the principal amount specified above on the maturity date specified above and promises to pay interest thereon from the date of original issue specified above or from the most recent Interest Payment Date (as hereinafter defined) to which interest has been paid or duly provided for, at the annual interest rate specified above, payable on February 1 and August 1 in each year, commencing February 1, 2027 (each such date, an “Interest Payment Date”), all subject to the provisions referred to herein with respect to the redemption of the principal of this Bond before maturity. The interest so payable on any Interest Payment Date shall be paid to the person in whose name this Bond is registered at the close of business on the fifteenth day (whether or not a business day) of the calendar month preceding such Interest Payment Date. Interest hereon shall be computed on the basis of a 360-day year composed of twelve 30-day months. The interest hereon and, upon presentation and surrender hereof at the principal office of the agent of the Registrar described below, the principal hereof are payable in lawful money of the United States of America by check or draft drawn on U.S. Bank Trust Company, National Association, St. Paul, Minnesota, as Bond registrar, transfer agent and paying agent, or its successor designated under the Resolution described herein (the “Registrar”) or other agreed-upon means of payment by the Registrar or its designated successor. For the prompt and full payment of such principal and interest as the same respectively come due, the full faith and credit and taxing powers of the City have been and are hereby irrevocably pledged. This Bond is one of an issue (the “Bonds”) in the aggregate principal amount of $27,500,000 issued pursuant to a resolution adopted by the City Council on August 3, 2026 (the “Resolution”), to finance various water utility improvement projects within the City and to fund the costs of issuance of the Bonds. This Bond issued by authority of and in strict accordance with the provisions of the Constitution and laws of the State of Minnesota thereunto enabling, including Minnesota Statutes, Chapters 444 and 475. For the full and prompt payment of the principal of and interest on the Bonds as the same become due, the full faith, credit and taxing power of the City have been and are hereby irrevocably pledged. The Page 39 of 164 4923-2014-0962\2 ## B-2 Bonds are issuable only in fully registered form, in the denomination of $5,000 or any integral multiple thereof, of single maturities. Bonds maturing on February 1, 2037 and later years shall be subject to redemption and prepayment at the option of the City, in whole or in part, in such order of maturity dates as the City may select and, within a maturity, by lot as selected by the Registrar (or, if applicable, by the Bond depository in accordance with its customary procedures) in multiples of $5,000, on February 1, 2036, and on any date thereafter, at a price equal to the principal amount thereof and accrued interest to the date of redemption. The City shall cause notice of the call for redemption thereof to be published if and to the extent required by law, and at least thirty (30) and not more than sixty (60) days prior to the designated redemption date, shall cause notice of call for redemption to be mailed, by first class mail (or, if applicable, provided in accordance with the operational arrangements of the securities depository), to the registered holders of any Bonds, at the holders’ addresses as they appear on the Bond register maintained by the Bond Registrar, but no defect in or failure to give such mailed notice of redemption shall affect the validity of proceedings for the redemption of any Bond not affected by such defect or failure. Official notice of redemption having been given as aforesaid, the Bonds or portions of Bonds so to be redeemed shall, on the redemption date, become due and payable at the redemption price therein specified and from and after such date (unless the City shall default in the payment of the redemption price) such Bonds or portions of Bonds shall cease to bear interest. Upon partial redemption of any Bond, a new Bond or Bonds will be delivered to the owner without charge, representing the remaining principal amount outstanding. Bonds maturing in the years 2052 shall be subject to mandatory redemption, at a redemption price equal to their principal amount plus interest accrued thereon to the redemption date, without premium, on February 1 in each of the years shown below, in an amount equal to the following principal amounts: ## Term Bonds Maturing in 2052 ## Sinking Fund ## Payment Date ## Aggregate ## Principal Amount 2051 $ 1,685,000 2052* 1,760,000 *stated maturity Notice of redemption shall be given as provided in the preceding paragraph. As provided in the Resolution and subject to certain limitations set forth therein, this Bond is transferable upon the books of the City at the principal office of the Registrar, by the registered owner hereof in person or by the owner’s attorney duly authorized in writing upon surrender hereof together with a written instrument of transfer satisfactory to the Registrar, duly executed by the registered owner or the owner’s attorney, and may also be surrendered in exchange for Bonds of other authorized denominations. Upon such transfer or exchange the City will cause a new Bond or Bonds to be issued in the name of the designated transferee or registered owner, of the same aggregate principal amount, bearing interest at the same rate and maturing on the same date; subject to reimbursement for any tax, fee or governmental charge required to be paid with respect to any such transfer or exchange. The City and the Registrar may deem and treat the person in whose name this Bond is registered as the absolute owner hereof, whether this Bond is overdue or not, for the purpose of receiving payment as herein provided and for all other purposes, and neither the City nor the Registrar shall be affected by any notice to the contrary. Page 40 of 164 4923-2014-0962\2 ## B-3 Notwithstanding any other provisions of this Bond, so long as this Bond is registered in the name of Cede & Co., as nominee of The Depository Trust Company, or in the name of any other nominee of The Depository Trust Company or other securities depository, the Registrar shall pay all principal of and interest on this Bond, and shall give all notices with respect to this Bond, only to Cede & Co. or other nominee in accordance with the operational arrangements of The Depository Trust Company or other securities depository as agreed to by the City. IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that all acts, conditions and things required by the Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be performed preliminary to and in the issuance of this Bond in order to make it a valid and binding general obligation of the City in accordance with its terms, have been done, do exist, have happened and have been performed as so required; that, prior to the issuance hereof, the City Council has by the Resolution covenanted and agreed to collect and apply to payment of the bonds ad valorem taxes levied on all taxable property in the City and certain net revenues of its municipal water utility system, which taxes and revenues are estimated to be collectible in years and amounts sufficient to produce sums not less than 5% in excess of the principal of and interest on the Bonds when due, and has appropriated such revenues and taxes to its General Obligation Water Utility Revenue Bonds, Series 2026B Bond Fund for the payment of such principal and interest; that if necessary for the payment of such principal and interest, additional ad valorem taxes are required to be levied upon all taxable property in the City, without limitation as to rate or amount; that all proceedings relative to the projects financed by this Bond have been or will be taken according to law and that the issuance of this Bond, together with all other indebtedness of the City outstanding on the date hereof and on the date of its actual issuance and delivery, does not cause the indebtedness of the City to exceed any constitutional or statutory limitation of indebtedness. This Bond shall not be valid or become obligatory for any purpose or be entitled to any security or benefit under the Resolution until the Certificate of Authentication hereon shall have been executed by the Registrar by manual signature of one of its authorized representatives. Page 41 of 164 4923-2014-0962\2 ## B-4 IN WITNESS WHEREOF, the City has caused this Bond to be executed on its behalf by the facsimile signatures of its Mayor and City Administrator and has caused this Bond to be dated as of the date set forth below. ## CITY OF CHASKA, MINNESOTA (facsimile signature – City Administrator) (facsimile signature – Mayor) __________ ## CERTIFICATE OF AUTHENTICATION This is one of the Bonds delivered pursuant to the Resolution mentioned within. Date of Authentication: __________________ ## U.S. BANK TRUST COMPANY, NATIONAL ## ASSOCIATION, as Registrar ## By ## Authorized Representative Page 42 of 164 4923-2014-0962\2 ## B-5 The following abbreviations, when used in the inscription on the face of this Bond, shall be construed as though they were written out in full according to the applicable laws or regulations: TEN COM --as tenants in common UTMA ............. as Custodian for .............. (Cust) (Minor) TEN ENT --as tenants by the entireties under Uniform Transfers to Minors Act ............ (State) JT TEN --as joint tenants with right of survivorship and not as tenants in common Additional abbreviations may also be used. __________ ## ASSIGNMENT For value received, the undersigned hereby sells, assigns and transfers unto ______________________________________________________________________ the within Bond and all rights thereunder, and does hereby irrevocably constitute and appoint ______________________________________________________________________ attorney to transfer the said Bond on the books kept for registration of the within Bond, with full power of substitution in the premises. ## Dated: NOTICE: The assignor’s signature to this assignment must correspond with the name as it appears upon the face of the within Bond in every particular, without alteration or enlargement or any change whatsoever. ## Signature Guaranteed: Signature(s) must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in STAMP or such other “signature guaranty program” as may be determined by the Registrar in addition to or in substitution for STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. ## PLEASE INSERT SOCIAL SECURITY OR ## OTHER IDENTIFYING NUMBER OF ## ASSIGNEE: Page 43 of 164 4923-2014-0962\2 ## CARVER COUNTY AUDITOR’S ## CERTIFICATE AS TO REGISTRATION The undersigned, being the duly qualified and acting County Auditor of Carver County, Minnesota, hereby certifies that there has been filed in my office a certified copy of a resolution duly adopted on August 3, 2026, by the City Council of Chaska, Minnesota, setting forth the form and details of an issue of $27,500,000 General Obligation Water Utility Revenue Bonds, Series 2026B dated the date of issuance thereof. I further certify that the issue has been entered on my bond register and the taxes required by law have been levied as required by Minnesota Statutes, Section 475.63. WITNESS my hand and official seal on the _____ day of August, 2026. ## Carver County Auditor ## (SEAL) Page 44 of 164 spglobal.com/ratingsMay 27, 20261 S&P Global Ratings. All rights reserved. No reprint or dissemination without S&P Global Ratings permission. See terms of use/disclaimer on last page. ## Research Update: ## Chaska Economic Development Authority, MN Lease ## Revenue Bonds Rated 'AA-'; Chaska Water Utility ## Revenue Bonds Rated 'AA' May 27, 2026 ## Overview • S&P Global Ratings assigned its 'AA-' long-term rating to the Economic Development Authority of the City of Chaska, Minnesota's anticipated $55.4 million series 2026A lease revenue bonds, subject to appropriation, and its ‘AA’ long-term rating to the City of Chaska’s $24.7 million series 2026B general obligation (GO) water utility revenue bonds. • At the same time, S&P Global Ratings affirmed its 'AA' long-term rating on the city's previously issued GO debt and on the authority's installment purchase revenue bonds, and its 'AA-' long- term rating on the authority's lease revenue debt, subject to appropriation. • The outlook is stable. ## Rationale ## Security The series 2026A lease revenue bonds are special, limited obligations rated one notch below the Chaska GO rating to account for appropriation risk. The lease terms are considered standard, and the rating reflects our view of the city's strong capacity to meet these payments. Proceeds will fund construction of a municipal services building and improvements to the city hall plaza, in addition to refinancing previously issued short-term debt for land acquisition costs. The city’s full faith and credit and unlimited taxing power secures the Series 2026B bonds; while the city also pledges water utility revenue, the rating is based on the GO pledge. Proceeds will support water utility and treatment plant improvements. Lease revenue bonds outstanding are rated one notch below the GO rating given appropriation risk, whereas installment purchase revenue bonds outstanding are absolute, unconditional obligations not subject to appropriation. While various GO debt outstanding is supported by additional revenue streams--such as special assessments and utility revenue--all is rated based on the city’s GO pledge. Credit highlights ## Primary Contact ## Emma Drilias ## Madison 1-312-233-7132 emma.drilias @spglobal.com ## Secondary Contact ## Rebecca Y Roman ## Chicago 1-708-219-0455 rebecca.roman @spglobal.com Page 45 of 164 Chaska Economic Development Authority, MN Lease Revenue Bonds Rated 'AA-'; Chaska Water Utility Revenue Bonds Rated 'AA' spglobal.com/ratingsMay 27, 20262 S&P Global Ratings. All rights reserved. No reprint or dissemination without S&P Global Ratings permission. See terms of use/disclaimer on last page. The rating reflects our view of the city's robust economy and growing tax base, bolstered by its strategic location southwest of the Twin Cities and by ample developable land. While debt is rising, we expect the city’s plan to integrate lease payments into the operating budget through new tax revenue--combined with the city's unlimited taxing flexibility--to mitigate pressure on financial performance and reserves. Furthermore, management’s commitment to increasing reserves while managing substantial new debt issuances demonstrates proactive fiscal management, which we anticipate will support credit stability. Since 2024, Chaska has implemented a major building improvement program consisting of four key projects: a new public safety facility ($50 million in 2024), a new municipal services building and city hall plaza improvements ($55 million in 2026), a new library (estimated at $20 million in 2028), and city hall renovations (estimated at $9 million in 2030). To fund these through lease revenue bonds--thereby avoiding the need for voter-approved GO debt--the city has increased its annual property tax levy by $1.1 million since 2024. These increases are expected to generate $4.5 million in annual recurring revenue by 2027, covering the majority of lease payments; the remainder will be funded through net utility revenue. Chaska maintains considerable revenue flexibility; the fiscal 2026 general fund budget is break- even and includes a 14.06% levy increase. Although reserves have historically trailed those of peers, Chaska has increased its general fund balance following five consecutive years of operating surpluses and has budgeted annual additions of $300,000 to its committed balance. Management reports that the city can sustain reserves below the state auditor’s 35% minimum recommendation given the liquidity provided by the electric fund, which generates about $1 million in monthly cash flow. The electric fund also transfers surplus revenue to the general fund, a transfer totaling nearly $5 million in fiscal 2024, with revenue expected to grow alongside local industrial and potential data center expansion. While the city may issue approximately $70 million in new debt through 2030 for street, electric, park, and library projects, the amortization of over $50 million in debt outstanding over that same period should offset the net impact on the total debt load. Ultimately, we expect the city’s unlimited statutory taxing flexibility and expanding tax base to support operational balance despite rising debt over the two-year outlook period. The rating further reflects our assessment of the following factors: • Carver County’s gross county product is 77.7% of the U.S. average, though Chaska’s per capita income is 120.7% of the U.S. average, reflecting its strategic location southwest of the Twin Cities and access to the broader metropolitan labor market. Chaska’s high per capita market value of $192,000 is another key economic strength, providing a stable tax base for a municipality that relies primarily on property taxes. • The operating budget is predictable, supported by unlimited statutory taxing flexibility and strong development trends that fuel consistent local revenue growth. The fiscal 2026 budget includes a $300,000 surplus, consistent with the city’s practice of augmenting the committed general fund balance annually. • As of fiscal 2024, the committed general fund balance includes $2.5 million for compensated absences and budget stabilization, which the city considers available for operations in an emergency. Total available reserves, including the committed fund balance, exceed $6.7 million, representing approximately 27% of general fund revenue. While several funds carry negative balances that have required advances from other funds, these have not yet affected the general fund balance sheet. The city’s privately placed debt agreements feature terms that we view as standard. Page 46 of 164 Chaska Economic Development Authority, MN Lease Revenue Bonds Rated 'AA-'; Chaska Water Utility Revenue Bonds Rated 'AA' spglobal.com/ratingsMay 27, 20263 S&P Global Ratings. All rights reserved. No reprint or dissemination without S&P Global Ratings permission. See terms of use/disclaimer on last page. • Financial management is characterized by realistic budgeting informed by historical trends, a five-year operating forecast, and a rolling five-year capital improvement plan. The city maintains an informal target fund balance of 35% of expenditures and does not expect to reach this level for several years, but it continues to work toward this goal through annual budgeted additions to the committed fund balance. Cyber risk mitigation measures are consistent with the city’s overall credit fundamentals. • Chaska frequently issues debt to fund growth initiatives, resulting in high net direct debt of approximately $200 million. However, the city maintains limited exposure to pension and other postemployment benefit (OPEB) liabilities, with low per capita net pension liabilities and retirement benefit costs that remain a minimal portion of the overall budget. • For more information on our institutional framework assessment for Minnesota municipalities, see "Institutional Framework Assessment: Minnesota Local Governments," Sept. 10, 2024. Environmental, social, and governance We assess environmental, social, and governance factors as neutral in our credit analysis. While the city is adjacent to the Minnesota River, its established flood mitigation infrastructure has historically limited the impact of flooding as designed, reducing the risk of material credit effects from environmental events. ## Outlook The stable outlook reflects our expectation that Chaska’s revenue flexibility and expanding tax base will continue to support budgetary balance and growing reserves. We further anticipate that the city’s strong economic base, combined with proactive levy increases, will enable it to manage planned debt issuances and meet lease revenue obligations without creating material credit pressure. Downside scenario We could lower the rating if financial performance weakens, available reserves decline, or negative balances in non-general-fund accounts pressure overall liquidity. In addition, a lower rating is possible if Chaska’s debt burden increases materially more than projected, placing undue pressure on budget operations. Upside scenario A positive rating action could follow sustained improvement in available reserves coupled with a significant moderation in overall debt. ## Chaska, Minnesota‑‑credit summary Institutional framework (IF)1 Individual credit profile (ICP)2.31 ## Economy2.5 Financial performance2 Reserves and liquidity1 ## Management2.30 Debt and liabilities3.75 Page 47 of 164 Chaska Economic Development Authority, MN Lease Revenue Bonds Rated 'AA-'; Chaska Water Utility Revenue Bonds Rated 'AA' spglobal.com/ratingsMay 27, 20264 S&P Global Ratings. All rights reserved. No reprint or dissemination without S&P Global Ratings permission. See terms of use/disclaimer on last page. Chaska, Minnesota‑‑key credit metrics Most recent202420232022 ## Economy Real GCP per capita as % of U.S. 78 78 78 81 County PCPI a s% of U.S. 131 131 132 133 Market value ($000s) 5,495,670 4,925,953 4,526,746 4,077,915 Market value per capita ($) 191,828 171,942 159,079 144,285 Top 10 taxpayers as % of taxable value 9.8 8.8 7.4 ‑‑ County unemployment rate (%) 3.2 2.6 2.4 2.1 Local median household EBI as % of U.S. 122 122 122 125 Local per capita EBI as % of U.S. 121 121 119 122 Local population 28,649 28,649 28,456 28,263 Financial performance Operating fund revenue ($000s) ‑‑ 25,040 22,524 18,782 Operating fund expenditures ($000s) ‑‑ 25,677 23,545 22,283 Net transfers and other adjustments ($000s) ‑‑ 2,065 2,887 4,124 Operating result ($000s) ‑‑ 1,428 1,866 623 Operating result as % of revenue ‑‑ 5.7 8.3 3.3 Operating result three‑year average % ‑‑ 5.8 6.0 3.3 Reserves and liquidity Available reserves as % of operating revenue ‑‑ 16.9 18.5 12.0 Available reserves ($000s) ‑‑ 4,239 4,156 2,256 Debt and liabilities Debt service cost as % of revenue ‑‑ 19.1 10.2 12.9 Net direct debt per capita ($) 6,944 4,555 2,917 2,609 Net direct debt ($000s) 198,938 130,491 83,006 73,728 Direct debt 10‑year amortization (%) 38 48 ‑‑ ‑‑ Pension and OPEB cost as % of revenue ‑‑ 5 4 4 NPLs per capita ($) ‑‑ 410 567 957 ## Combined NPLs ($000s) ‑‑ 11,741 16,145 27,034 Financial data may reflect analytical adjustments and is sourced from issuer audit reports or other annual disclosures. Economic data is generally sourced from S&P Global Market Intelligence, the Bureau of Labor Statistics, Claritas, and issuer audits and other disclosures. Local population is sourced from Claritas. Claritas estimates are point in time and not meant to show year‑over‑year trends. EBI‑‑Effective buying income. GCP‑‑Gross county product. NPL‑‑Net pension liability. OPEB‑‑Other postemployment benefits. PCPI‑‑Per capita personal income. ## Ratings List ## New Issue Ratings US$24,710,000 Chaska, Minnesota, General Obligation Water Utility Revenue Bonds, Series 2026B, dated: Date of Delivery, due: February 1, 2052 ## Long Term RatingAA/Stable US$55,380,000 Chaska Economic Development Authority, Minnesota, Lease Revenue Bonds, (Chaska), Series 2026A, dated: Date of Delivery, due: February 1, 2056 ## Long Term RatingAA-/Stable Page 48 of 164 Chaska Economic Development Authority, MN Lease Revenue Bonds Rated 'AA-'; Chaska Water Utility Revenue Bonds Rated 'AA' spglobal.com/ratingsMay 27, 20265 S&P Global Ratings. All rights reserved. No reprint or dissemination without S&P Global Ratings permission. See terms of use/disclaimer on last page. ## Ratings List ## New Rating ## Local Government ## Chaska, MN Unlimited Tax General Obligation and Water SystemAA/Stable ## Ratings Affirmed ## Local Government Chaska Econ Dev Auth, MN HRA Limited Property Tax and Chaska, MN Appropriation ContractAA-/Stable ## Chaska, MN Lease AppropriationAA-/Stable ## Chaska, MN Non-Appropriation LeaseAA/Stable ## Chaska, MN Unlimited Tax General ObligationAA/Stable ## Chaska, MN Unlimited Tax General Obligation and Special AssessmentsAA/Stable Chaska, MN Unlimited Tax General Obligation and Water, Sewer, and Storm Water SystemAA/Stable Chaska, MN Unlimited Tax General Obligation, Special Assessments, and Tax Abatement RevenuesAA/Stable Chaska, MN Unlimited Tax General Obligation, Water and Sewer System, and Special AssessmentsAA/Stable Chaska, MN Unlimited Tax General Obligation, Water, Sewer, and Storm Water System, and Special ## Assessments ## AA/Stable ## Multiple Revenue Stream Chaska, MN Unlimited Tax General Obligation and Road Fund State AidAA/Stable The ratings appearing below the new issues represent an aggregation of debt issues (ASID) associated with related maturities. The maturities similarly reflect our opinion about the creditworthiness of the U.S. Public Finance obligor's legal pledge for payment of the financial obligation. Nevertheless, these maturities may have different credit ratings than the rating presented next to the ASID depending on whether or not additional legal pledge(s) support the specific maturity's payment obligation, such as credit enhancement, as a result of defeasance, or other factors. Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at https://disclosure.spglobal.com/ratings/en/regulatory/ratings-criteria for further information. A description of each of S&P Global Ratings' rating categories is contained in "S&P Global Ratings Definitions" at https://disclosure.spglobal.com/ratings/en/regulatory/article/-/view/sourceId/504352. Complete ratings information is available to RatingsDirect subscribers at www.capitaliq.com. All ratings referenced herein can be found on S&P Global Ratings' public website at www.spglobal.com/ratings. Page 49 of 164 Chaska Economic Development Authority, MN Lease Revenue Bonds Rated 'AA-'; Chaska Water Utility Revenue Bonds Rated 'AA' spglobal.com/ratingsMay 27, 20266 S&P Global Ratings. All rights reserved. No reprint or dissemination without S&P Global Ratings permission. See terms of use/disclaimer on last page. Copyright ©2026 by Standard & Poor’s Financial Services LLC. All rights reserved. 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Page 50 of 164 Further information may be obtained from Baker Tilly Municipal Advisors, LLC 225 South 6 th ## Street, Suite 1100, Minneapolis, MN 55402 (651) 223-3000 or bids@bakertilly.com. *Preliminary, subject to change. ## PRELIMINARY OFFICIAL STATEMENT DATED JULY 16, 2026 ## NEW ISSUE S&P RATING: AA ## NOT BANK QUALIFIED ## BOOK ENTRY ONLY In the opinion of Dorsey & Whitney LLP, Bond Counsel, based on existing law and assuming the accuracy of certain representations and compliance with certain covenants, interest on the Series 2026B Bonds (i) is excluded from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986 (the “Code”), (ii) is not an item of tax preference for purposes of the federal alternative minimum tax imposed on noncorporate taxpayers by Section 55 of the Code, (iii) is excluded from taxable net income of individuals, estates, and trusts for Minnesota income tax purposes, and (iv) is not an item of tax preference for Minnesota alternative minimum tax purposes. Interest on the Series 2026B Bonds may, however, be taken into account in determining adjusted financial statement income for purposes of the federal alternative minimum tax imposed on applicable corporations (as defined in Section 59(k) of the Code) and is included in net income for purposes of the Minnesota franchise tax imposed on corporations and financial institutions. See “TAX CONSIDERATIONS” herein. ## CITY OF CHASKA, MINNESOTA ## $27,465,000* General Obligation Water Utility Revenue Bonds, Series 2026B (the “Series 2026B Bonds”) ## Dated Date Date of Delivery (anticipated to be August 20, 2026) Sale Date Wednesday, July 22, 2026, until 10:00 A.M., Central Time Consideration of Award By a Pricing Committee subsequent to Proposal Opening. Security The Series 2026B Bonds will be general obligations of the City of Chaska, Minnesota (the “City”) for which the City will pledge its full faith and credit and power to levy direct general ad valorem taxes. In addition, the City will pledge net revenues of the City’s Water Utility for repayment of the Series 2026B Bonds. See “Authority and Security” herein. Authorization The Series 2026B Bonds are being issued pursuant to Minnesota Statutes, Chapters 444 and 475. See “Authority and Security” herein. Purpose The proceeds of the Series 2026B Bonds will be used to finance (i) various water utility improvements; (ii) construction of the North Water Treatment Plant and (iii) costs of issuance of the Series 2026B Bonds. ## Principal and Interest ## Payments Principal will be paid annually on February 1, beginning February 1, 2028. Interest will be paid semiannually on February 1 and August 1, beginning February 1, 2027. Redemption Provisions The City may elect on February 1, 2036, and on any day thereafter, to redeem Series 2026B Bonds due on or after February 1, 2037, at a price of par plus accrued interest. The Series 2026B Bonds may be issued as term bonds at the discretion of the Underwriter (as hereinafter defined) and, in such case, will be subject to mandatory sinking fund redemption. Book Entry The Series 2026B Bonds will be issued only as fully registered obligations, and when issued, will be registered in the name of Cede & Co., as nominee for The Depository Trust Company (“DTC”). See Appendix B for “Book Entry”. Denominations The Series 2026B Bonds are being issued in the denomination of $5,000 or integral multiple thereof. ## Registrar and Paying ## Agent U.S. Bank Trust Company, National Association, located in St. Paul, Minnesota (“Registrar” and “Paying Agent”). Bidding Information Interested bidders should review the Terms of Proposal for additional instructions. See Appendix G herein. The information contained in this Preliminary Official Statement is deemed by the ## City to be final as of the date hereof; however, the pricing and underwriting information is subject to completion or amendment. Under no circumstances shall this Preliminary Official Statement constitute an offer to sell or the solicitati on of an offer to bu y, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Page 51 of 164 ## MATURITY SCHEDULE (Base CUSIP(1) _________) ## Maturity (February 1) Principal(2) ## Interest ## Rate Yield Price CUSIP(1) 2028 $ 600,000 2029 $ 630,000 2030 $ 660,000 2031 $ 690,000 2032 $ 725,000 2033 $ 765,000 2034 $ 800,000 2035 $ 840,000 2036 $ 885,000 2037 $ 930,000 2038 $ 975,000 2039 $1,025,000 2040 $1,065,000 2041 $1,105,000 2042 $1,150,000 2043 $1,200,000 2044 $1,250,000 2045 $1,300,000 2046 $1,360,000 2047 $1,415,000 2048 $1,480,000 2049 $1,545,000 2050 $1,615,000 2051 $1,690,000 2052 $1,765,000 (1) CUSIP® is a registered trademark of the American Bankers Association (“ABA”). CUSIP data (including CUSIP identifiers and related descriptive data) contained herein is provided by CUSIP Global Services (“CGS”), which is operated on behalf of the ABA by FactSet Research Systems Inc. CUSIP data is the valuable intellectual property of the ABA and the inclusion of CUSIP data herein is not intended to create a database and does not serve in any way as a substitute for any CUSIP Service provided by CGS. CUSIP data herein is provided for convenience of reference only. Neither the City, the Municipal Advisor, the Underwriter nor their agents take any responsibility for the accuracy of such data now or at any time in the future. The CUSIP number for a specific maturity is subject to being changed after the issuance of the Series 2026B Bonds as a result of various subsequent actions including, but not limited to, a refunding in whole or in part of such maturity or as a result of the procurement of secondary market portfolio insurance or other similar enhancement by investors that is applicable to all or a portion of certain maturities of the Series 2026B Bonds. (2) Preliminary subject to change. The City reserves the right to adjust individual maturity amounts to achieve its financial objectives. Page 52 of 164 The Series 2026B Bonds are being offered for delivery when, as and if issued and received by the Underwriter (hereinafter defined) and subject to the approval of legality by Dorsey and Whitney LLP, Minneapolis, Minnesota, Bond Counsel. The Series 2026B Bonds are expected to be available for delivery to DTC, in New York, New York on or about August 20, 2026. In connection with this offering the underwriter may over-allot or effect transactions which stabilize or maintain the market price of the Series 2026B Bonds offered hereby at a level above that which might otherwise prevail in the open market, and such stabilizing, if commenced, may be discontinued at any time. No dealer, broker, salesperson, or other person has been authorized by the City to give any information or to make any representations with respect to the Series 2026B Bonds, other than as contained in the Preliminary Official Statement or the Final Official Statement, and if given or made, such other information or representations must not be relied upon as having been authorized by the City. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities described herein by any person in any jurisdiction in which it is unlawful for such person to make such offer, solicitation, or sale. Certain information contained in the Preliminary Official Statement or the Final Official Statement may have been obtained from sources other than records of the City and, while believed to be reliable, is not guaranteed as to completeness or accuracy. The information and expressions of opinion in the Preliminary Official Statement and the Final Official Statement are subject to change, and neither the delivery of the Preliminary Official Statement nor the Final Official Statement nor any sale made under either such document shall create any implication that there has been no change in the affairs of the City since the respective date thereof. However, upon delivery of the securities, the City will provide a certificate stating there have been no material changes in the information contained in the Final Official Statement since its delivery. References herein to laws, rules, regulations, resolutions, agreements, reports, and other documents do not purport to be comprehensive or definitive. All references to such documents are qualified in their entirety by reference to the particular document, the full text of which may contain qualifications of and exceptions to statements made herein. Where full texts have not been included as appendices to the Preliminary Official Statement or the Final Official Statement, they will be furnished upon request. References to website addresses presented herein are for informational purposes only and may be in the form of a hyperlink solely for the reader’s convenience. Unless specified otherwise, such websites and the information or links contained therein are not incorporated into, and are not part of, this Official Statement for the purposes of, and as that term is defined in, Securities and Exchange Commission Rule 15c2-12. The Series 2026B Bonds are considered securities and have not been approved or disapproved by the Securities and Exchange Commission or any state or federal regulatory authority nor has any state or federal regulatory authority confirmed the accuracy or determined the adequacy of this Official Statement. Any representation to the contrary is a criminal offense. Investors must rely on their own examination of this Official Statement, the security pledged to repay the Series 2026B Bonds, the City and the merits and risks of the investment opportunity. ## FORWARD-LOOKING STATEMENTS This Official Statement, including its appendices, contains statements which should be considered “forward- looking statements,” meaning they refer to possible future events or conditions. Such statements are generally identifiable by the words such as “plan,” “expect,” “estimate,” “budget,” “may,” or similar words. The achievement of certain results or other expectations contained in such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause a deviation from the actual results, performance or achievements expressed or implied by such forward-looking statements. The City does not expect or intend to update or revise any forward-looking statements contained herein if or when its expectations, or events, conditions, or circumstances on which such statements are based occur. ## CITY CONTACT INFORMATION Additional information regarding the City may be obtained by contacting Mr. Noel Graczyk, City Administrative Services Director, City of Chaska, One City Hall Plaza, Chaska, Minnesota 55318-1962, phone (952) 448-9200, email ngraczyk@chaskamn.gov. Page 53 of 164 ## CITY OF CHASKA, MINNESOTA ## CITY COUNCIL ## Talor Hubbard Mayor ## Jon Grau Council Member (Ward 1) ## Josh Benesh Council Member (Ward 2) ## McKayla Hetfield Council Member (Ward 3) ## Leah Sheveland Council Member (Ward 4) ## CITY ADMINISTRATOR ## Matthew Podhradsky ## ADMINISTRATIVE SERVICES DIRECTOR ## Noel Gracyk ## MUNICIPAL ADVISOR ## Baker Tilly Municipal Advisors, LLC ## Minneapolis, Minnesota ## BOND COUNSEL ## Dorsey and Whitney, LLP ## Minneapolis, Minnesota ## REGISTRAR AND PAYING AGENT ## U.S. Bank Trust Company, National Association ## Saint Paul, Minnesota ## UNDERWRITER _____________ _____________ Page 54 of 164 ## TABLE OF CONTENTS ## Page PURPOSE OF THE ISSUE AND USE OF FUNDS ....................................................................................................... 1 PURPOSE OF THE SERIES 2026B BONDS ............................................................................................................................. 1 SOURCES AND USES OF FUNDS .......................................................................................................................................... 1 INVESTMENT OF FUNDS ................................................................................................................................................... 1 DESCRIPTION OF THE SERIES 2026B BONDS ........................................................................................................ 1 INTEREST CALCULATION ................................................................................................................................................... 1 REGISTRATION AND EXCHANGE FEATURES ........................................................................................................................... 1 BOOK ENTRY ................................................................................................................................................................. 1 PROVISIONS FOR PAYMENT .............................................................................................................................................. 2 NOTICE OF REDEMPTION ................................................................................................................................................. 2 OPTIONAL REDEMPTION .................................................................................................................................................. 2 MANDATORY REDEMPTION .............................................................................................................................................. 2 AUTHORITY AND SECURITY ................................................................................................................................ 3 AUTHORITY ................................................................................................................................................................... 3 SECURITY AND SOURCES OF PAYMENT ................................................................................................................................ 3 RATING .............................................................................................................................................................. 3 RISK FACTORS AND INVESTOR CONSIDERATIONS ............................................................................................... 3 MAINTENANCE OF RATING ............................................................................................................................................... 4 SECONDARY MARKET ...................................................................................................................................................... 4 FUTURE CHANGES IN LAW ................................................................................................................................................ 4 LIMITATIONS ON REMEDIES AVAILABLE TO OWNERS OF THE SERIES 2026B BONDS .................................................................... 4 POTENTIAL IMPACTS RESULTING FROM EPIDEMICS OR PANDEMICS .......................................................................................... 5 CYBERSECURITY .............................................................................................................................................................. 5 PURCHASER/UNDERWRITING ............................................................................................................................ 5 CONTINUING DISCLOSURE ................................................................................................................................. 5 FUTURE FINANCING ........................................................................................................................................... 6 LITIGATION ........................................................................................................................................................ 6 LEGAL MATTERS ................................................................................................................................................. 6 TAX MATTERS .................................................................................................................................................... 6 TAX CONSIDERATIONS ..................................................................................................................................................... 6 RELATED TAX CONSIDERATIONS ........................................................................................................................................ 8 MISCELLANEOUS ............................................................................................................................................... 10 CERTIFICATION.................................................................................................................................................. 10 ## A. General Information of the City ## B. Book Entry ## C. Form of Bond Counsel Opinion ## D. Form of Continuing Disclosure Covenants ## E. Summary of Tax Levies, Payment Provisions, and Minnesota Real ## Property Valuation ## F. 2025 Annual Comprehensive Financial Report ## G. Bidding Information: Terms of Proposal and Proposal Form Page 55 of 164 *Preliminary; subject to change. - 1 - ## OFFICIAL STATEMENT ## CITY OF CHASKA, MINNESOTA ## $27,465,000* GENERAL OBLIGATION WATER UTILITY REVENUE BONDS, SERIES 2026B ## PURPOSE OF THE ISSUE AND USE OF FUNDS ## PURPOSE OF THE SERIES 2026B BONDS The proceeds of the Series 2026B Bonds will be used to finance (i) various water utility improvements; (ii) construction of the North Water Treatment Plant and (iii) costs of issuance of the Series 2026B Bonds. ## SOURCES AND USES OF FUNDS The composition of the Series 2026B Bonds is as follows: ## Sources of Funds: ## Principal Amount $_______ ## Reoffering Premium _______ ## Total Sources of Funds $_______ ## Uses of Funds: ## Deposit to Project Fund $_______ Costs of Issuance(1) _______ ## Underwriter’s Compensation _______ ## Total Uses of Funds $_______ (1) Includes fees for bond counsel, municipal advisor, registrar, rating, and other miscellaneous expenses. ## INVESTMENT OF FUNDS The proceeds of this issue are to be invested in accordance with the laws of the State relating to the depositing, holding, securing, or investing of public funds. The City shall direct the investment of Bond proceeds. ## DESCRIPTION OF THE SERIES 2026B BONDS ## INTEREST CALCULATION Interest on the Series 2026B Bonds is payable on February 1 and August 1 of each year, commencing February 1, 2027. Interest will be payable to the holder (initially Cede & Co.) registered on the books of the Registrar as of the fifteenth day of the calendar month next preceding such interest payment date (the “Record Date”). Interest will be computed on the basis of a 360-day year of twelve 30-day months. ## REGISTRATION AND EXCHANGE FEATURES Each registered Bond shall be transferable or exchangeable only on such record at the designated corporate trust office of the “Registrar” and “Paying Agent,” U.S. Bank Trust Company, National Association, Saint Paul, Minnesota, at the written request of the registered owner thereof or the owner’s attorney duly authorized in writing upon surrender thereof, together with a written instrument of transfer satisfactory to the Registrar duly executed by the registered owner or their duly authorized attorney. ## BOOK ENTRY When issued, the Series 2026B Bonds will be registered in the name of and held by Cede & Co., as nominee for The Depository Trust Company, New York, New York (“DTC”). Purchases of beneficial interests in the Series 2026B Bonds will be made in book entry only form. See Appendix B: Book Entry. Page 56 of 164 - 2 - ## PROVISIONS FOR PAYMENT The principal on the Series 2026B Bonds shall be payable at the designated corporate trust office of the Registrar and Paying Agent, or by wire transfer to DTC or any successor depository. All payments of interest on the Series 2026B Bonds shall be paid to the registered owners as the names appear as of the Record Date and at the addresses as they appear on the registration books kept by the Registrar or at such other address as is provided to the Registrar or by wire transfer to DTC or any successor depository. If payment of principal or interest is made to DTC or any successor depository, payment shall be made by wire transfer on the payment date in same-day funds. If the payment date occurs on a date when financial institutions are not open for business, the wire transfer shall be made on the next succeeding business day. The Paying Agent shall be instructed to wire transfer payments by 1:00 p.m. (New York City time) so such payments are received at the depository by 2:30 p.m. (New York City time). Payments on the Series 2026B Bonds shall be made in lawful money of the United States of America which, on the date of such payment, shall be legal tender. So long as DTC or its nominee is the registered owner of the Series 2026B Bonds, principal and interest on the Series 2026B Bonds will be paid directly to DTC by the Paying Agent. (The final disbursement of such payments to the Beneficial Owners of the Series 2026B Bonds will be the responsibility of the DTC Participants and Indirect Participants. ## NOTICE OF REDEMPTION The City is required to cause notice of the call for redemption thereof to be published if and to the extent required by law, and at least thirty (30) and not more than sixty (60) days prior to the designated redemption date, and cause notice of call for redemption to be mailed, by first class mail (or, if applicable, provided in accordance with the operational arrangements of the securities depository), to the registered holders of any Series 2026B Bonds, at the holders’ addresses as they appear on the Series 2026B Bond register maintained by the Bond Registrar. No defect in or failure to give such mailed notice of redemption will affect the validity of proceedings for the redemption of any Series 2026B Bond not affected by such defect or failure. Official notice of redemption having been given as aforesaid, the Series 2026B Bonds or portions of Series 2026B Bonds so to be redeemed shall, on the redemption date, become due and payable at the redemption price therein specified and from and after such date (unless the City shall default in the payment of the redemption price) such Series 2026B Bonds or portions of Series 2026B Bonds shall cease to bear interest. ## OPTIONAL REDEMPTION The City may elect on February 1, 2036, and on any day thereafter, to redeem Series 2026B Bonds due on or after February 1, 2037. Redemption may be in whole or in part and if in part at the option of the City and in such manner as the City shall determine. If less than all the Series 2026B Bonds of a maturity are called for redemption, the City will notify DTC of the particular amount of such maturity to be redeemed. DTC will determine by lot the amount of each participant’s interest in such maturity to be redeemed and each participant will then select by lot the beneficial ownership interests in such maturity to be redeemed. All redemptions shall be at a price of par plus accrued interest. ## MANDATORY REDEMPTION The Term Bonds maturing on ______ [and __________] (the “Term Bonds”) are subject to mandatory sinking fund redemption and shall be redeemed in part at par plus accrued interest on the mandatory dates and in the principal amounts as follows: [ ] Term Bond [ ] Term Bond ## Year Amount Year Amount [first year] $_____ [first year] $_____ [second/last year]* $_____ [second/last year]* $_____ * Final Maturity. Page 57 of 164 - 3 - The principal amount of the Term Bonds may be reduced through the earlier optional redemption, with any partial optional redemptions of the Term Bonds credited against future mandatory redemption requirements for such Term Bonds in such order as the City shall determine. ## AUTHORITY AND SECURITY ## AUTHORITY The Series 2026B Bonds are being issued pursuant to Minnesota Statutes, Chapters 444 and 475. ## SECURITY AND SOURCES OF PAYMENT The Series 2026B Bonds will be general obligations of the City for which the City will pledge its full faith and credit and power to levy direct general ad valorem taxes. In addition, the City will pledge net revenues of the City’s Water Utility for repayment of the Series 2026B Bonds. The City does not anticipate the need to levy taxes for repayment of the Series 2026B Bonds. Pursuant to Minnesota Statutes, Chapter 444, and the resolution ratifying the sale of the Series 2026B Bonds (the “Resolution”), the City will covenant and agree with the registered owners from time to time of the Series 2026B Bonds that until the Series 2026B Bonds and the interest thereon are discharged or paid in full, the City will impose and collect reasonable charges in accordance with Minnesota Statutes, Section 444.075 for the service, use and availability of its Water Utility according to schedules sufficient to produce net revenues sufficient, with other funds pledged to payment of the Bonds, to pay the Series 2026B Bonds and any other bonds to which said net revenues have been pledged; and the net revenues, to the extent necessary, are will be irrevocably pledged and appropriated to the payment of the Series 2026B Bonds and interest thereon when due. Nothing in the Resolution will preclude the City from making further pledges and appropriations of the net revenues of its Water Utility for payment of additional obligations of the City, if the Council determines before the authorization of such additional obligations that the estimated net revenues of the Water Utility will be sufficient, together with any other sources pledged to the payment of the outstanding and additional obligations, for payment of the outstanding bonds and such additional obligations. Such further pledges and appropriations of net revenues may be made superior or subordinate to or on a parity with, the pledge and appropriation made pursuant to the Resolution. The City is required to annually review the budget of the Water Utility to determine whether current rates and charges are sufficient and to adjust such rates and charges as necessary. ## RATING S&P Global Ratings (“S&P”), 55 Water Street, New York, New York has assigned a rating of “AA” to the Series 2026B Bonds. Such rating reflects only the view of S&P and any explanation of the significance of such rating may only be obtained from S&P. The rating is not a recommendation to buy, sell or hold the Series 2026B Bonds, and such rating may be subject to revision or withdrawal at any time by S&P. Any revision or withdrawal of the rating may have an adverse effect upon the market price of the Series 2026B Bonds. The City has not applied to any other rating service for a rating on the Series 2026B Bonds. ## RISK FACTORS AND INVESTOR CONSIDERATIONS Prospective purchasers of the Series 2026B Bonds should consider carefully, along with other matters referred to herein, the following risks of investment. The ability of the City to meet the debt service requirements of the Series 2026B Bonds is subject to various risks and uncertainties which are discussed throughout this Official Statement. Certain investment considerations are set forth below. Page 58 of 164 - 4 - ## MAINTENANCE OF RATING The Series 2026B Bonds have been rated as to their creditworthiness by S&P. While the City does not anticipate any material changes in the future, no assurance can be given that the Series 2026B Bonds will maintain their original rating. If the rating on the Series 2026B Bonds decreases or is withdrawn, the Series 2026B Bonds may lack liquidity in the secondary market in comparison with other such municipal obligations. See “Rating” herein. ## SECONDARY MARKET While the purchaser of the Series 2026B Bonds may expect, insofar as possible, to maintain a secondary market in the Series 2026B Bonds, no assurance can be given concerning the future existence of such a secondary market or its maintenance by the purchasers or others, and prospective purchasers of the Series 2026B Bonds should therefore be prepared, if necessary, to hold their Series 2026B Bonds to maturity or prior redemption, if any. ## FUTURE CHANGES IN LAW Future legislative proposals, if enacted into law, clarification of the Code (defined herein) or court decisions may cause interest on the Series 2026B Bonds to be subject, directly or indirectly, to federal income taxation or to be subject to or exempted from state income taxation, or otherwise prevent Beneficial Owners from realizing the full current benefit of the tax status of such interest. The introduction or enactment of any such legislative proposals, clarification of the Code or court decisions may also affect the market price for, or marketability of, the Series 2026B Bonds. Prospective purchasers of the Series 2026B Bonds should consult their own tax advisors regarding any pending or proposed federal or state tax legislation, regulations, or litigation, as to which Bond Counsel expresses no opinion. Legislation affecting municipal bonds is considered from time to time by the United States Congress and the Executive Branch. Bond Counsel’s opinion is based upon the law in existence on the date of issuance of the Series 2026B Bonds. It is possible that legislation enacted after the date of issuance of the Series 2026B Bonds or proposed for consideration will have an adverse effect on the excludability of all or a part of the interest on the Series 2026B Bonds from gross income, the manner in which such interest is subject to federal income taxation or the market price of the Series 2026B Bonds. Legislation affecting municipal bonds is considered from time to time by the Minnesota legislature and Executive Branch. It is possible that legislation enacted after the date of the Series 2026B Bonds or proposed for consideration will have an adverse effect on payment or timing of payment or other matters impacting the Series 2026B Bonds. The City cannot predict the outcome of any such federal or state proposals as to passage, ultimate content or impact if passed, or timing of consideration or passage. Purchasers of the Series 2026B Bonds should reach their own conclusions regarding the impact of any such federal or state proposals. There can be no assurance that there will not be any change in, interpretation of, or addition to the applicable laws and provisions which would have a material effect, directly or indirectly, on the affairs of the City. ## LIMITATIONS ON REMEDIES AVAILABLE TO OWNERS OF THE SERIES 2026B BONDS No Acceleration. There is no provision for acceleration of maturity of the principal of the Series 2026B Bonds in the event of a default in the payment of principal of or interest on the Series 2026B Bonds. Consequently, the owners of the Series 2026B Bonds may have to enforce available remedies. No Trustee. There is no bond trustee or similar person or entity to monitor or enforce the provisions of the Resolution on behalf of the owners of the Series 2026B Bonds, and therefore the owners should be prepared to enforce such provisions themselves if the need to do so ever arises. Page 59 of 164 - 5 - ## POTENTIAL IMPACTS RESULTING FROM EPIDEMICS OR PANDEMICS The City’s finances may be materially adversely affected by unforeseen impacts of future epidemics and pandemics. The City cannot predict future impacts of epidemics or pandemics, any similar outbreaks, or their impact on travel, on assemblies or gatherings, on the State, national or global economy, or on securities markets, or whether any such disruptions may have a material adverse impact on the financial condition or operations of the City, including but not limited to the payment of debt service on any of its outstanding debt obligations. ## CYBERSECURITY The City relies on computer networks, data storage, collection, and transmission to conduct the operations of the City and has implemented security measures to protect data and limit financial exposure, including securing cyber security insurance to assist with the reduction of potential risk of financial and operational damage resulting from network attacks. Even with these security measures, the City, its information technology, data stored by the City and its infrastructure may be vulnerable in the event of a deliberate system attack, including malware, ransomware, computer virus, employee error or general disruption. If breached or compromised, the networks could be disrupted and information could be accessed, disclosed, lost, or stolen. The City acknowledges that its systems could be affected by a cybersecurity attack and that a loss, disruption, or unauthorized access to data held by the City could have a material impact on the City. Further, as cybersecurity threats evolve, the City will continue to evaluate and implement security measures and work to mitigate any vulnerabilities in its system. ## PURCHASER/UNDERWRITING The Series 2026B Bonds are being purchased by __________ (the “Underwriter”) [and its syndicate] at a purchase price of $_______, which is the par amount of the Series 2026B Bonds of $__________, less the Underwriter’s discount of $__________, plus the [net] original issue premium/discount of $__________, plus accrued interest $__________. The Underwriter intends to offer the Series 2026B Bonds to the public at the offering prices set forth on the inside cover page of this Official Statement. The Underwriter may allow concessions to certain dealers (including dealers in a selling group of the Underwriter and other dealers depositing the Series 2026B Bonds into investment trusts), who may reallow concessions to other dealers. After the initial public offering, the public offering price may be varied from time to time by the Series 2026B Bonds. ## CONTINUING DISCLOSURE In order to permit bidders for the Series 2026B Bonds and other participating underwriters in the primary offering of the Series 2026B Bonds to comply with paragraph (b)(5) of Rule 15c2-12 promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended (the “Rule”), the City will covenant and agree in the Resolution, for the benefit of the registered holders or beneficial owners from time to time of the outstanding Series 2026B Bonds, to provide annual reports of specified information and notice of the occurrence of certain events as hereinafter described (the “Disclosure Covenants”). The information to be provided on an annual basis, the events as to which notice is to be given and a summary of other provisions of the Disclosure Covenants, including termination and amendment, are set forth in Appendix D to this Official Statement. The City believes it has complied for the past five years in accordance with the terms of its previous continuing disclosure undertakings entered into pursuant to the Rule. The City has adopted specific disclosure policies and procedures to further ensure ongoing compliance with its continuing disclosure obligations. A failure by City to comply with the Disclosure Covenants will not constitute an event of default on the Series 2026B Bonds (although holders will have any available remedy at law or in equity). Nevertheless, such a failure must be reported in accordance with the Rule and must be considered by any broker, dealer or municipal securities dealer before recommending the purchase or sale of the Series 2026B Bonds in the secondary market. Consequently, such a failure may adversely affect the transferability and liquidity of the Series 2026B Bonds and their market price. Page 60 of 164 - 6 - ## FUTURE FINANCING As of the date of the Official Statement, the City does not anticipate issuing additional debt in the next 12 months. The City periodically evaluates market conditions and outstanding financial obligations for refunding and refinancing opportunities and may issue refunding obligations if debt service savings can be achieved. ## LITIGATION To the knowledge of the officers for the City, there is no litigation pending, or threatened, against the City, which in any way questions or affects the validity of the Series 2026B Bonds, or any proceedings or transactions relating to the issuance, sale, or delivery thereof. The City is entering into arbitration with the Mueller Company for non-compliance of the City’s Advanced Metering Infrastructure Contract. The City is seeking damages for the failure of the system. The City does not anticipate this arbitration will affect the validity of the Series 2026B Bonds or the City’s ability to meet its financial obligations. The officers for the City will certify at the time of delivery of the Series 2026B Bonds that there is no litigation pending or in any way threatened questioning the validity of the Series 2026B Bonds. ## LEGAL MATTERS The Series 2026B Bonds are subject to approval as to certain matters by Dorsey and Whitney LLP of Minneapolis, Minnesota, as Bond Counsel. Bond Counsel has not participated in the preparation of this Official Statement and will not pass upon its accuracy, completeness, or sufficiency. Bond Counsel has not examined nor attempted to examine or verify any of the financial or statistical statements or data contained in this Official Statement and will express no opinion with respect thereto. A legal opinion in substantially the form set out in Appendix C herein will be delivered at closing. ## TAX MATTERS ## TAX CONSIDERATIONS The following is a summary of certain U.S. federal and Minnesota income tax considerations relating to the purchase, ownership, and disposition of the Series 2026B Bonds. This summary is based on the U.S. Internal Revenue Code of 1986 (the “Code”) and the Treasury Regulations promulgated thereunder, judicial decisions, and published rulings and administrative pronouncements of the Internal Revenue Service (the “IRS”), all as of the date hereof and all of which are subject to change, possibly with retroactive effect. Any such change could adversely affect the matters discussed below, including the tax exemption of interest on the Series 2026B Bonds. The City has not sought and will not seek any rulings from the IRS regarding the matters discussed below, and there can be no assurance the IRS or a court will not take a contrary position regarding these matters. Prospective purchasers of Series 2026B Bonds should consult their own tax advisors with respect to applicable federal, state, and local tax rules, and any pending or proposed legislation or regulatory or administrative actions, relating to the Series 2026B Bonds based on their own particular circumstances. This summary is for general information only and is not intended to constitute a complete analysis of all tax considerations relating to the purchase, ownership, and disposition of Series 2026B Bonds. It does not address the application of the alternative minimum tax imposed on noncorporate taxpayers and applicable corporations (as defined in Section 59(k) of the Code) or the additional tax on net investment income, nor does it address the U.S. federal estate and gift tax or any state, local, or non-U.S. tax consequences except with respect to Minnesota income tax to the extent expressly specified herein. This summary is limited to consequences to U.S. holders that purchase the Series 2026B Bonds for cash at original issue and hold the Series 2026B Bonds as “capital assets” (generally, property held for investment). Page 61 of 164 - 7 - This discussion does not address all aspects of U.S. federal income or state taxation that may be relevant to particular holders of Series 2026B Bonds in light of their specific circumstances or the tax considerations applicable to holders that may be subject to special income tax rules, such as: holders subject to special tax accounting rules under Section 451(b) of the Code; insurance companies; brokers, dealers, or traders in stocks, securities, or currencies or notional principal contracts; foreign corporations subject to the branch profits tax; holders receiving payments in respect of the Series 2026B Bonds through foreign entities; and S corporations, partnerships, or other pass-through entities or investors therein. For purposes of this discussion, the “issue price” of a maturity of Series 2026B Bonds is the first price at which a substantial amount of Series 2026B Bonds of that maturity is sold for cash to persons other than bond houses, brokers, or similar persons or organizations acting in the capacity of underwriters, placement agents, or wholesalers. ## Tax-Exempt Interest In the opinion of Dorsey & Whitney LLP, Bond Counsel, based on existing law and assuming the accuracy of certain representations and compliance with certain covenants, interest on the Series 2026B Bonds (i) is excluded from gross income for federal income tax purposes under Section 103 of the Code, (ii) is not an item of tax preference for purposes of the federal alternative minimum tax imposed on noncorporate taxpayers by Section 55 of the Code, (iii) is excluded from taxable net income of individuals, estates, and trusts for Minnesota income tax purposes, and (iv) is not an item of tax preference for Minnesota alternative minimum tax purposes. Interest on the Series 2026B Bonds may, however, be taken into account in determining adjusted financial statement income for purposes of the federal alternative minimum tax imposed on applicable corporations (as defined in Section 59(k) of the Code) and is included in net income for purposes of the Minnesota franchise tax imposed on corporations and financial institutions. The Code establishes certain requirements that must be met after the issuance of the Series 2026B Bonds in order that interest on the Series 2026B Bonds be excluded from federal gross income and from Minnesota taxable net income of individuals, estates, and trusts. These requirements include, but are not limited to, provisions regarding the use of Bond proceeds and the facilities financed or refinanced with such proceeds and restrictions on the investment of Bond proceeds and other amounts. The City has made certain representations and has covenanted to comply with certain restrictions, conditions, and requirements designed to ensure interest on the Series 2026B Bonds will not be included in federal gross income. Inaccuracy of these representations or noncompliance with these covenants may cause interest on the Series 2026B Bonds to be included in federal gross income or in Minnesota taxable net income retroactively to their date of issue. Bond Counsel has not independently verified the accuracy of these representations and will not verify the continuing compliance with these covenants. No provision has been made for redemption of or for an increase in the interest rate on the Series 2026B Bonds in the event that interest on the Series 2026B Bonds is included in federal gross income or in Minnesota taxable net income. ## Original Issue Discount Series 2026B Bonds may be issued with original issue discount (“OID”). A Bond will be treated as issued with OID (a “Discount Bond”) if its “stated redemption price at maturity” (i.e., the sum of all amounts payable on the Series 2026B Bond other than payments of qualified stated interest) exceeds its issue price. OID that accrues to a holder of a Discount Bond is excluded from federal gross income and from Minnesota taxable net income of individuals, estates, and trusts to the same extent that stated interest on such Discount Bond would be so excluded. The amount of OID that accrues on a Discount Bond is added to the holder’s federal and Minnesota tax bases. OID is taxable under the Minnesota franchise tax on corporations and financial institutions. OID on a Discount Bond generally accrues pursuant to a constant-yield method that reflects semiannual compounding on dates that are determined by reference to the maturity date of the Discount Bond. The amount of OID that accrues for any particular semiannual accrual period generally is equal to the excess of (1) the product of (a) one-half of the yield on such Discount Bonds (adjusted as necessary for an initial short period) and (b) the adjusted issue price of such Discount Bonds, over (2) the amount of stated interest actually payable. For this purpose, the adjusted issue price is determined by adding to the issue price for such Discount Bonds the OID that is treated as having accrued during all prior accrual periods. If a Discount Page 62 of 164 - 8 - Bond is sold or otherwise disposed of between compounding dates, then the original issue discount that would have accrued for that accrual period for federal income tax purposes is allocated ratably to the days in that accrual period. If a Discount Bond is purchased for a cost that exceeds the sum of the issue price plus accrued interest and accrued OID, the amount of OID that is deemed to accrue thereafter to the purchaser is reduced by an amount that reflects amortization of such excess over the remaining term of the Discount Bond. If the excess is greater than the amount of remaining OID, the basis reduction rules for amortizable bond premium may result in taxable gain upon sale or other disposition of the Series 2026B Bonds, even if the Series 2026B Bonds are sold, redeemed, or retired for an amount equal to or less than their cost. It is possible under certain state and local income tax laws that original issue discount on a Discount Bond may be taxable in the year of accrual and may be deemed to accrue differently than under federal law. ## Market Discount If a Bond is purchased for a cost that is less than the Series 2026B Bond’s issue price (plus accrued original issue discount, if any), the purchaser may be treated as having purchased the Series 2026B Bond with market discount (unless a statutory de minimis rule applies). Market discount is treated as ordinary income and generally is recognized on the maturity or earlier disposition of the Series 2026B Bond (to the extent that the gain realized does not exceed the accrued market discount on the Series 2026B Bond). ## Bond Premium A holder that acquires a Bond for an amount in excess of its stated redemption price at maturity generally must, from time to time, reduce the holder’s federal and Minnesota tax bases for the Series 2026B Bond. Premium generally is amortized for federal income tax purposes and Minnesota income and franchise tax purposes on the basis of a bondholder’s constant yield to maturity or to certain call dates with semiannual compounding. Accordingly, holders who acquire Bonds at a premium might recognize taxable gain upon sale of the Series 2026B Bonds, even if such Bonds are sold for an amount equal to or less than their original cost. Amortized premium is not deductible for federal income tax purposes or for purposes of the Minnesota income tax applicable to individuals, estates, and trusts. ## RELATED TAX CONSIDERATIONS Section 86 of the Code and corresponding provisions of Minnesota law require recipients of certain social security and railroad retirement benefits to take interest on the Series 2026B Bonds into account in determining the taxability of such benefits. Section 265(a) of the Code denies a deduction for interest on indebtedness incurred or continued to purchase or carry the Series 2026B Bonds, and Minnesota law similarly denies a deduction for such interest in the case of individuals, estates, and trusts. In the case of a financial institution, generally, no deduction is allowed under Section 265(b) of the Code for that portion of the holder’s interest expense that is allocable to interest on tax-exempt obligations, such as the Series 2026B Bonds, unless the obligations are “qualified tax-exempt obligations.” Indebtedness may be allocated to the Series 2026B Bonds for this purpose even though not directly traceable to the purchase of the Series 2026B Bonds. The Series 2026B Bonds are not “qualified tax-exempt obligations” for purposes of Section 265(b)(3) of the Code. Income or loss on the Series 2026B Bonds may be taken into account in determining adjusted financial statement income for purposes of the federal alternative minimum tax imposed on applicable corporations. The ownership or disposition of, or the accrual or receipt of amounts treated as interest on, the Series 2026B Bonds may affect a holder’s federal, state, or local tax liability in some additional circumstances. The nature and extent of these other tax consequences depends upon the particular tax status of the holder and the holder’s other items of income or deduction. Page 63 of 164 - 9 - ## Sale or Other Disposition A holder will generally recognize gain or loss on the sale, exchange, redemption, retirement, or other disposition of a Bond equal to the difference between (i) the amount realized less amounts attributable to any accrued but unpaid stated interest and (ii) the holder’s adjusted tax basis in the Series 2026B Bond. The amount realized includes the cash and the fair market value of any property received by the holder in exchange for the Series 2026B Bond. A holder’s adjusted tax basis in a Bond generally will be equal to the amount that the holder paid for the Series 2026B Bond, increased by any accrued original issue discount with respect to the Series 2026B Bond and reduced by the amount of any amortized bond premium on the Series 2026B Bond. Except to the extent attributable to market discount (which will be taxable as ordinary income to the extent not previously included in income), any gain or loss will be capital gain or loss and will be long-term capital gain or loss if the holder held the Series 2026B Bond for more than one year. Long- term capital gains recognized by certain non-corporate persons, including individuals, generally are taxable at a reduced rate. The deductibility of capital losses is subject to significant limitations. ## Information Reporting and Backup Withholding Payments of interest on the Series 2026B Bonds (including any allocable bond premium or accrued original issue discount) and proceeds from the sale or other disposition of the Series 2026B Bonds are expected to be reported to the IRS as required under applicable Treasury Regulations. Backup withholding will apply to these payments if the holder fails to provide an accurate taxpayer identification number and certification that it is not subject to backup withholding (generally on an IRS Form W-9) or otherwise fails to comply with the applicable backup withholding requirements. Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against the holder’s U.S. federal income tax liability, provided that the required information is timely furnished to the IRS. Certain holders are exempt from information reporting. Potential holders should consult their own tax advisors regarding qualification for an exemption and the procedures for obtaining such an exemption. ## MUNICIPAL ADVISOR The City has retained Baker Tilly Municipal Advisors, LLC (the “Municipal Advisor” or “BTMA”) as municipal advisor in connection with certain aspects of the issuance of the Series 2026B Bonds. BTMA is a municipal advisor registered with the Securities and Exchange Commission and the Municipal Securities Rulemaking Board. BTMA is a subsidiary of Baker Tilly Advisory Group, LP (“BTAG”) which is indirectly owned by (a) H&F Waterloo Holdings, L.P., an affiliate of Hellman & Friedman LLC (“H&F”), an investment adviser registered with the Securities and Exchange Commission (the “SEC”), (b) Valeas Capital Partners Fund I Waterloo Aggregator LP, an affiliate of Valeas Capital Partners Management LP (“Valeas”), an investment adviser registered with the SEC, and (c) individuals who are principals of BTAG. None of these parties own a majority interest in BTAG, or indirectly, BTMA. Baker Tilly Advisory Group, LP and Baker Tilly US, LLP, trading as Baker Tilly, operate under an alternative practice structure and are members of the global network of Baker Tilly International, Ltd. Baker Tilly US, LLP (“BTUS”) is a licensed CPA firm providing assurance services to its clients. BTAG and its subsidiary entities provide tax and consulting services to their clients and are not licensed CPA firms. BTMA has been retained by the City to provide certain municipal advisory services to City and, in that capacity, has assisted the City in preparing this Official Statement. The information contained in the Official Statement has been compiled from the sources stated or, if not otherwise sourced, from records and other materials provided by the City. The Municipal Advisor makes no representation, warranty or guarantee regarding the accuracy or completeness of the information in this Official Statement, and its assistance in preparing this Official Statement should not be construed as a representation that it has independently verified such information. The Municipal Advisor’s duties, responsibilities and fees arise solely as Municipal Advisor to the City, and it has no secondary obligations or other responsibility. The Municipal Advisor’s fees are expected to be paid from proceeds of the Series 2026B Bonds. BTMA provides certain specific municipal advisory services to the City but is neither a placement agent to the City nor a broker/dealer. Page 64 of 164 - 10 - ## Other Financial Industry Activities and Affiliations: Baker Tilly Wealth Management, LLC (“BTWM”), an SEC registered investment adviser, and Baker Tilly Capital, LLC (“BTC”), a broker/dealer registered with the SEC and member of the Financial Industry Regulatory Authority (“FINRA”), are controlled subsidiaries of BTAG. Both H&F and Valeas, are registered with the SEC as investment advisers and serve as managers of, or advisers to, certain private investment funds, some of which indirectly own BTAG. BTWM and other subsidiaries of BTAG may provide advisory services to the clients of BTMA. BTMA has no other activities or arrangements that are material to its municipal advisory business or its clients with a related person who is a broker-dealer, investment company, other investment adviser or financial planner, bank, law firm or other financial entity. ## MISCELLANEOUS The information contained in this Official Statement has been compiled from the City officials and other sources deemed to be reliable, and while not guaranteed as to completeness or accuracy, it is believed to be correct as of this date. However, the Official Statement speaks only as of its date, and the information contained herein is subject to change. The references, excerpts, and summaries of all documents referred to herein do not purport to be complete statements of the provisions of such documents, and reference is directed to all such documents for full and complete statements of all matters of fact relating to the Series 2026B Bonds, the security for the payment of the Series 2026B Bonds and the rights and obligations of the owners thereof. Any statements made in this Official Statement involving matters of opinion or of estimates, whether or not so expressly stated, are set forth as such and not as representations of fact, and no representation is made that any of the estimates will be realized. Neither this Official Statement nor any statement which may have been made orally or in writing is to be construed as a contract with the owners of the Series 2026B Bonds. ## CERTIFICATION The City has authorized the distribution of the Preliminary Official Statement for use in connection with the initial sale of the Series 2026B Bonds, and a Final Official Statement following award of the Series 2026B Bonds. The City certifies to the best of its knowledge and belief that this Official Statement, as of its date and as it relates to the City and its economic and financial condition, (i) is complete and accurate; (ii) does not contain any untrue statement of a material fact; and (iii) does not omit any material facts or information which would make the statements contained herein misleading. Page 65 of 164 ## APPENDIX A ## A-1 ## GENERAL INFORMATION OF THE CITY ## CITY PROPERTY VALUES ## Trend of Values(1) ## Assessment/ ## Collection ## Year ## Assessor’s ## Estimated ## Market Value ## Sales ## Ratio(2) ## Economic ## Market Value(3) ## Market Value ## Homestead ## Exclusion ## Taxable ## Market Value ## Adjusted ## Taxable Net ## Tax Capacity 2025/26 $5,281,101,600 96.3% $5,495,670,499 $69,466,585 $5,147,489,915 $57,984,574 2024/25 4,917,985,300 92.3% 5,293,845,057 77,372,200 4,760,552,300 53,939,606 2023/24 4,603,098,400 93.6% 4,925,953,094 39,482,000 4,481,794,100 50,564,554 2022/23 4,319,497,500 95.4% 4,526,746,397 41,852,700 4,211,936,000 48,098,965 2021/22 3,536,714,700 86.7% 4,077,914,727 64,033,600 3,413,565,400 39,734,514 (1) For a description of the Minnesota property tax system, see Appendix E. (2) Sales Ratio Study for the year of assessment as posted by the Minnesota Department of Revenue, https://www.revenue.state.mn.us/economic-market-values-reports. (3) Economic market values for the year of assessment as posted by the Minnesota Department of Revenue, https://www.revenue.state.mn.us/economic-market-values-reports. Source: Carver County, Minnesota, March 2026, except as otherwise noted. ## 2025/26 Adjusted Taxable Net Tax Capacity: $57,984,574(1) ## Real Estate: Residential Homestead $34,001,879 55.6% Commercial/Industrial and Public Utility 14,798,665 24.2 Residential Non-Homestead 11,031,298 18.0 ## Agricultural, Commercial & Residential, and Seasonal/Recreational 680,999 1.1 Personal Property 635,663 1.1 2025/26 Net Tax Capacity $61,148,504 100.0% ## Less: Captured Tax Increment (3,011,173) ## Less: Contribution to Fiscal Disparities (5,604,313) ## Plus: Distribution from Fiscal Disparities 5,451,556 ## 2025/26 Adjusted Taxable Net Tax Capacity $57,984,574 (1) Excludes mobile home valuation of $179,543. Ten of the Largest Taxpayers in the City ## Taxpayer Type of Property 2025/26 Net ## Tax Capacity ## Aurora Investments LLC Commercial/Agricultural $ 892,433 ## Continental 589 Fund LLC Rental/Residential 739,314 ## United Healthcare Services, Inc. Commercial 693,012 ## Chaska Industrial Owner 1 LLC Commercial 662,600 ## Beckman Coulter Commercial 585,396 ## Centerpoint Energy Utility 490,159 ## Gallery of Chaska LLC Rental/Residential 449,269 ## Flexential LLC Commercial 412,000 ## Costco Wholesale Corporation Commercial 383,230 Chaska Heights Senior Living LLC Rental/Residential 358,251 Total $5,665,664(1) (1) Represents 9.8% of the City's 2025/26 adjusted taxable net tax capacity. Page 66 of 164 ## A-2 ## CITY INDEBTEDNESS ## Legal Debt Limit and Debt Margin(1) ## Legal Debt Limit (3% of 2025/26 Estimated Market Value) $158,433,048 ## Less: Outstanding Debt Subject to Limit (136,904,000) Legal Debt Margin as of August 20, 2026 $ 21,529,048 (1) The legal debt margin is referred to statutorily as the “Net Debt Limit” and may be increased by debt service funds and current revenues which are applicable to the payment of debt in the current fiscal year. NOTE: Certain types of debt are not subject to the legal debt limit. See Appendix E – Debt Limitations. ## General Obligation Debt Supported Solely by Taxes(1) ## Date of Issue ## Original ## Amount Purpose ## Final ## Maturity ## Est. Principal ## Outstanding As of 8-20-26 11-29-17 $1,960,000 Equipment Certificates 2-1-2027 $ 265,000 11-06-19 1,240,000 Equipment Certificates 2-1-2029 480,000 12-28-23 8,815,000 Equipment Certificates 2-1-2043 8,255,000 Total $9,000,000 (1) These issues are subject to the legal debt limit. ## General Obligation Special Assessment Debt ## Date of Issue ## Original ## Amount Purpose ## Final ## Maturity ## Est. Principal ## Outstanding As of 8-20-26 08-15-12 $2,430,000 Improvements 2-1-2028 $ 355,000 08-15-12 3,295,000 Improvement Refunding 2-1-2027 225,000 12-30-14 3,080,000 Improvements 2-1-2030 925,000 08-19-15 5,940,000 Improvements 2-1-2031 2,450,000 11-29-17 6,875,000 Improvements 2-1-2038 4,620,000 11-29-17 1,790,000 Taxable Improvements 2-1-2033 725,000 12-27-17 995,000 Improvements Refunding 2-1-2029 325,000 11-06-19 4,440,000 Improvements 2-1-2039 3,045,000 12-04-19 1,250,000 Taxable Improvements 2-1-2035 770,000 12-04-19 1,740,000 Improvements Refunding 2-1-2033 785,000 09-02-20 1,725,000 Improvements 2-1-2037 1,330,000 09-02-20 2,205,000 Taxable Improvements Refunding 12-1-2034 1,230,000 12-28-23 1,250,000 Improvements 2-1-2038 1,105,000 12-19-24 2,490,000 Improvements 2-1-2040 2,390,000 Total $20,280,000 Page 67 of 164 ## A-3 ## General Obligation Tax Increment Debt ## Date of Issue ## Original ## Amount Purpose ## Final ## Maturity ## Est. Principal ## Outstanding As of 8-20-26 12-27-17 $ 460,000 Taxable Tax Increment Refunding 2-1-2031 $ 205,000 12-04-19 2,600,000 Taxable Tax Increment 2-1-2040 2,315,000 Total $2,520,000 ## General Obligation Tax Abatement Debt ## Date of Issue ## Original ## Amount Purpose ## Final ## Maturity ## Est. Principal ## Outstanding As of 8-20-26 11-29-17 $245,000 Taxable Tax Abatement 2-1-2039 $175,000 09-02-20 375,000 Taxable Tax Abatement Refunding 12-1-2023 245,000 Total $420,000 ## General Obligation State-Aid Debt ## Date of Issue ## Original ## Amount Purpose ## Final ## Maturity ## Est. Principal ## Outstanding As of 8-20-26 01-14-21 $4,940,000 State Aid Street 4-1-2041 $ 3,970,000 12-19-24 8,810,000 State Aid 2-1-2045 8,585,000 $12,555,000 ## General Obligation Housing Revenue Debt (1) ## Date of Issue ## Original ## Amount Purpose ## Final ## Maturity ## Est. Principal ## Outstanding As of 8-20-26 08-15-10 $2,850,000 Governmental Refunding (Brickyard) 1-1-2040 $1,685,000 (1) Issued by the Carver County Community Development Agency and secured by the general obligation of the City. Rental revenue and other related sources are used to pay this debt. Page 68 of 164 ## A-4 ## General Obligation Utility Revenue Debt ## Date of Issue ## Original ## Amount Purpose ## Final ## Maturity ## Est. Principal ## Outstanding As of 8-20-26 08-15-12 $ 1,380,000 Water/Sewer Revenue Refunding 2-1-2027 $ 90,000 12-30-15 5,170,000 Utility Revenue 2-1-2036 2,935,000 11-29-17 735,000 Utility Revenue 2-1-2038 520,000 11-06-19 2,135,000 Utility Revenue 2-1-2035 1,365,000 12-04-19 780,000 Taxable Utility Revenue 2-1-2030 340,000 09-02-20 1,215,000 Utility Revenue 2-1-2031 690,000 09-02-20 7,845,000 Taxable Utility Revenue Refunding 12-1-2032 5,215,000 08-20-26 27,465,000 Utility Revenue (the Series 2026B Bonds) 2-1-2052 27,465,000 Total $38,620,000 ## Lease Obligations(1) ## Date of Issue ## Original ## Amount Purpose ## Final ## Maturity ## Est. Principal ## Outstanding As of 8-20-26 04-15-15 $12,855,000 Taxable Lease Revenue 2-1-2035 $ 4,910,000 12-30-15 3,410,000 Taxable Lease Revenue 2-1-2031 1,350,000 12-27-17 1,880,000 Senior Center Addition Refunding 12-1-2027 435,000 09-02-20 2,310,000 Lease Revenue Refunding 12-1-2033 1,585,000 12-31-21 3,560,000 Lease Purchase 12-1-2041 3,024,000 07-17-24 49,650,000 Lease Revenue 2-1-2054 48,815,000 01-30-25 6,080,000 Lease Revenue Refunding 2-1-2034 5,570,000 07-09-26 55,765,000 Lease Revenue (the Series 2026A Bonds) 2-1-2056 55,765,000 Total $121,454,000 (1) Issued by the Economic Development Authority of the City of Chaska, Minnesota (the “Authority”) and payable from annual appropriation lease payments made by the City to the Authority. These issues are subject to the legal debt limit. ## Installment Purchase Revenue Debt(1) ## Date of Issue ## Original ## Amount Purpose ## Final ## Maturity ## Est. Principal ## Outstanding As of 8-20-26 ## 03-9-20 $6,285,000 Taxable Full-Term Installment Purchase Revenue 12-1-2040 $5,175,000 07-8-20 1,530,000 Taxable Full-Term Installment Purchase Revenue 12-1-2040 1,275,000 Total $6,450,000 (1) Issued by the Authority and payable from annual installment payments made by the City to the Authority. These issues are subject to the legal debt limit. Page 69 of 164 ## A-5 ## Electric Revenue Debt ## Date of Issue ## Original ## Amount Purpose ## Final ## Maturity ## Est. Principal ## Outstanding As of 8-20-26 09-06-17 $7,220,000 Electric Revenue 10-1-2037 $4,925,000 12-29-20 1,830,000 Electric Revenue Refunding 10-1-2031 1,095,000 Total $6,020,000 ## MMPA Revenue Debt ## Date of Issue ## Original ## Amount Purpose ## Final ## Maturity ## Est. Principal ## Outstanding As of 8-20-26 10-01-15 $21,760,000 Electric Revenue Refunding (MMPA) 10-1-2030 $8,985,000 (1) Issued by the City but payable from payments made by the Minnesota Municipal Power Agency to the City pursuant to an agency contract and not from the operation of the electric system of the City (i.e., not secured on a parity with the City’s outstanding electric revenue debt). ## Estimated Calendar Year Debt Service Payments ## G.O. Debt Supported ## Solely by Taxes ## G.O. Special ## Assessment Debt ## Year Principal ## Principal ## & Interest Principal ## Principal & Interest 2026 (at 8-20) (Paid) (Paid) $ 255,000 $ 261,610 2027 $ 735,000 $ 1,130,313 2,895,000 3,541,915 2028 500,000 864,438 2,770,000 3,312,229 2029 525,000 864,663 2,685,000 3,135,040 2030 375,000 693,013 2,380,000 2,743,588 2031 390,000 688,888 2,170,000 2,448,428 2032 410,000 688,888 1,610,000 1,823,243 2033 430,000 687,888 1,660,000 1,824,128 2034 455,000 690,763 960,000 1,083,969 2035 475,000 687,513 800,000 895,694 2036 500,000 688,138 560,000 631,966 2037 525,000 687,513 580,000 630,397 2038 550,000 685,638 465,000 494,144 2039 580,000 690,288 265,000 278,963 2040 600,000 686,688 225,000 229,500 2041 625,000 687,188 2042 650,000 687,500 2043 675,000 687,656 Total $9,000,000(1) $12,496,976 $20,280,000(2) $23,334,814 (1) 53.3% of this debt will be retired within ten years. (2) 89.7% of this debt will be retired within ten years. Page 70 of 164 ## A-6 ## Estimated Calendar Year Debt Service Payments (Continued) ## G.O. Tax Increment Debt G.O. Tax Abatement Debt ## Year Principal ## Principal ## & Interest Principal ## Principal & Interest 2026 (at 8-20) (Paid) (Paid) $ 30,000 $ 31,458 2027 $ 125,000 $ 198,283 40,000 48,343 2028 135,000 204,195 45,000 52,773 2029 145,000 210,008 45,000 52,093 2030 150,000 210,843 45,000 51,368 2031 155,000 211,550 55,000 60,514 2032 125,000 177,610 55,000 59,466 2033 130,000 179,040 15,000 18,364 2034 130,000 175,270 15,000 17,846 2035 140,000 181,220 15,000 17,329 2036 145,000 181,945 15,000 16,811 2037 155,000 187,406 15,000 16,294 2038 165,000 192,526 15,000 15,776 2039 175,000 197,341 15,000 15,259 2040 645,000 654,836 Total $2,520,000(1) $3,162,073 $420,000(2) $473,694 (1) 54.8% of this debt will be retired within ten years. (2) 85.7% of this debt will be retired within ten years. Page 71 of 164 ## A-7 ## Estimated Calendar Year Debt Service Payments (Continued) ## G.O. State Aid Debt ## G.O. Utility ## Revenue Debt ## Year Principal ## Principal ## & Interest Principal ## Principal & Interest 2026 (at 8-20) (Paid) $ 39,343 $ 695,000 $ 725,674 2027 $ 505,000 960,960 1,435,000 2,851,947 2028 530,000 962,335 1,975,000 3,411,191 2029 555,000 962,560 2,070,000 3,443,338 2030 580,000 961,635 2,135,000 3,443,581 2031 605,000 963,460 2,110,000 3,353,064 2032 620,000 958,235 2,035,000 3,215,116 2033 650,000 966,985 1,290,000 2,406,700 2034 670,000 964,415 1,335,000 2,397,772 2035 690,000 960,675 1,300,000 2,307,384 2036 720,000 965,505 1,270,000 2,221,244 2037 745,000 963,870 980,000 1,878,925 2038 770,000 960,795 1,025,000 1,874,769 2039 795,000 958,825 1,025,000 1,829,113 2040 825,000 963,180 1,065,000 1,827,313 2041 850,000 961,408 1,105,000 1,823,913 2042 575,000 661,300 1,150,000 1,823,094 2043 600,000 662,800 1,200,000 1,823,875 2044 625,000 663,300 1,250,000 1,821,813 2045 645,000 657,900 1,300,000 1,817,625 2046 1,360,000 1,820,250 2047 1,415,000 1,814,547 2048 1,480,000 1,815,294 2049 1,545,000 1,812,231 2050 1,615,000 1,811,131 2051 1,690,000 1,810,713 2052 1,765,000 1,805,816 Total $12,555,000(1) $17,119,486 $38,620,000(2) $58,987,433 (1) 48.8% of this debt will be retired within ten years. (2) 42.4% of this debt will be retired within ten years. Page 72 of 164 ## A-8 ## Estimated Calendar Year Debt Service Payments (Continued) ## G.O. Housing Revenue Debt Lease Obligations ## Year Principal ## Principal ## & Interest Principal ## Principal & Interest 2026 (at 8-20) (Paid) (Paid) $ 530,000 $ 620,691 2027 $ 110,000 $ 138,640 2,720,000 8,265,240 2028 110,000 136,440 3,670,000 8,907,579 2029 110,000 134,240 3,835,000 8,896,182 2030 115,000 137,450 4,011,000 8,887,305 2031 115,000 136,070 4,206,000 8,887,656 2032 115,000 134,690 4,097,000 8,580,976 2033 120,000 138,100 4,299,000 8,582,283 2034 120,000 136,300 4,265,000 8,337,298 2035 120,000 134,200 3,611,000 7,493,220 2036 125,000 136,750 3,113,000 6,832,214 2037 125,000 134,250 3,270,000 6,832,919 2038 130,000 136,700 3,423,000 6,822,007 2039 135,000 139,050 3,595,000 6,822,068 2040 135,000 136,350 3,773,000 6,819,510 2041 3,961,000 6,826,575 2042 3,510,000 6,204,113 2043 3,665,000 6,207,063 2044 3,810,000 6,202,563 2045 3,965,000 6,200,850 2046 4,125,000 6,195,313 2047 4,295,000 6,191,756 2048 4,470,000 6,184,709 2049 4,660,000 6,182,269 2050 4,860,000 6,178,616 2051 5,070,000 6,174,622 2052 5,285,000 6,166,450 2053 5,510,000 6,158,781 2054 5,750,000 6,156,072 2055 2,980,000 3,193,213 2056 3,120,000 3,192,150 Total $1,685,000(1) $1,909,230 $121,454,000(2) $205,202,263 (1) 68.8% of this debt will be retired within ten years. (2) 29.0% of this debt will be retired within ten years. Page 73 of 164 ## A-9 ## Estimated Calendar Year Debt Service Payments (Continued) ## Installment Purchase Revenue ## Debt Electric Revenue Debt ## Year Principal ## Principal ## & Interest Principal ## Principal & Interest 2026 (at 8-20) $ 355,000 $ 444,814 $ 505,000 $ 602,888 2027 365,000 537,220 525,000 700,575 2028 370,000 534,294 550,000 704,575 2029 380,000 535,933 565,000 704,050 2030 395,000 542,133 585,000 705,250 2031 400,000 537,338 610,000 710,750 2032 410,000 536,050 415,000 495,400 2033 425,000 539,485 425,000 492,950 2034 435,000 537,492 440,000 495,200 2035 450,000 540,221 455,000 497,000 2036 465,000 542,522 465,000 493,350 2037 480,000 542,896 480,000 494,400 2038 495,000 542,792 2039 505,000 537,226 2040 520,000 536,352 Total $6,450,000(1) $7,986,768 $6,020,000(2) $7,096,388 (1) 61.8% of this debt will be retired within ten years. (2) 84.3% of this debt will be retired within ten years. ## MMPA Revenue Debt ## Year Principal ## Principal & Interest 2026 (at 8-20) $1,625,000 $ 1,849,625 2027 1,715,000 2,083,000 2028 1,795,000 2,077,250 2029 1,885,000 2,077,500 2030 1,965,000 2,063,250 Total $8,985,000 $10,150,625 ## Other Debt Obligations ## Leases The City has entered into various capital leases for Fitness Equipment. Information can be found in the City’s Annual Comprehensive Financial Report for the fiscal year ended December 31, 2025 for additional information. ## Conduit Debt From time to time, the City has issued Industrial Revenue Bonds (IRBs) and Housing Revenue Bonds (HRBs) (collectively the “Revenue Bonds”) to provide financial assistance to private-sector entities for the acquisition and construction of industrial and housing facilities deemed to be in the public interest. The Revenue Bonds are secured by the property financed and are payable solely from payments received on the underlying mortgage loans. Upon repayment of the Revenue Bonds, ownership of the acquired facilities transfers to the private sector entity served by the bond issuance. Neither the City, nor the State of Minnesota, nor any political subdivision thereof is obligated in any manner for repayment of the Revenue Bonds. Accordingly, the Revenue Bonds are not reported as liabilities in the accompanying financial statements. Page 74 of 164 ## A-10 ## Overlapping Debt ## Taxing Unit(1) 2025/26 ## Adjusted Taxable ## Net Tax Capacity ## Est. G.O. Debt As of 8-20-26(2) ## Debt Applicable to ## Tax Capacity in City ## Percent Amount Carver County $ 258,611,202 $ 22,445,000 22.4% $ 5,027,680 I.S.D. No. 112 (Eastern Carver County) 153,549,860 145,371,000 37.8 54,950,238 Metropolitan Council 6,330,160,330(3) 18,095,000(4) 0.9 162,855 Total $60,140,773 (1) Only those units with outstanding general obligation debt are shown here. (2) Excludes general obligation tax and aid anticipation certificates and revenue-supported debt. (3) 2024/25 values; most recent available. (4) Excludes general obligation debt supported by wastewater revenues and housing rental payments. Includes certificates of participation. ## Debt Ratios(1) ## G.O. ## Direct Debt ## G.O. Direct & ## Overlapping Debt 2025/26 Estimated Market Value ($5,281,101,600) 3.03% 4.17% Per Capita (30,513 – 2025 U.S. Census Estimate) $5,248 $7,219 (1) Excludes general obligation state aid debt, general obligation utility revenue debt, general obligation housing revenue debt, electric revenue debt, MMPA revenue debt, and other debt obligations. Includes lease obligations and installment purchase revenue debt. ## CITY TAX RATES, LEVIES AND COLLECTIONS Tax Capacity Rates for a Resident in the City of Chaska 2025/26 2021/22 2022/23 2023/24 2024/25 Total ## For ## Debt Only Carver County 34.170% 29.267% 30.106% 30.934% 31.299% 1.605% City of Chaska 31.625 31.185 35.947 38.885 41.167 0.000 ## I.S.D. No. 112 (Eastern Carver County)(1) 31.220 27.747 28.659 27.551 27.255 12.384 Special Districts(2) 4.846 4.688 4.626 4.511 4.789 1.176 Total 101.861% 92.887% 99.338% 101.881% 104.51% 15.165% (1) In addition, Independent School District No. 112 (Eastern Carver County) has a 2025/26 market value tax rate of 0.21407% spread across the market value of property in support of an excess operating levy. (2) Special districts include Metropolitan Council, Metropolitan Transit, Metropolitan Mosquito Control, Lower Minnesota River Watershed District #1, Carver County Rail Authority, Carver County Community Development Agency, and Chaska Economic Development Authority. NOTE: This table includes only net tax capacity-based rates. Certain other tax rates are based on market value. See Appendix E. Page 75 of 164 ## A-11 ## Tax Levies and Collections ## Collected During ## Collection Year Collected and/or Abated as of December 31, 2025 ## Levy/Collect Net Levy(1) Amount Percent Amount Percent 2025/26 $23,743,958 (In Process of Collection) 2024/25 20,827,388 $20,672,656 99.3% $20,672,655 99.3% 2023/24 17,946,808 17,865,716 99.5 17,897,863 99.7 2022/23 14,995,915 14,954,034 99.7 14,988,773 100.0 2021/22 12,499,979 12,476,239 99.8 12,497,793 100.0 (1) The net levy excludes state aid for property tax relief and fiscal disparities, if applicable. The net levy is the basis for computing tax capacity rates. See Appendix E. ## FUNDS ON HAND As of June 30, 2026 General Fund $ 7,167,577 ## Special Revenue Funds 651,269 ## Debt Service Funds 2,497,143 ## Capital Project Funds 19,628,604 ## Enterprise Fund 12,227,509 ## Internal Service Funds 4,563,923 ## Total Cash and Investments $46,736,025 ## INVESTMENTS The City may invest funds as authorized by Minnesota Statutes, as follows: • Direct obligations or obligations guaranteed by the United States or its agencies. • Shares of investment companies registered under the Federal Investment Company Act of 1940 that receive the highest credit rating, are rated in one of the two highest rating categories by a statistical rating agency, and all of the investments have a final maturity of thirteen months or less. • General obligations rated “A” or better. • Revenue obligations rated “AA” or better. • General obligations of the Minnesota Housing Finance Agency rated “A” or better. • Banker's acceptances of United States banks eligible for purchase by the Federal Reserve System. • Commercial paper issued by United States corporations or their Canadian subsidiaries, rated of the highest quality category by at least two nationally recognized rating agencies, and maturing in 270 days or less. • Guaranteed Investment Contracts guaranteed by a United States commercial bank, domestic branch of a foreign bank, or a United States insurance company, with a credit quality in one of the top two highest categories. Page 76 of 164 ## A-12 • Repurchase or reverse purchase agreements and securities lending agreements with financial institutions qualified as a “depository” by the government entity, with banks that are members of the Federal Reserve System with capitalization exceeding $10,000,000, that are a primary reporting dealer in U.S. government securities to the Federal Reserve Bank of New York, or certain Minnesota securities broker-dealers. The City’s investments are managed to attain a market rate of return while protecting capital. The City has the following mix of investment types as of March 31, 2026: 14.3% in First American Treasury Obligations, 8.6% in mutual funds and 75.1% in money markets, 2.0% in State and Local Bonds, and $739,374 in Negotiable CDs. The Administrative Services Director (Treasurer) and City Administrator are charged with the responsibility of conducting investment transactions. ## GENERAL INFORMATION CONCERNING THE CITY The City is the county seat of Carver County, and is located approximately 18 miles southwest of Minneapolis and is part of the Minneapolis-Saint Paul metropolitan area. The City encompasses an area of approximately 18 square miles (11,520 acres). ## Population The City’s population trend is shown below. ## Population Percent Change 2025 U.S. Census Estimate 30,513 9.7% 2020 U.S. Census 27,810 17.0 2010 U.S. Census 23,770 36.2 2000 U.S. Census 17,449 53.9 1990 U.S. Census 11,339 - Sources: United States Census Bureau, http://www.census.gov/. The City’s estimated population by age group for the past five years is as follows: ## Data Year/ Report Year 0-17 18-34 35-64 65 and Over 2025/26 6,892 5,981 12,040 4,510 2024/25 6,626 5,995 11,567 4,181 2023/24 7,227 5,858 11,595 3,969 2022/23 7,331 5,654 11,903 3,568 2021/22 7,555 5,416 11,932 3,360 Source: Claritas, LLC. ## Transportation Major transportation routes serving the City include U.S. Highways 212 and 169 and State Highway 41. In addition, Interstate 494 is approximately 10 miles northeast of the City. Twin Cities and Western Railroad provides rail service to the City. Air transportation by major airlines is available at the Minneapolis-St. Paul International Airport, less than a half-hour drive from the City, and at the Flying Cloud Airport, approximately 10 miles east of the City. Page 77 of 164 ## A-13 ## AREA ECONOMY ## Major Employers ## Employer Product/Service ## Approximate ## Number of Employees ## Independent School District No. 112 (Eastern Carver County) Public education 1,388(1) ## Entegris Inc. Semiconductor processing 507 ## Lake Region Manufacturing Co., Inc. Catheter components 740 ## Carver County County government 700 ## Beckman-Coulter, Inc. Diagnostic reagents 521 ## Apex International, MFG Home-care product manufacturer 400 ## Old National Bank Banking services 400 ## Import Specialties, Inc. Automotive services 250 ## TEL-FSI, Inc Semi-centrifugal products 241 City of Chaska City government 181(2) (1) Per public information available on https://emma.msrb.org/. Includes 642 non-licensed employees and 746 licensed employees. (2) Full-time employees, per the City. Source: Information obtained from D&B Hoovers, https://app.dnbhoovers.com/. This does not purport to be a comprehensive list. ## Labor Force Data ## Annual Average ## January 2026 2022 2023 2024 2025 ## Labor Force: Carver County 61,753 62,716 63,472 64,241 63,350 ## Minneapolis – St. Paul - Bloomington MSA 2,036,157 2,061,709 2,075,093 2,099,384 2,075,289 State of Minnesota 3,070,397 3,137,559 3,137,559 3,171,537 3,133,348 ## Unemployment Rate (%): Carver County 1.9% 2.3% 2.7% 3.4% 4.3% ## Minneapolis – St. Paul - Bloomington MSA 2.3 2.6 3.0 3.7 4.8 State of Minnesota 2.5 2.8 3.1 3.9 5.3 ## Source: Minnesota Department of Employment and Economic Development, https://apps.deed.state.mn.us/lmi/laus. 2026 data are preliminary. ## Retail Sales and Effective Buying Income (EBI) ## City of Chaska ## Data Year/ ## Report Year ## Total Retail Sales ($000) ## Total ## EBI ($000) ## Median ## Household EBI 2025/26 $472,195 $1,593,787 $104,808 2024/25 385,277 1,311,518 90,105 2023/24 337,393 1,232,618 82,337 2022/23 343,613 1,158,627 79,386 2021/22 291,283 1,152,443 80,163 Page 78 of 164 ## A-14 ## Carver County ## Data Year/ ## Report Year ## Total Retail Sales ($000) ## Total ## EBI ($000) ## Median ## Household EBI 2025/26 $1,811,603 $6,528,812 $112,250 2024/25 1,757,398 5,622,944 100,368 2023/24 1,331,138 5,009,240 90,953 2022/23 1,414,686 5,063,203 91,382 2021/22 1,245,104 5,095,911 91,347 The 2025/26 Median Household EBI for the State of Minnesota was $80,810. The 2025/26 Median Household EBI for the United States was $75,389. Source: Claritas, LLC. ## Permits Issued by the City ## New Single ## Family Residential ## New ## Commercial/Industrial ## Total Value(1) (All Permits) ## Number Value Number Value 2025 107 $46,100,825 159 $79,789,835 $149,810,527 2024 177 66,972,311 92 57,770,338 136,551,261 2023 211 75,389,667 99 139,897,098 225,276,101 2022 180 57,411,144 67 85,702,856 164,120,361 2021 214 71,543,619 43 13,041,285 120,301,623 2020 113 28,362,364 38 8,370,259 51,398,828 2019 122 32,288,490 34 7,237,100 46,553,957 2018 79 36,288,936 49 14,207,139 57,621,735 2017 103 24,339,375 43 69,145,998 105,409,067 (1) In addition to building permits, the total value includes all other permits issued by the City (i.e. heating, lighting, plumbing, roof replacement, etc.). Source: City of Chaska. ## Recent Development As per the Metropolitan Council Community Profile of the City, in 2024 (2025 data not yet available) there were approximately 7,580 single-family homes, 739 single-family attached townhomes, 44 multi-family homes (consisting of two, three, and four units), 2,858 multi-family homes (consisting of five or more units), and 693 manufactured homes located within the City. In 2025, over 12 months, there were 0 single-family townhomes, and 103 new detached single-family homes constructed. The average value of a new home has increase/decreased by 3.35%, from $418,400 in 2024 to $432,400 as of December 31, 2025. Page 79 of 164 ## A-15 The status of single-family lot availability as of March 31, 2026 is as follows: ## Available Total Permits Issued ## Subdivision Name Lots Lots to Date ## Single Family ## Klein Brickyard Thirteenth Addition 0 20 20 ## Club West Seventh Addition 1 42 41 ## Club West Eighth Addition 0 43 43 ## Club West Ninth Addition 1 13 12 ## Club West Tenth Addition 2 4 2 ## Club West Eleventh Addition 0 19 19 ## Savanna Estates Second Addition 2 11 9 ## Savanna Estates Third Addition 3 26 23 ## Chaska Bluffs 2 nd 4 17 13 ## Clover Field 7 th 1 11 10 Ensconced Woods 11 29 18 Harvest West 0 72 72 ## Harvest West 2 nd 1 56 55 ## Harvest West 3 rd 5 94 89 ## Del Webb at Chaska 1 st 2 92 90 ## Del Webb at Chaska 2 nd 3 179 176 Kusske Estates 0 2 2 ## Reserve at Autumn Woods 1 st 0 86 86 Oak Creek 10 57 47 ## Oak Creek 2 nd 26 45 19 Rivertown Heights 0 44 44 ## Rivertown Heights 2 nd 26 46 20 Hidden Maples 2 4 2 Chaska Yards 0 3 3 Carlson Bluffs 3 4 1 Carlson Bluffs 5 10 5 Single Family Subtotal 108 1,029 921 ## Multiple Family Pioneer Vista 0 54 54 Grand Total 108 1,083 975 ## Commercial and Industrial Development The City continues its multi-year program to reconstruct streets in the historic downtown core as a part of its Downtown Master Plan. This reconstruction has reinvigorated the coordination and planning efforts for the transformation of another downtown block, which will be called City Square West. The City envisions a gathering space that attracts citizens to come downtown to enjoy new and readily accessible services, and it is anticipated that construction will begin in 2026. Other development activities include: • Creek Road. To support access to the southwest Chaska area, the City began working on Creek Road. Creek Road is a major development in Chaska that began in 2017, with substantial completion in 2026. This $14.2 million dollar project is anticipated to provide access to 5,000 new jobs over the next 5 years for the metro area • Capital Asset Maintenance. Another major initiative for the City is the continuing capital asset maintenance plan. Key to this plan is $1 million of levy annually dedicated to reinvesting in parks, streets, and trails. Page 80 of 164 ## A-16 • Public Service Buildings. The City also views its building program as a major initiative. In 2023, the City started increasing the tax levy by $1,125,000 to fund renovation of four City Facilities. The first is a Public Safety facility where the Police and Fire departments will be located. Construction of this building began in 2024 and was completed early 2026. The City received 1,575,000 in federal funding for the construction of the emergency operations center in the public safety facility building. The next building is the Municipal Service Building where Public works, Electric, Water, and Sewer personnel and services are located. This project begins in 2026 with substantial completion estimated for 2028. After that, the Library will be relocated from City Hall to a new building in 2029. The last building to be renovated will be City Hall with an estimated start date in 2030. • Data Center. A proposed developer has a purchase agreement for a 150,000 square foot Data Center. This Data Center would be within the City’s electric service territory. This data center is anticipated to use 190 MW and would be a direct sale from the power supplier. ## Industrial Parks There are two industrial parks located within the City with a combined capacity of 679 acres. Currently, there are over 100 enterprises occupying the parks, the larger of which include Lake Region Manufacturing, TEL-FSI, Inc., Beckman Coultier, Bailiwick, and Lifecore Biomedical. There are only two remaining sites in this industrial park, one with approximately 17 acres and one with approximately five acres. The five-acre site would be marketed for approximately $3 million, while the 17-acre site would be marketed for approximately $7 million. The City recently worked with three existing companies in the industrial parks on expansions totaling an additional 100,000 square feet. The City has approximately 390 acres of corporate/industrial land planned for development since the opening of the new Highway 212. There is room for 5.5 million square feet of office/industrial space that will be marketed toward bioscience and high-tech companies. This is expected to add between $300 million and $500 million of taxable market value as well as 4,000 to 6,000 quality jobs when completed. With the opening of the Highway 212 Interchange, discussions with property owners are ongoing to develop this industrial park. ## Education ## Public Education The following district serves the residents of the City: ## School Location Grades 2025/26 Enrollment ## I.S.D. No. 112 ## (Eastern Carver County) City of Chaska K-12 9,195 ## Source: Minnesota Department of Education, www.education.state.mn.us ## Non-Public Education City residents are also served by the following private schools: ## School Location Grades 2025/26 Enrollment ## Jonathan Montessori City of Chaska PreK 3 ## St. John’s Lutheran School City of Chaska K-8 207 ## Southwest Christian High School City of Chaska 9-12 581 ## Source: Minnesota Department of Education, www.education.state.mn.us Page 81 of 164 ## A-17 ## Post-Secondary Education City residents have access to various colleges and universities located throughout the Minneapolis/Saint Paul metropolitan area. ## GOVERNMENTAL ORGANIZATION AND SERVICES The City was organized as a municipality in 1891 and became a statutory city in 1975. The City’s governing body is the City Council, comprised of the Mayor and four Council members. The Mayor serves a two-year term of office; Council members are elected by ward to serve overlapping four-year terms. The following individuals comprise the current City Council: ## Expiration of Term ## Taylor Hubbard Mayor December 31, 2026 ## Jon Grau Council Member, First Ward December 31, 2026 ## Josh Benesh Council Member, Second Ward December 31, 2028 ## McKayla Hatfield Council Member, Third Ward December 31, 2026 ## Leah Sheveland Council Member, Fourth Ward December 31, 2028 The daily management and administration of the City is under the direction of the City Administrator, Mr. Matthew Podhradsky. Mr. Podhradsky has served in this capacity since August 4, 2008. Mr. Podhradsky also serves as the City Clerk. Mr. Noel Graczyk serves as Administrative Services Director and has been in this position since 1988. The Administrative Services Director also serves as City Treasurer and, with direction from the City Council, and shares responsibility for financial management with the City Administrator. The City has 181 regular full-time employees, 328 part-time employees, and 49 paid on-call volunteer firefighters. ## Municipal Services The Water Utility System has approximately 8,432 municipal and 30 private connections served by four elevated water storage facilities and a ground storage tank with a combined capacity of 4.5 million gallons, as of December 2025. In addition, there are six wells that have the capacity to pump 8,360 gallons per minute or approximately 13,400,000 gallons per day. In 2025, average demand was 3,563,942 gallons per day while peak demand reached 6,343,000 gallons per day. Total tap water hardness is 29 parts per million gallons of water. The water treatment plant has the capacity to treat 12.6 million gallons per day for iron and manganese removal to only trace levels. The 2024 operating revenues of the water utility system were $5,074,005 with an average annual charge per household and commercial connection at approximately $623. In 2010, the City began billing water usage based on a rate structure with inclining steps. Rates for 2026 range from $3.34 to $6.70 per thousand gallons. The Sewer Utility System has approximately 8,129 municipal and 27 private connections. Average demand in 2025 was 2,600,950 gallons per day while peak demand reached 5,000,000 gallons per day. All sewage treatment services are operated through Metropolitan Council Environmental Services. The 2024 operating revenues of the sewer utility system were $7,822,847 with an average annual charge per household and commercial connection at approximately $960. The 2026 sewage use charge is $7.45 per thousand gallons. The established rates and charges for both the water and sewer systems produce revenues sufficient to operate the systems and pay debt service on those general obligation bonds that are payable from these revenues. Page 82 of 164 ## A-18 The Electric Utility System has approximately 12,376 connections. The electric utility’s mission is to provide reliable electric service to its customers at competitive rates while making a profit that will be used to reduce community property taxes. The City owns and operates its own electric distribution system, purchasing electricity from the Minnesota Municipal Power Agency. The 2024 operating revenues of the electric utility system were $57,182,709.The Agency is a joint venture on the part of the City with eleven other cities that have entered into agreements to purchase wholesale electric power. See “The Electric Utility” herein. Storm Water Utility System. All property within the City is charged a rate for storm water utility services based on land use. The 2025 operating revenues of the storm water utility system were $2,243,432. The Resistance Equivalency Rate (RER) is $13.29 in 2026. Fire and Rescue Department. The City currently has a 49-member volunteer fire and rescue department, with a full-time Fire Chief. The City has a fully-equipped fire station with one pumper, seven various size tankers, a 100-foot aerial truck/pumper, eight fire trucks equipped with motorized pumps, an emergency/rescue vehicle, and other miscellaneous firefighting and rescue equipment. Police Department. The City operates its own police department with 26 licensed police officers, including a chief of police and one full-time community service officer. Dispatching and jail facilities are coordinated through the Carver County Sheriff’s Department. Park and Recreational Facilities. The City’s municipal park system encompasses approximately 992 acres of land consisting of 29 active recreation areas connected by a greenway system running from the Minnesota River to the Minnesota Landscape Arboretum. Virtually every home in Chaska is located no more than a quarter mile from the park system and most are connected by internal greenways within subdivisions. The 29 recreational areas offer a variety of facilities and activities to City residents including picnic areas with tables and electricity, cooking grills, drinking water, restrooms and shelter buildings, swimming, fishing, general playground equipment, baseball/softball fields, tennis courts, volleyball and basketball courts, hockey/skating rinks and horseshoe courts. The parks vary in size from two acres to 100 acres. Community Center. The City operates an approximately 200,000 square-foot community center consisting of two ice arenas, gymnasiums, indoor running track, exercise machines, aquatic pools, racquetball courts, community rooms, offices, stage and auditorium, fitness center and the Lodge for Active Older Adults. The Center had operating revenues of $3,291,001 in 2024. Curling Arena and Event Center. The City operates a curling center with six lanes for curling and a restaurant, and an event center that seats 350 people is adjacent the arena. The Curling Arena and Event Center had operating revenues of $1,133,427 in 2024. Municipal Golf Courses. The City operates two golf courses: The Loop at Chaska Golf Course, a nine-hole executive course; and the Chaska Town Course, an 18-hole course. The golf courses had operating revenues of $396,264 and $3,330,839, respectively. The Loop at Chaska Golf Course is just opened for business after undergoing a large reconstruction project in 2024. Page 83 of 164 ## A-19 ## Labor Contracts The status of labor contracts in the City is as follows: ## Bargaining Unit No. of ## Employees ## Expiration Date ## of Current Contract Teamsters No. 320 56 December 31, 2027 LELS (Patrol) 23 December 31, 2027 Police Supervisors 3 December 31, 2026 Total all labor contracts 82 Non-unionized employees 427 Total full-time employees 181 Total part-time employees 328 ## Volunteer Fire Department paid on-call employees 49 Total employees 514 ## Employee Pensions All full-time employees and certain part-time employees of the City are covered by defined benefit pension plans administered by the Public Employees Retirement Association of Minnesota (PERA). PERA administers the General Employees Retirement Fund (GERF), the Public Employees Police and Fire Fund (PEPFF) and the Public Employees Correctional Fund (PECF),which are cost-sharing multiple-employer retirement plans. In addition, the City participates in the Public Employees Defined Contribution Plan (PEDCP), a multiple-employer deferred compensation plan administered by PERA. A detailed description of these plans, along with the City’s required contributions to each plan, are represented in the City’s Annual Comprehensive Financial Reports. See Appendix F. ## Other Postemployment Benefits The City has obligations to its employees for post-employment benefits other than pensions, accounted for pursuant to the Government Accounting Standards Board (GASB) Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions (GASB 75). The City’s OPEB liabilities and associated contributions are represented in the Annual Comprehensive Financial Reports. See Appendix F. Sources: City’s Annual Comprehensive Financial Reports. ## Major General Fund Revenue Sources(1) Revenue 2021 2022 2023 2024 2025 Property Taxes $8,430,302 $9,238,259 $11,349,298 $14,031,254 $16,529,593 Charges for Services 5,329,623 6,021,951 6,396,998 6,931,711 7,404,254 Transfers In 4,395,954 4,622,856 4,870,595 5,178,505 5,279,679 Licenses and Permits 1,836,260 2,284,612 3,171,358 2,244,981 2,328,552 Intergovernmental 969,470 737,306 939,684 1,088,320 1,239,352 Other Revenue 344,451 429,036 377,233 366,279 312,525 Fines and Forfeitures 37,649 40,684 50,100 53,621 61,752 (1) Represents the top seven general fund revenues. Sources: City’s Annual Comprehensive Financial Reports. Most recent information available. Page 84 of 164 ## A-20 ## General Fund Budget Summary 2025 Budget 2025 Actual 2026 Budget ## Revenues: Taxes $16,577,690 $16,349,593 $19,665,272 Licenses and Permits 1,605,016 2,328,552 2,085,474 Intergovernmental 1,326,386 1,152,897 956,032 Charges for Services 7,204,340 7,404,254 7,672,751 Fines and Forfeits 43,000 61,752 43,860 Investment Earnings 25,000 160,341 25,000 Miscellaneous 200,499 312,525 310,661 Total Revenues $26,981,931 $27,769,914 $30,759,050 ## Expenditures: General Government $ 8,772,514 $ 8,088,822 $ 8,986,181 Public Safety 11,417,794 12,052,453 12,947,963 Public Works 3,592,089 3,484,288 4,566,010 Parks, Recreation and Arts 3,626,399 3,899,865 3,958,896 Unallocated 0 32 385,000 Debt Service 250,205 367,242 0 Total Expenditures $27,659,001 $27,892,702 $30,844,050 ## Excess (Deficiency) of Revenues Over (Under) Expenditures $ (677,070) $ (122,788) $ (85,000) ## Other Financing Sources (Uses): Transfers In $ 5,227,000 $ 5,279,679 $ 5,806,000 Transfers Out (4,547,446) (4,547,446) (5,421,000) Total Other Financing Sources (Uses) $ 679,554 $ 732,233 $ 385,000 Net Change in Fund Balance $ 2,484 $ 609,445 $ 300,000 Beginning Fund Balance - January 1 $ 5,202,137 $ 6,629,412 $ 7,238,857 Ending Fund Balance - December 31 $ 5,204,621 $ 7,238,857 $ 7,538,857 Sources: City’s Annual Comprehensive Financial Reports and 2026 Budget. Page 85 of 164 ## APPENDIX B ## B-1 ## BOOK ENTRY The Depository Trust Company (“DTC”), New York, New York, will act as securities depository for the Series 2026B Bonds. The Series 2026B Bonds will be issued as fully-registered securities registered in the name of Cede & Co. (DTC’s partnership nominee) or such other name as may be requested by an authorized representative of DTC. One fully-registered certificate will be issued for each maturity of the Series 2026B Bonds, each in the aggregate principal amount of such maturity, and will be deposited with DTC. DTC is a limited-purpose trust company organized under the New York Banking Law, a “banking organization” within the meaning of the New York Banking Law, a member of the Federal Reserve System, a “clearing corporation” within the meaning of the New York Uniform Commercial Code, and a “clearing agency” registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934. DTC holds and provides asset servicing for over 3.5 million issues of U.S. and non-U.S. equity issues, corporate and municipal debt issues, and money market instruments (from over 100 countries) that DTC’s participants (“Direct Participants”) deposit with DTC. DTC also facilitates the post-trade settlement among Direct Participants of sales and other securities transactions in deposited securities through electronic computerized book-entry transfers and pledges between Direct Participants’ accounts. This eliminates the need for physical movement of securities certificates. Direct Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly-owned subsidiary of The Depository Trust & Clearing Corporation (“DTCC”). DTCC is the holding company for DTC, National Securities Clearing Corporation, and Fixed Income Clearing Corporation all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and non- U.S. securities brokers and dealers, banks, trust companies and clearing corporations that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly (“Indirect Participants”). The DTC Rules applicable to its Participants are on file with the Securities and Exchange Commission. More information about DTC can be found at www.dtcc.com. Purchases of Series 2026B Bonds under the DTC system must be made by or through Direct Participants, which will receive a credit for the Series 2026B Bonds on DTC’s records. The ownership interest of each actual purchaser of each Bond (“Beneficial Owner”) is in turn to be recorded on the Direct and Indirect Participants’ records. Beneficial Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners are, however, expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the Series 2026B Bonds are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interests in the Series 2026B Bonds, except in the event that use of the book-entry system for the Series 2026B Bonds is discontinued. To facilitate subsequent transfers, all Series 2026B Bonds deposited by Direct Participants with DTC are registered in the name of DTC’s partnership nominee, Cede & Co., or such other name as may be requested by an authorized representative of DTC. The deposit of Series 2026B Bonds with DTC and their registration in the name of Cede & Co. or such other DTC nominee do not effect any change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the Series 2026B Bonds; DTC’s records reflect only the identity of the Direct Participants to whose accounts such Series 2026B Bonds are credited, which may or may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for keeping account of their holdings on behalf of their customers. Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time. Beneficial Owners of Series 2026B Bonds may wish to take certain steps to augment the transmission to them of notices of significant events with respect to the Series 2026B Bonds, such as redemptions, tenders, defaults, and proposed amendments to the Bond documents. For example, Beneficial Owners of the Series 2026B Bonds may wish to ascertain that the nominee holding the Series 2026B Bonds for their benefit has agreed to obtain and transmit notices to Beneficial Owners. In the Page 86 of 164 ## B-2 alternative, Beneficial Owners may wish to provide their names and addresses to the registrar and request that copies of notices be provided directly to them. Redemption notices shall be sent to DTC. If less than all of the Series 2026B Bonds within a maturity are being redeemed, DTC’s practice is to determine by lot the amount of the interest of each Direct Participant in such maturity to be redeemed. Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to the Series 2026B Bonds unless authorized by a Direct Participant in accordance with DTC’s MMI procedures. Under its usual procedures, DTC mails an Omnibus Proxy to the City as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.’s consenting or voting rights to those Direct Participants to whose accounts the Series 2026B Bonds are credited on the record date (identified in a listing attached to the Omnibus Proxy). Redemption proceeds, distributions, and dividend payments on the Series 2026B Bonds will be made to Cede & Co. or such other nominee as may be requested by an authorized representative of DTC. DTC’s practice is to credit Direct Participants’ accounts upon DTC’s receipt of funds and corresponding detail information from the City or its agent on the payable date in accordance with their respective holdings shown on DTC’s records. Payments by Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities held for the accounts of customers in bearer form or registered in “street name,” and will be the responsibility of such Participant and not of DTC or the City, subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of redemption proceeds, distributions, and dividend payments to Cede & Co. (or such other nominee as may be requested by an authorized representative of DTC) is the responsibility of the City or its agent, disbursement of such payments to Direct Participants will be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners will be the responsibility of Direct and Indirect Participants. DTC may discontinue providing its services as depository with respect to the Series 2026B Bonds at any time by giving reasonable notice to City or its agent. Under such circumstances, in the event that a successor depository is not obtained, certificates are required to be printed and delivered. The City may decide to discontinue use of the system of book-entry-only transfers through DTC (or a successor securities depository). In that event, certificates will be printed and delivered to DTC. The information in this section concerning DTC and DTC’s book-entry system has been obtained from sources that the City believes to be reliable, but the City takes no responsibility for the accuracy thereof. Page 87 of 164 ## APPENDIX C ## C-1 ## FORM OF BOND COUNSEL OPINION ## City of Chaska, Minnesota [Purchaser] [City, State] ## Re: $[PAR] General Obligation Water Utility Revenue Bonds, Series 2026B ## City of Chaska, Minnesota ## Ladies and Gentlemen: We have acted as Bond Counsel in connection with the issuance by the City of Chaska, Minnesota (the “City”), of the obligations described above, dated, as originally issued as of August [__], 2026 (the “Bonds”). In that capacity, we have reviewed copies of certain proceedings taken by the City Council in the authorization, sale and issuance of the Bonds, including the form of the Bonds and certain other proceedings and documents furnished by the City and others. As to questions of fact material to our opinion, we have assumed the authenticity of and relied upon the proceedings, affidavits and certificates furnished to us without undertaking to verify the same by independent investigation. From our examination of such proceedings, affidavits and certificates and on the basis of existing law, it is our opinion that: 1. The Bonds are valid and binding general obligations of the City, enforceable in accordance with their terms. 2. The principal of and interest on the Bonds are payable from net revenues of the City’s municipal water utility, which revenues are expected to produce amounts sufficient to pay the principal and interest on the Bonds when due; but, if necessary for the payment of such principal and interest, ad valorem taxes are required by law to be levied on all taxable property in the City without limitation as to rate or amount. 3. Interest on the Bonds (a) is excluded from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986 (the “Code”) and (b) is not an item of tax preference for purposes of the federal alternative minimum tax imposed on noncorporate taxpayers by Section 55 of the Code. 4. Interest on the Bonds (a) is excluded from taxable net income of individuals, estates, and trusts for Minnesota income tax purposes and (b) is not an item of tax preference for purposes of the Minnesota alternative minimum tax imposed on individuals, trusts, and estates. The opinions expressed in paragraphs 1 and 2 above are subject, as to enforceability, to the effect of any state or federal laws relating to bankruptcy, insolvency, reorganization, moratorium or creditors’ rights and the application of equitable principles, whether considered at law or in equity. The opinions expressed in paragraphs 3 and 4 above are subject to the compliance by the City with certain requirements of the Code that must be satisfied subsequent to the issuance of the Bonds. Noncompliance with these requirements could result in the inclusion of interest on the Bonds in gross income for federal income tax purposes and taxable net income of individuals, estates, and trusts for Minnesota income tax purposes, retroactive to the date of issuance of the Bonds. Page 88 of 164 ## C-2 Except as stated herein, we express no opinion regarding federal, state, or other tax consequences to the owner of the Bonds. We note, however, that interest on the Bonds may be taken into account in determining adjusted financial statement income for purposes of the federal alternative minimum tax imposed on applicable corporations (as defined in Section 59(k) of the Code) and is included in net income of corporations and financial institutions for purposes of the Minnesota franchise tax. In providing this opinion, we have relied upon representations of the City and its officers as to (i) the intended application of the proceeds of the Bonds, (ii) the nature, use, cost, and economic life of the facilities and equipment financed by the Bonds, and (iii) other matters relating to the exemption of the interest on the Bonds from federal income taxation. This opinion is given as of the date hereof, and we assume no obligation to revise or supplement this opinion to reflect any facts or circumstances that may hereafter come to our attention or any changes in law that may occur after the date hereof and which may be retroactive. Dated this [__] th day of August, 2026. Very truly yours, Page 89 of 164 ## APPENDIX D ## D-1 ## FORM OF CONTINUING DISCLOSURE COVENANTS Continuing Disclosure. a) Purpose and Beneficiaries. To provide for the public availability of certain information relating to the Bonds and the security therefor and to permit the Purchaser and other participating underwriters in the primary offering of the Bonds to comply with amendments to Rule 15c2-12 promulgated by the SEC under the Securities Exchange Act of 1934 (17 C.F.R. § 240.15c2-12), relating to continuing disclosure (as in effect and interpreted from time to time, the Rule), which will enhance the marketability of the Bonds, the City hereby makes the following covenants and agreements for the benefit of the Owners (as hereinafter defined) from time to time of the outstanding Bonds. The City is the only obligated person in respect of the Bonds within the meaning of the Rule for purposes of identifying the entities in respect of which continuing disclosure must be made. If the City fails to comply with any provisions of this section, any person aggrieved thereby, including the Owners of any outstanding Bonds, may take whatever action at law or in equity may appear necessary or appropriate to enforce performance and observance of any agreement or covenant contained in this section, including an action for a writ of mandamus or specific performance. Direct, indirect, consequential and punitive damages shall not be recoverable for any default hereunder to the extent permitted by law. Notwithstanding anything to the contrary contained herein, in no event shall a default under this section constitute a default under the Bonds or under any other provision of this resolution. As used in this section, Owner or Bondowner means, in respect of a Bond, the registered owner or owners thereof appearing in the bond register maintained by the Registrar or any Beneficial Owner (as hereinafter defined) thereof, if such Beneficial Owner provides to the Registrar evidence of such beneficial ownership in form and substance reasonably satisfactory to the Registrar. As used herein, Beneficial Owner means, in respect of a Bond, any person or entity which (a) has the power, directly or indirectly, to vote or consent with respect to, or to dispose of ownership of, such Bond (including persons or entities holding Bonds through nominees, depositories or other intermediaries), or (b) is treated as the owner of the Bond for federal income tax purposes. (b) Information To Be Disclosed. The City will provide, in the manner set forth in subsection (c) hereof, either directly or indirectly through an agent designated by the City, the following information at the following times: (1) on or before twelve (12) months after the end of each fiscal year of the City, commencing with the fiscal year ending December 31, 2025, the following financial information and operating data in respect of the City (the “Disclosure ## Information”): (A) the audited financial statements of the City for such fiscal year, prepared in accordance with the governmental accounting standards promulgated by the Governmental Accounting Standards Board or as otherwise provided under Minnesota law, as in effect from time to time, or, if and to the extent such financial statements have not been prepared in accordance with such generally accepted accounting principles for reasons beyond the reasonable control of the City, noting the discrepancies therefrom and the effect thereof, and certified as to accuracy and completeness in all material respects by the fiscal officer of the City; and Page 90 of 164 ## D-2 (B) to the extent not included in the financial statements referred to in paragraph (A) hereof, the information for such fiscal year or for the period most recently available of the type contained in the Official Statement in under the headings: “Appendix A – General Information of the City – City Property Values;” “– City Indebtedness;” and “– City Tax Rates, Levies and ## Collections.” Notwithstanding the foregoing paragraph, if the audited financial statements are not available by the date specified, the City shall provide on or before such date unaudited financial statements and, within 10 days after the receipt thereof, the City shall provide the audited financial statements. Any or all of the Disclosure Information may be incorporated by reference, if it is updated as required hereby, from other documents, including official statements, which have been submitted to the Municipal Securities Rulemaking Board (the “MSRB”) through its Electronic Municipal Market Access System (“EMMA”) or the SEC. The City shall clearly identify in the Disclosure Information each document so incorporated by reference. If any part of the Disclosure Information can no longer be generated because the operations of the City have materially changed or been discontinued, such Disclosure Information need no longer be provided if the City includes in the Disclosure Information a statement to such effect; provided, however, if such operations have been replaced by other City operations in respect of which data is not included in the Disclosure Information and the City determines that certain specified data regarding such replacement operations would be a Material Fact (as defined in paragraph (2) hereof), then, from and after such determination, the Disclosure Information shall include such additional specified data regarding the replacement operations. If the Disclosure Information is changed or this section is amended as permitted by this paragraph (b)(1) or subsection (d), then the City shall include in the next Disclosure Information to be delivered hereunder, to the extent necessary, an explanation of the reasons for the amendment and the effect of any change in the type of financial information or operating data provided. (2) In a timely manner, not in excess of 10 business days after the occurrence of the event, to the MSRB through EMMA, notice of the occurrence of any of the following events (each a “Material Fact,” as hereinafter defined): (A) principal and interest payment delinquencies; (B) non-payment related defaults, if material; (C) unscheduled draws on debt service reserves reflecting financial difficulties; (D) unscheduled draws on credit enhancements reflecting financial difficulties; (E) substitution of credit or liquidity providers, or their failure to perform; (F) adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB), or other material notices or determinations with respect to the tax status of the Bonds or other material events affecting the tax status of the Bonds; (G) modifications to rights of Bond holders, if material; (H) Bond calls, if material and tender offers; (I) defeasances; (J) release, substitution, or sale of property securing repayment of the Bonds if material; (K) rating changes; Page 91 of 164 ## D-3 (L) bankruptcy, insolvency, receivership, or similar event of the obligated person; (M) the consummation of a merger, consolidation, or acquisition involving an obligated person or the sale of all or substantially all of the assets of the obligated person, other than in the ordinary course of business, the entry into a definitive agreement to undertake such an action or the termination of a definitive agreement relating to any such actions, other than pursuant to its terms, if material; (N) appointment of a successor or additional trustee or the change of name of a trustee, if material; (O) Incurrence of a financial obligation of the obligated person, if material, or agreement to covenants, events of default, remedies, priority rights, or other similar terms of a financial obligation of the obligated person, any of which affect security holders, if material; and (P) Default, event of acceleration, termination event, modification of terms, or other similar events under the terms of a financial obligation of the obligated person, any of which reflect financial difficulties. For purposes of the events identified in paragraphs (O) and (P) above, the term “financial obligation” means (i) a debt obligation; (ii) a derivative instrument entered into in connection with, or pledged as security or a source of payment for, an existing or planned debt obligation; or (iii) a guarantee of (i) or (ii). The term “financial obligation” shall not include municipal securities as to which a final official statement has been provided to the MSRB consistent with the Rule. As used herein, for those events that must be reported if material, an event is material if a substantial likelihood exists that a reasonably prudent investor would attach importance thereto in deciding to buy, hold or sell a Bond or, if not disclosed, would significantly alter the total information otherwise available to an investor from the Official Statement, information disclosed hereunder or information generally available to the public. Notwithstanding the foregoing sentence, an event is also material if it would be deemed material for purposes of the purchase, holding or sale of a Bond within the meaning of applicable federal securities laws, as interpreted at the time of discovery of the occurrence of the event. For the purposes of the event identified in (L) hereinabove, the event is considered to occur when any of the following occur: the appointment of a receiver, fiscal agent or similar officer for an obligated person in a proceeding under the U.S. Bankruptcy Code or in any other proceeding under state or federal law in which a court or governmental authority has assumed jurisdiction over substantially all of the assets or business of the obligated person, or if such jurisdiction has been assumed by leaving the existing governing body and officials or officers in possession but subject to the supervision and orders of a court or governmental authority, or the entry of an order confirming a plan of reorganization, arrangement or liquidation by a court or governmental authority having supervision or jurisdiction over substantially all of the assets or business of the obligated person. (3) In a timely manner, to the MSRB through EMMA, notice of the occurrence of any of the following events or conditions: (A) the failure of the City to provide the Disclosure Information required under paragraph (b)(1) at the time specified thereunder; Page 92 of 164 ## D-4 (B) the amendment or supplementing of this section pursuant to subsection (d), together with a copy of such amendment or supplement and any explanation provided by the City under subsection (d)(2); (C) the termination of the obligations of the City under this section pursuant to subsection (d); (D) any change in the accounting principles pursuant to which the financial statements constituting a portion of the Disclosure Information are prepared; and (E) any change in the fiscal year of the City. (c) Manner of Disclosure. (1) The City agrees to make available to the MSRB through EMMA, in an electronic format as prescribed by the MSRB, the information described in subsection (b). (2) All documents provided to the MSRB pursuant to this subsection (c) shall be accompanied by identifying information as prescribed by the MSRB from time to time. (d) Term; Amendments; Interpretation. (1) The covenants of the City in this section shall remain in effect so long as any Bonds are outstanding. Notwithstanding the preceding sentence, however, the obligations of the City under this section shall terminate and be without further effect as of any date on which the City delivers to the Registrar an opinion of Bond Counsel to the effect that, because of legislative action or final judicial or administrative actions or proceedings, the failure of the City to comply with the requirements of this section will not cause participating underwriters in the primary offering of the Bonds to be in violation of the Rule or other applicable requirements of the Securities Exchange Act of 1934, as amended, or any statutes or laws successory thereto or amendatory thereof. (2) This section (and the form and requirements of the Disclosure Information) may be amended or supplemented by the City from time to time, without notice to (except as provided in paragraph (c)(2) hereof) or the consent of the Owners of any Bonds, by a resolution of this Board filed in the office of the recording officer of the City accompanied by an opinion of Bond Counsel, who may rely on certificates of the City and others and the opinion may be subject to customary qualifications, to the effect that: (i) such amendment or supplement (a) is made in connection with a change in circumstances that arises from a change in law or regulation or a change in the identity, nature or status of the City or the type of operations conducted by the City, or (b) is required by, or better complies with, the provisions of paragraph (b)(5) of the Rule; (ii) this section as so amended or supplemented would have complied with the requirements of paragraph (b)(5) of the Rule at the time of the primary offering of the Bonds, giving effect to any change in circumstances applicable under clause (i)(a) and assuming that the Rule as in effect and interpreted at the time of the amendment or supplement was in effect at the time of the primary offering; and (iii) such amendment or supplement does not materially impair the interests of the Bondowners under the Rule. Page 93 of 164 ## D-5 If the Disclosure Information is so amended, the City agrees to provide, contemporaneously with the effectiveness of such amendment, an explanation of the reasons for the amendment and the effect, if any, of the change in the type of financial information or operating data being provided hereunder. (3) This section is entered into to comply with the continuing disclosure provisions of the Rule and should be construed so as to satisfy the requirements of paragraph (b)(5) of the Rule. Page 94 of 164 ## APPENDIX E ## E-1 ## SUMMARY OF TAX LEVIES, PAYMENT PROVISIONS, AND ## MINNESOTA REAL PROPERTY VALUATION Following is a summary of certain statutory provisions relative to tax levy procedures, tax payment and credit procedures, and the mechanics of real property valuation. The summary does not purport to be inclusive of all such provisions or of the specific provisions discussed, and is qualified by reference to the complete text of applicable statutes, rules and regulations of the State of Minnesota. ## PROPERTY VALUATIONS (CHAPTER 273, MINNESOTA STATUTES) Assessor's Estimated Market Value. Each parcel of real property subject to taxation must, by statute, be appraised at least once every five years as of January 2 of the year of appraisal. With certain exceptions, all property is valued at its market value, which is the value the assessor determines to be the price the property to be fairly worth, and which is referred to as the “Estimated Market Value.” The 2013 Minnesota Legislature established the Estimated Market Value as the value used to calculate a municipality’s legal debt limit. Economic Market Value. The Economic Market Value is the value of locally assessed real property (Assessor’s Estimated Market Value) divided by the sales ratio as provided by the State of Minnesota Department of Revenue plus the estimated market value of personal property, utilities, railroad, and minerals. Taxable Market Value. The Taxable Market Value is the value that Net Tax Capacity is based on, after all reductions, limitations, exemptions and deferrals. Net Tax Capacity. The Net Tax Capacity is the value upon which net taxes are levied, extended and collected. The Net Tax Capacity is computed by applying the class rate percentages specific to each type of property classification against the Taxable Market Value. Class rate percentages vary depending on the type of property as shown on the last page of this Appendix. The formulas and class rates for converting Taxable Market Value to Net Tax Capacity represent a basic element of the State's property tax relief system and are subject to annual revisions by the State Legislature. Property taxes are the sum of the amounts determined by (i) multiplying the Net Tax Capacity by the tax capacity rate, and (ii) multiplying the referendum market value by the market value rate. Market Value Homestead Exclusion. In 2011, the Market Value Homestead Exclusion Program (MVHE) was implemented to offset the elimination of the Market Value Homestead Credit Program that provided relief to certain homesteads. The MVHE reduces the taxable market value of a homestead with an Assessor’s Estimated Market Value up to $517,200 in an attempt to result in a property tax similar to the effective property tax prior to the elimination of the homestead credit. The MVHE applies to property classified as Class 1a or 1b and Class 2a, and causes a decrease in the City’s aggregate Taxable Market Value, even if the Assessor’s Estimated Market Value on the same properties did not decline. ## PROPERTY TAX PAYMENTS AND DELINQUENCIES ## (CHAPTERS 275, 276, 277, 279-282 AND 549, MINNESOTA STATUTES) Ad valorem property taxes levied by local governments in Minnesota are extended and collected by the various counties within the State. Each taxing jurisdiction is required to certify the annual tax levy to the county auditor within five (5) working days after December 20 of the year preceding the collection year. A listing of property taxes due is prepared by the county auditor and turned over to the county treasurer on or before the first business day in March. The county treasurer is responsible for collecting all property taxes within the county. Real estate and personal property tax statements are mailed out by March 31. One-half (1/2) of the taxes on real property is due on or before May 15. The remainder of Real property taxes is due on or before October 15 and Agricultural property is due on or before November 15. Real property taxes not paid by their due date are assessed a penalty on homestead property of 2% until May 31 and increased to 4% on June 1. The penalty on nonhomestead property is assessed at a rate of 4% until May 31 and increased to 8% on June 1. Thereafter, an additional 1% penalty shall accrue each month through October 1 of the collection year for Page 95 of 164 ## E-2 unpaid real property taxes. In the case of the second installment of real property taxes due October 15, a penalty of 2% on homestead property and 4% on nonhomestead property is assessed. The penalty for homestead property increases to 4% on November 1 and again to 5% on December 1. The penalty for nonhomestead property increases to 8% on November 1 and again to 9% on December 1. Personal property taxes remaining unpaid on May 16 are deemed to be delinquent and a penalty of 8% attaches to the unpaid tax. However, personal property that is owned by a tax-exempt entity, but is treated as taxable by virtue of a lease agreement, is subject to the same delinquent property tax penalties as real property. (279.01) On the first business day of January of the year following collection all delinquencies are subject to an additional 2% penalty, and those delinquencies outstanding as of February 15 are filed for a tax lien judgment with the district court. By March 20 the county auditor files a publication of legal action and a mailing of notice of action to delinquent parties. Those property interests not responding to this notice have judgment entered for the amount of the delinquency and associated penalties. The amount of the judgment is subject to a variable interest determined annually by the Department of Revenue, and equal to the adjusted prime rate charged by banks but in no event is the rate less than 10% or more than 14%. Property owners subject to a tax lien judgment generally have three years (3) to redeem the property. After expiration of the redemption period, unredeemed properties are declared tax forfeit with title held in trust by the State of Minnesota for the respective taxing districts. The county auditor, or equivalent thereof, then sells those properties not claimed for a public purpose at auction. The net proceeds of the sale are first dedicated to the satisfaction of outstanding special assessments on the parcel, with any remaining balance in most cases being divided on the following basis: county - 40%; town or city - 20%; and school district - 40%. ## PROPERTY TAX CREDITS (CHAPTER 273, MINNESOTA STATUTES) In addition to adjusting the taxable value for various property types, primary elements of Minnesota's property tax relief system are: property tax levy reduction aids; the homestead credit refund and the renter’s property tax refund, which relate property taxes to income and provide relief on a sliding income scale; and targeted tax relief, which is aimed primarily at easing the effect of significant tax increases. The homestead credit refund, the renter’s property tax refund, and targeted credits are reimbursed to the taxpayer upon application by the taxpayer. Property tax levy reduction aid includes educational aids, local governmental aid, equalization aid, county program aid and disparity reduction aid. ## DEBT LIMITATIONS All Minnesota municipalities (counties, cities, towns, and school districts) are subject to statutory “net debt” limitations under the provisions of Minnesota Statutes, Section 475.53. Net debt is defined as the amount remaining after deducting from gross debt the amount of current revenues that are applicable within the current fiscal year to the payment of any debt and the aggregate of the principal of the following: 1. Bonds issued for improvements which are payable wholly or partly from the proceeds of special assessments levied upon property specially benefited thereby, including those which are general obligations of the municipality issuing them, if the municipality is entitled to reimbursement in whole or in part from the proceeds of the special assessments. 2. Warrants or orders having no definite or fixed maturity. 3. Bonds payable wholly from the income from revenue producing conveniences. 4. Bonds issued to create or maintain a permanent improvement revolving fund. 5. Bonds issued for the acquisition, and betterment of public waterworks systems, and public lighting, heating or power systems, and of any combination thereof or for any other public convenience from which a revenue is or may be derived. Page 96 of 164 ## E-3 6. Debt service loans and capital loans made to a school district under the provisions of Minnesota Statutes, Sections 126C.68 and 126C.69. 7. Amount of all money and the face value of all securities held as a debt service fund for the extinguishment of obligations other than those deductible under this subdivision. 8. Bonds to repay loans made under Minnesota Statutes, Section 216C.37. 9. Bonds to repay loans made from money received from litigation or settlement of alleged violations of federal petroleum pricing regulations. 10. Bonds issued to pay pension fund or other postemployment benefit liabilities under Minnesota Statutes, Section 475.52, subdivision 6, or any charter authority. 11. Bonds issued to pay judgments against the municipality under Minnesota Statutes, Section 475.52, subdivision 6, or any charter authority. 12. All other obligations which under the provisions of law authorizing their issuance are not to be included in computing the net debt of the municipality. ## LEVIES FOR GENERAL BOND DEBT ## (SECTIONS 475.61 AND 475.74, MINNESOTA STATUTES) Any municipality that issues general obligation debt must, at the time of issuance, certify levies to the county auditor of the county(ies) within which the municipality is situated. Such levies shall be in an amount that if collected in full will, together with estimates of other revenues pledged for payment of the obligations, produce at least five percent in excess of the amount needed to pay principal and interest when due. Notwithstanding any other limitations upon the ability of a taxing unit to levy taxes, its ability to levy taxes for a deficiency in prior levies for payment of general obligation indebtedness is without limitation as to rate or amount. ## METROPOLITAN REVENUE DISTRIBUTION (CHAPTER 473F, MINNESOTA STATUTES) ## “FISCAL DISPARITIES LAW” The Charles R. Weaver Metropolitan Revenue Distribution Act, more commonly known as “Fiscal Disparities,” was first implemented for taxes payable in 1975. Forty percent of the increase in commercial- industrial (including public utility and railroad) net tax capacity valuation since 1971 in each assessment district in the Minneapolis/Saint Paul seven-county metropolitan area (Anoka, Carver, Dakota, excluding the City of Northfield, Hennepin, Ramsey, Scott, excluding the City of New Prague, and Washington Counties) is contributed to an area-wide tax base. A distribution index, based on the factors of population and real property market value per capita, is employed in determining what proportion of the net tax capacity value in the area-wide tax base shall be distributed back to each assessment district. Page 97 of 164 ## E-4 ## STATUTORY FORMULAE: CONVERSION OF TAXABLE MARKET VALUE (TMV) TO ## NET TAX CAPACITY FOR MAJOR PROPERTY CLASSIFICATIONS ## Local Tax ## Payable ## Local Tax ## Payable ## Local Tax ## Payable Property Type 2022-2023 2024 2025-2026 ## Residential Homestead (1a) Up to $500,000 1.00% 1.00% 1.00% Over $500,000 1.25% 1.25% 1.25% ## Residential Non-homestead ## Single Unit (4bb) Up to $500,000 1.00% 1.00% 1.00% Over $500,000 1.25% 1.25% 1.25% 2-3 unit and undeveloped land (4b1) 1.25% 1.25% 1.25% ## Market Rate Apartments Regular (4a) 1.25% 1.25% 1.25% Low-Income (4d) Up to $162,000 0.75% 0.75% Over $162,000 0.25% 0.25% Low-Income (4d1) 0.25% Low-Income (4d2) 0.75% ## Commercial/Industrial/Public Utility (3a) Up to $150,000 1.50% (1) 1.50% (1) 1.50% (1) Over $150,000 2.00% (1) 2.00% (1) 2.00% (1) Electric Generation Machinery 2.00% 2.00% 2.00% ## Commercial Seasonal Residential ## Homestead Resorts (1c) Up to $600,000 0.50% 0.50% 0.50% $600,001 - $2,300,000 1.00% 1.00% 1.00% Over $2,300,000 1.25% (1) 1.25% (1) 1.25% (1) ## Seasonal Resorts (4c1) Up to $500,000 1.00% (1) 1.00% (1) 1.00% (1) Over $500,000 1.25% (1) 1.25% (1) 1.25% (1) Non-Commercial (4c12) Up to $500,000 1.00% (1)(2) 1.00% (1)(2) 1.00% (1)(2) Over $500,000 1.25% (1)(2) 1.25% (1)(2) 1.25% (1)(2) ## Disabled Homestead (1b) Up to $50,000 0.45% 0.45% 0.45% $50,001 - $500,000 1.00% 1.00% Over $500,000 1.25% 1.25% ## Agricultural Land & Buildings Homestead (2a) Up to $500,000 1.00% 1.00% 1.00% Over $500,000 1.25% 1.25% 1.25% ## Remainder of Farm Up to $3,800,000 (3) 0.50% (2) 0.50% (2) 0.50% (2) Over $3,800,000 (3) 1.00% (2) 0.50% (2) 0.50% (2) Non-homestead (2b) 1.00% (2) 1.00% (2) 1.00% (2) (1) State tax is applicable to these classifications. (2) Exempt from referendum market value-based taxes. (3) Legislative increases, payable 2026. Historical valuations are: Payable 2025 - $3,500,000; Payable 2024 - $3,500,000; Payable 2023 - $1,890,000; and Payable 2022 - $1,890,000. NOTE: For purposes of the State general property tax only, the net tax capacity of non-commercial class 4c(12) seasonal residential recreational property has the following class rate structure: First $76,000 – 0.40%; $76,001 to $500,000 – 1.00%; and over $500,000 – 1.25%. In addition to the State tax base exemptions referenced by property classification, airport property exempt from city and school district property taxes under M.S. 473.625 is exempt from the State general property tax (MSP International Airport and Holman Field in Saint Paul are exempt under this provision). Page 98 of 164 ## APPENDIX F ## F-1 ## 2025 ANNUAL COMPREHENSIVE FINANCIAL REPORT The City’s Annual Comprehensive Financial Report (“ACFR”) for fiscal year ended December 31, 2025, may be accessed on the MSRB’s EMMA website, located here. Page 99 of 164 *Preliminary; subject to change. Baker Tilly Municipal Advisors, LLC is a registered municipal advisor and controlled subsidiary of Baker Tilly Advisory Group, LP. Baker Tilly Advisory Group, LP and Baker Tilly US, LLP, trading as Baker Tilly, operate under an alternative practice structure and are members of the global network of Baker Tilly International Ltd., the members of which are separate and independent legal entities. Baker Tilly US, LLP is a licensed CPA firm and provides assurance services to its clients. Baker Tilly Advisory Group, LP and its subsidiary entities provide tax and consulting services to their clients and are not licensed CPA firms. ©2026 Baker Tilly Municipal Advisors, LLC ## G-1 ## TERMS OF PROPOSAL ## THE CITY HAS AUTHORIZED BAKER TILLY MUNICIPAL ADVISORS, LLC TO NEGOTIATE THIS ## ISSUE ON ITS BEHALF. PROPOSALS WILL BE RECEIVED ON THE FOLLOWING BASIS: $27,465,000* ## CITY OF CHASKA, MINNESOTA ## GENERAL OBLIGATION WATER UTILITY REVENUE BONDS, SERIES 2026B ## (BOOK ENTRY ONLY) Proposals for the above-referenced obligations (the “Series 2026B Bonds”) will be received by the City of Chaska, Minnesota (the “City”) on Wednesday, July 22, 2026 (the “Sale Date”) until 10:00 A.M., Central Time (the “Sale Time”) at the offices of Baker Tilly Municipal Advisors, LLC (“BTMA”), 225 South 6 th ## Street, Suite 1100, Minneapolis, MN 55402, after which time proposals will be opened and tabulated. Consideration for award of the Series 2026B Bonds will be by a designated pricing committee (the “Pricing Committee”) following the opening of proposals. ## SUBMISSION OF PROPOSALS BTMA will assume no liability for the inability of a bidder or its proposal to reach BTMA prior to the Sale Time, and neither the City nor BTMA shall be responsible for any failure, misdirection or error in the means of transmission selected by any bidder. All bidders are advised that each proposal shall be deemed to constitute a contract between the bidder and the City to purchase the Series 2026B Bonds regardless of the manner in which the proposal is submitted. (a) Sealed Bidding. Completed, signed proposals may be submitted to BTMA by email to bids@bakertilly.com and must be received prior to the Sale Time. ## OR (b) Electronic Bidding. Proposals may also be received via PARITY ® . For purposes of the electronic bidding process, the time as maintained by PARITY ® shall constitute the official time with respect to all proposals submitted to PARITY ® . Each bidder shall be solely responsible for making necessary arrangements to access PARITY ® for purposes of submitting its electronic proposal in a timely manner and in compliance with the requirements of the Terms of Proposal. Neither the City, its agents, nor PARITY ® shall have any duty or obligation to undertake registration to bid for any prospective bidder or to provide or ensure electronic access to any qualified prospective bidder, and neither the City, its agents, nor PARITY ® shall be responsible for a bidder’s failure to register to bid or for any failure in the proper operation of, or have any liability for any delays or interruptions of or any damages caused by the services of PARITY ® . The City is using the services of PARITY ® solely as a communication mechanism to conduct the electronic bidding for the Series 2026B Bonds, and PARITY ® is not an agent of the City. If any provisions of this Terms of Proposal conflict with information provided by PARITY ® , this Terms of Proposal shall control. Further information about PARITY ® , including any fee charged, may be obtained from: ## PARITY ® , 1359 Broadway, 2 nd ## Floor, New York, New York 10018 Customer Support: (212) 849-5000 Page 100 of 164 ## G-2 ## DETAILS OF THE SERIES 2026B BOND The Series 2026B Bonds will be dated as of the date of delivery and will bear interest payable on February 1 and August 1 of each year, commencing February 1, 2027. Interest will be computed on the basis of a 360- day year of twelve 30-day months. The Series 2026B Bonds will mature February 1 in the years and amounts* as follows: 2028 $600,000 2029 $630,000 2030 $660,000 2031 $690,000 2032 $725,000 2033 $765,000 2034 $800,000 2035 $840,000 2036 $885,000 2037 $930,000 2038 $ 975,000 2039 $1,025,000 2040 $1,065,000 2041 $1,105,000 2042 $1,150,000 2043 $1,200,000 2044 $1,250,000 2045 $1,300,000 2046 $1,360,000 2047 $1,415,000 2048 $1,480,000 2049 $1,545,000 2050 $1,615,000 2051 $1,690,000 2052 $1,765,000 * The City reserves the right, after proposals are opened and prior to award, to increase or reduce the principal amount of the Series 2026B Bonds or the amount of any maturity or maturities in multiples of $5,000. In the event the amount of any maturity is modified, the aggregate purchase price will be adjusted to result in the same gross spread per $1,000 of Series 2026B Bonds as that of the original proposal. Gross spread for this purpose is the differential between the price paid to the City for the new issue and the prices at which the proposal indicates the securities will be initially offered to the investing public. ## BOOK ENTRY SYSTEM The Series 2026B Bonds will be issued by means of a book entry system with no physical distribution of Series 2026B Bond made to the public. The Series 2026B Bonds will be issued in fully registered form and one Bond, representing the aggregate principal amount of the Series 2026B Bonds maturing in each year, will be registered in the name of Cede & Co. as nominee of The Depository Trust Company (“DTC”), New York, New York, which will act as securities depository for the Series 2026B Bonds. Individual purchases of the Series 2026B Bonds may be made in the principal amount of $5,000 or any multiple thereof of a single maturity through book entries made on the books and records of DTC and its participants. Principal and interest are payable by the registrar to DTC or its nominee as registered owner of the Series 2026B Bonds. Transfer of principal and interest payments to participants of DTC will be the responsibility of DTC; transfer of principal and interest payments to beneficial owners by participants will be the responsibility of such participants and other nominees of beneficial owners. The lowest bidder (the “Purchaser”), as a condition of delivery of the Series 2026B Bonds, will be required to deposit the Series 2026B Bonds with ## DTC. ## REGISTRAR/PAYING AGENTTRUSTEE U.S. Bank Trust Company, National Association, St. Paul, Minnesota will serve as Registrar/Paying Agent (the “Registrar”) for the Series 2026B Bonds, and shall be subject to applicable regulations of the Securities and Exchange Commission. The City will pay for the services of the Registrar. ## OPTIONAL REDEMPTION The City may elect on February 1, 2036, and on any day thereafter, to redeem Series 2026B Bonds due on or after February 1, 2037. Redemption may be in whole or in part and if in part at the option of the City and in such manner as the City shall determine. If less than all Series 2026B Bonds of a maturity are called for redemption, the City will notify DTC of the particular amount of such maturity to be redeemed. DTC will determine by lot the amount of each participant's interest in such maturity to be redeemed and each participant will then select by lot the beneficial ownership interests in such maturity to be redeemed. All redemptions shall be at a price of par plus accrued interest. ## SECURITY AND PURPOSE The Series 2026B Bonds will be general obligations of the City for which the City will pledge its full faith and credit and power to levy direct general ad valorem taxes. In addition, the City will pledge net revenues of the City’s Water Utility for repayment of the Series 2026B Bonds. The proceeds of the Series 2026B Bonds Page 101 of 164 ## G-3 will be used to finance (i) various water utility improvements; (ii) construction of the North Water Treatment Plant; and (iii) costs of issuance of the Series 2026B Bonds. ## NOT BANK QUALIFIED TAX-EXEMPT OBLIGATIONS The City will not designate the Series 2026B Bonds as qualified tax-exempt obligations for purposes of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended. ## BIDDING PARAMETERS Proposals shall be for not less than $27,465,000 (Par) plus accrued interest, if any, on the total principal amount of the Series 2026B Bonds. Rates shall be in integral multiples of 1/100 or 1/8 of 1%. The initial price to the public for each maturity as stated on the proposal must be 98.0% or greater. Proposals for the Series 2026B Bonds may contain a maturity schedule providing for a combination of serial bonds and term bonds. All term bonds shall be subject to mandatory sinking fund redemption at a price of par plus accrued interest to the date of redemption scheduled to conform to the maturity schedule set forth herein. In order to designate term bonds, the proposal must specify “Years of Term Maturities” in the spaces provided on the proposal form. No proposal can be withdrawn or amended after the time set for receiving proposals unless award of the Series 2026B Bonds is not made by the Pricing Committee following the opening of proposals, as designated by the parameters resolution adopted by the City. Series 2026B Bonds of the same maturity shall bear a single rate from the date of the Series 2026B Bonds to the date of maturity. No conditional proposals will be accepted. ## ESTABLISHMENT OF ISSUE PRICE In order to establish the issue price of the Series 2026B Bonds for federal income tax purposes, the City requires bidders to agree to the following, and by submitting a proposal, each bidder agrees to the following. If a proposal is submitted by a potential underwriter, the bidder confirms that (i) the underwriters have offered or reasonably expect to offer the Series 2026B Bonds to the public on or before the date of the award at the offering price (the “initial offering price”) for each maturity as set forth in the proposal and (ii) the bidder, if it is the winning bidder, shall require any agreement among underwriters, selling group agreement, third-party distribution agreement or other agreement relating to the initial sale of the Series 2026B Bonds to the public to which it is a party to include provisions requiring compliance by all parties to such agreements with the provisions contained herein. For purposes hereof, Series 2026B s with a separate CUSIP number constitute a separate “maturity,” and “the public” does not include underwriters of the Series 2026B Bonds (including members of a selling group or retail distribution group) or persons related to underwriters of the Series 2026B Bonds. If, however, a proposal is submitted for the bidder’s own account in a capacity other than as an underwriter of the Series 2026B Bonds, and the bidder has no current intention to sell, reoffer, or otherwise dispose of the Series 2026B Bonds, the bidder shall notify the District to that effect at the time it submits its proposal and shall provide a certificate to that effect in place of the certificate otherwise required below. If the winning bidder intends to act as an underwriter, the City shall advise the winning bidder at or prior to the time of award whether (i) the competitive sale rule or (ii) the “hold-the-offering price” rule applies. If the City advises the Purchaser that the requirements for a competitive sale have been satisfied and that the competitive sale rule applies, the Purchaser will be required to deliver to the City at or prior to closing a certification, substantially in the form attached hereto as Exhibit A, as to the reasonably expected initial offering price as of the award date. If the City advises the Purchaser that the requirements for a competitive sale have not been satisfied, the hold-the-offering price rule will apply. The Purchaser shall (1) upon the request of the City confirm that the underwriters did not offer or sell any maturity of the Series 2026B Bonds to any person at a price higher Page 102 of 164 ## G-4 than the initial offering price of that maturity during the period starting on the award date and ending on the earlier of (a) the close of the fifth business day after the sale date or (b) the date on which the underwriters have sold at least 10% of that maturity to the public at or below the initial offering price; and (2) at or prior to closing, deliver to the City a certification substantially in the form attached hereto as Exhibit B, together with a copy of the pricing wire. Any action to be taken or documentation to be received by the City pursuant hereto may be taken or received on behalf of the City by BTMA. Bidders should prepare their proposals on the assumption that the Series 2026B Bonds will be subject to the “hold-the-offering-price” rule. Any proposal submitted pursuant to the Terms of Proposal shall be considered a firm offer for the purchase of the Series 2026B Bonds, and proposals submitted will not be subject to cancellation or withdrawal. ## GOOD FAITH DEPOSIT To have its proposal considered for award, the Purchaser is required to submit a good faith deposit via wire transfer to the City in the amount of $274,650 (the “Deposit”) no later than 1:00 P.M., Central Time on the Sale Date. The Purchaser shall be solely responsible for the timely delivery of its Deposit, and neither the City nor BTMA have any liability for delays in the receipt of the Deposit. If the Deposit is not received by the specified time, the City may, at its sole discretion, reject the proposal of the lowest bidder, direct the second lowest bidder to submit a Deposit, and thereafter award the sale to such bidder. A Deposit will be considered timely delivered to the City upon submission of a federal wire reference number by the specified time. Wire transfer instructions will be available from BTMA following the receipt and tabulation of proposals. The successful bidder must send an e-mail including the following information: (i) the federal reference number and time released; (ii) the amount of the wire transfer; and (iii) the issue to which it applies. Once an award has been made, the Deposit received from the Purchaser will be retained by the City and no interest will accrue to the Purchaser. The amount of the Deposit will be deducted at settlement from the purchase price. In the event the Purchaser fails to comply with the accepted proposal, said amount will be retained by the City. ## AWARD The Series 2026B Bonds will be awarded on the basis of the lowest interest rate to be determined on a true interest cost (TIC) basis calculated on the proposal prior to any adjustment made by the City. The City's computation of the interest rate of each proposal, in accordance with customary practice, will be controlling. The City will reserve the right to: (i) waive non-substantive informalities of any proposal or of matters relating to the receipt of proposals and award of the Series 2026B Bonds, (ii) reject all proposals without cause, and (iii) reject any proposal that the City determines to have failed to comply with the terms herein. ## BOND INSURANCE AT PURCHASER'S OPTION The City has not applied for or pre-approved a commitment for any policy of municipal bond insurance with respect to the Series 2026B Bonds. If the Series 2026B Bonds qualify for municipal bond insurance and a bidder desires to purchase a policy, such indication, the maturities to be insured, and the name of the desired insurer must be set forth on the bidder’s proposal. The City specifically reserves the right to reject any proposal specifying municipal bond insurance, even though such proposal may result in the lowest TIC to the City. All costs associated with the issuance and administration of such policy and associated ratings and expenses (other than any independent rating requested by the City) shall be paid by the successful bidder. Failure of the municipal bond insurer to issue the policy after the award of the Series 2026B Bonds shall not constitute cause for failure or refusal by the successful bidder to accept delivery of the Series 2026B Bonds. Page 103 of 164 ## G-5 ## CUSIP NUMBERS If the Series 2026B Bonds qualify for the assignment of CUSIP numbers such numbers will be printed on the Series 2026B Bonds; however, neither the failure to print such numbers on any Bond nor any error with respect thereto will constitute cause for failure or refusal by the Purchaser to accept delivery of the Series 2026B Bonds. BTMA will apply for CUSIP numbers pursuant to Rule G-34 implemented by the Municipal Securities Rulemaking Board. The CUSIP Service Bureau charge for the assignment of CUSIP identification numbers shall be paid by the Purchaser. ## SETTLEMENT On or about August 20, 2026, the Series 2026B Bonds will be delivered without cost to the Purchaser through DTC in New York, New York. Delivery will be subject to receipt by the Purchaser of an approving legal opinion of Dorsey & Whitney LLP of Minneapolis, Minnesota, and of customary closing papers, including a no-litigation certificate. On the date of settlement, payment for the Series 2026B Bonds shall be made in federal, or equivalent, funds that shall be received at the offices of the City or its designee not later than 12:00 Noon, Central Time. Unless compliance with the terms of payment for the Series 2026B Bonds has been made impossible by action of the City, or its agents, the Purchaser shall be liable to the City for any loss suffered by the City by reason of the Purchaser's non-compliance with said terms for payment. ## CONTINUING DISCLOSURE In accordance with SEC Rule 15c2-12(b)(5), the City will undertake, pursuant to the resolution awarding sale of the Series 2026B Bonds, to provide annual reports and notices of certain events. A description of this undertaking is set forth in the Official Statement. The Purchaser's obligation to purchase the Series 2026B Bonds will be conditioned upon receiving evidence of this undertaking at or prior to delivery of the Series 2026B Bonds. ## OFFICIAL STATEMENT The City has authorized the preparation of a Preliminary Official Statement containing pertinent information relative to the Series 2026B Bond, and said Preliminary Official Statement has been deemed final by the City as of the date thereof within the meaning of Rule 15c2-12 of the Securities and Exchange Commission. For an electronic copy of the Preliminary Official Statement or for any additional information prior to sale, any prospective purchaser is referred to the Municipal Advisor to the City, Baker Tilly Municipal Advisors, LLC, by telephone (651) 223-3000, or by email bids@bakertilly.com. A Final Official Statement (as that term is defined in Rule 15c2-12) will be prepared, specifying the maturity dates, principal amounts, and interest rates of the Series 2026B Bonds, together with any other information required by law. By awarding the Series 2026B Bonds to the Purchaser, the City agrees that, no more than seven business days after the date of such award, it shall provide to the Purchaser an electronic copy of the Final Official Statement. The City designates the Purchaser as its agent for purposes of distributing the Final Official Statement to each syndicate member, if applicable. The Purchaser agrees that if its proposal is accepted by the City, (i) it shall accept designation and (ii) it shall enter into a contractual relationship with its syndicate members for purposes of assuring the receipt of the Final Official Statement by each such syndicate member. ## Dated May 4, 2026 BY ORDER OF THE CITY COUNCIL ## /s/ Matthew Podhradsky ## City Administrator Page 104 of 164 ## G-6 ## EXHIBIT A ## ISSUE PRICE CERTIFICATE – COMPETITIVE SALES WITH AT LEAST THREE BIDS FROM ## ESTABLISHED UNDERWRITERS ## $[PRINCIPAL AMOUNT] ## [BOND CAPTION] ## ISSUE PRICE CERTIFICATE The undersigned, on behalf of [NAME OF UNDERWRITER] (“[SHORT NAME OF UNDERWRITER]”), hereby certifies as set forth below with respect to the sale of the obligations named above (the “Series 2026B Bond”). 1. Reasonably Expected Initial Offering Price. (a) As of the Sale Date, the reasonably expected initial offering prices of the Series 2026B Bond to the Public by [SHORT NAME OF UNDERWRITER] are the prices listed in Schedule A (the “Expected Offering Prices”). The Expected Offering Prices are the prices for the Maturities of the Series 2026B Bond used by [SHORT NAME OF UNDERWRITER] in formulating its bid to purchase the Series 2026B Bond. Attached as Schedule B is a true and correct copy of the bid provided by [SHORT NAME OF UNDERWRITER] to purchase the Series 2026B Bond. (b) [SHORT NAME OF UNDERWRITER] was not given the opportunity to review other bids prior to submitting its bid. (c) The bid submitted by [SHORT NAME OF UNDERWRITER] constituted a firm offer to purchase the Series 2026B Bond. 2. Defined Terms. For purposes of this Issue Price Certificate: (a) City means [DESCRIBE ISSUER]. (b) Maturity means Series 2026B Bond with the same credit and payment terms. Any Series 2026B Bond with different maturity dates, or with the same maturity date but different stated interest rates, are treated as separate Maturities. (c) Member of the Distribution Group means (i) any person that agrees pursuant to a written contract with the City (or with the lead underwriter to form an underwriting syndicate) to participate in the initial sale of the Series 2026B Bond to the Public, and (ii) any person that agrees pursuant to a written contract directly or indirectly with a person described in clause (i) of this paragraph to participate in the initial sale of the Series 2026B Bond to the Public (including a member of a selling group or a party to a retail distribution agreement participating in the initial sale of the Series 2026B Bond to the Public). (d) Public means any person (i.e., an individual, trust, estate, partnership, association, company, or corporation) other than a Member of the Distribution Group or a related party to a Member of the Distribution Group. A person is a “related party” to a Member of the Distribution Group if the Member of the Distribution Group and that person are subject, directly or indirectly, to (i) at least 50% common ownership of the voting power or the total value of their stock, if both entities are corporations (including direct ownership by one corporation of another), (ii) more than 50% common ownership of their capital interests or profits interests, if both entities are partnerships (including direct ownership by one partnership of another), or (iii) more than 50% common ownership of the value of the outstanding stock of the corporation or the capital interests or profit interests of the partnership, as applicable, if one entity is a corporation and the other entity is a partnership (including direct ownership of the applicable stock or interests by one entity of the other). (e) Sale Date means the first day on which there is a binding contract in writing for the sale of the respective Maturity. The Sale Date of each Maturity was [DATE]. The representations set forth in this certificate are limited to factual matters only. Nothing in this certificate represents [SHORT NAME OF UNDERWRITER]’s interpretation of any laws, including specifically Sections 103 and 148 of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations thereunder. The undersigned understands that the foregoing information will be relied upon by the City[ and BORROWER (the “Borrower”)] with respect to certain of the representations set forth in the [Tax Certificate][Tax Exemption Agreement] and with respect to compliance with the federal income tax rules affecting the Series 2026B Bond, and by [BOND COUNSEL] in connection with rendering its opinion that the interest on the Series 2026B Bond is excluded from gross income for federal income tax purposes, the preparation of the Internal Revenue Service Form 8038[-G][-GC][-TC], and other federal income tax advice that it may give to the City[ and the Borrower] from time to time relating to the Series 2026B Bond. ## [UNDERWRITER] ## By:______________________________________ ## Name:___________________________________ Page 105 of 164 ## G-7 ## Dated: [ISSUE DATE] Page 106 of 164 ## G-8 ## SCHEDULE A ## EXPECTED OFFERING PRICES (Attached) Page 107 of 164 ## G-9 ## SCHEDULE B ## COPY OF UNDERWRITER’S BID (Attached) Page 108 of 164 ## G-10 ## EXHIBIT B ## ISSUE PRICE CERTIFICATE – COMPETITIVE SALES WITH FEWER THAN THREE BIDS FROM ## ESTABLISHED UNDERWRITERS ## $[PRINCIPAL AMOUNT] ## [BOND CAPTION] ## ISSUE PRICE CERTIFICATE The undersigned, on behalf of [NAME OF UNDERWRITER/REPRESENTATIVE] ( [“[SHORT NAME OF UNDERWRITER]”)][the “Representative”)][, on behalf of itself and [NAMES OF OTHER UNDERWRITERS] (together, the “Underwriting Group”),] hereby certifies as set forth below with respect to the sale of the obligations named above (the “Series 2026B Bond”). 1. Initial Offering Price of the Series 2026B Bond. [SHORT NAME OF UNDERWRITER][The Underwriting Group] offered the Series 2026B Bond to the Public for purchase at the specified initial offering prices listed in Schedule A (the “Initial Offering Prices”) on or before the Sale Date. A copy of the pricing wire for the Series 2026B Bond is attached to this certificate as Schedule B. 2. First Price at which Sold to the Public. On the Sale Date, at least 10% of each Maturity [listed in Schedule C] was first sold to the Public at the respective Initial Offering Price [or price specified [therein][in Schedule C], if different]. 3. Hold the Offering Price Rule. [SHORT NAME OF UNDERWRITER][Each member of the Underwriting Group] has agreed in writing that, (i) for each Maturity less than 10% of which was first sold to the Public at a single price as of the Sale Date, it would neither offer nor sell any of the Series 2026B Bond of such Maturity to any person at a price that is higher than the Initial Offering Price for such Maturity during the Holding Period for such Maturity (the “Hold-the-Offering-Price Rule”), and (ii) any agreement among underwriters, selling group agreement, or third-party distribution agreement contains the agreement of each underwriter, dealer, or broker-dealer who is a party to such agreement to comply with the Hold-the- Offering-Price Rule. Based on the [Representative][SHORT NAME OF UNDERWRITER]’s own knowledge and, in the case of sales by other Members of the Distribution Group, representations obtained from the other Members of the Distribution Group, no Member of the Distribution Group has offered or sold any such Maturity at a price that is higher than the respective Initial Offering Price during the respective Holding Period. 4. Defined Terms. For purposes of this Issue Price Certificate: (a) Holding Period means the period starting on the Sale Date and ending on the earlier of (i) the close of the fifth business day after the Sale Date ([DATE]), or (ii) the date on which Members of the Distribution Group have sold at least 10% of such Maturity to the Public at one or more prices, none of which is higher than the Initial Offering Price for such Maturity. (b) City means [DESCRIBE ISSUER]. (c) Maturity means Series 2026B Bond with the same credit and payment terms. Any Series 2026B Bond with different maturity dates, or with the same maturity date but different stated interest rates, are treated as separate Maturities. (d) Member of the Distribution Group means (i) any person that agrees pursuant to a written contract with the City (or with the lead underwriter to form an underwriting syndicate) to participate in the initial sale of the Series 2026B Bond to the Public, and (ii) any person that agrees pursuant to a written contract directly or indirectly with a person described in clause (i) of this paragraph to participate in the initial sale of the Series 2026B Bond to the Public (including a member of a selling group or a party to a retail distribution agreement participating in the initial sale of the Series 2026B Bond to the Public). (e) Public means any person (i.e., an individual, trust, estate, partnership, association, company, or corporation) other than a Member of the Distribution Group or a related party to a Member of the Distribution Group. A person is a “related party” to a Member of the Distribution Group if the Member of the Distribution Group and that person are subject, directly or indirectly, to (i) at least 50% common ownership of the voting power or the total value of their stock, if both entities are corporations (including direct ownership by one corporation of another), (ii) more than 50% common ownership of their capital interests or profits interests, if both entities are partnerships (including direct ownership by one partnership of another), or (iii) more than 50% common ownership of the value of the outstanding stock of the corporation or the capital interests or profit interests of the partnership, as applicable, if one entity is a Page 109 of 164 ## G-11 corporation and the other entity is a partnership (including direct ownership of the applicable stock or interests by one entity of the other). (f) Sale Date means the first day on which there is a binding contract in writing for the sale of the respective Maturity. The Sale Date of each Maturity was [DATE]. The representations set forth in this certificate are limited to factual matters only. Nothing in this certificate represents [NAME OF UNDEWRITING FIRM][the Representative’s] interpretation of any laws, including specifically Sections 103 and 148 of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations thereunder. The undersigned understands that the foregoing information will be relied upon by the City[ and BORROWER (the “Borrower”)] with respect to certain of the representations set forth in the [Tax Certificate][Tax Exemption Agreement] and with respect to compliance with the federal income tax rules affecting the Series 2026B Bond, and by [BOND COUNSEL] in connection with rendering its opinion that the interest on the Series 2026B Bond is excluded from gross income for federal income tax purposes, the preparation of the Internal Revenue Service Form 8038[-G][-GC][-TC], and other federal income tax advice that it may give to the City[ and the Borrower] from time to time relating to the Series 2026B Bond. ## [UNDERWRITER][REPRESENTATIVE] ## By:______________________________________ ## Name:___________________________________ ## Dated: [ISSUE DATE] Page 110 of 164 ## G-12 ## SCHEDULE A ## INITIAL OFFERING PRICES OF THE SERIES 2026B BOND (Attached) Page 111 of 164 ## G-13 ## SCHEDULE B ## PRICING WIRE (Attached) Page 112 of 164 ## G-14 ## SCHEDULE C ## SALES OF AT LEAST 10% OF MATURITY TO THE PUBLIC ON THE SALE DATE ## AT THE INITIAL OFFERING PRICE (Attached) Page 113 of 164 ## PROPOSAL ## SALE DATE: July 22, 2026 ## G-15 ## CITY OF CHASKA, MINNESOTA ## $27,465,000* General Obligation Water Revenue Bonds, Series 2026B For the Series 2026B Bonds of this Issue which shall mature and bear interest at the respective annual rates, as follow, we offer a price of $_________________ (which may not be less than $27,465,000 (Par)) plus accrued interest, if any, to the date of delivery. ## Year ## Interest Rate (%) Yield (%) ## Dollar ## Price ## Year ## Interest Rate (%) Yield (%) ## Dollar ## Price 2028 % % % 2041 % % % 2029 % % % 2042 % % % 2030 % % % 2043 % % % 2031 % % % 2044 % % % 2032 % % % 2045 % % % 2033 % % % 2046 % % % 2034 % % % 2047 % % % 2035 % % % 2048 % % % 2036 % % % 2049 % % % 2037 % % % 2050 % % % 2038 % % % 2051 % % % 2039 % % % 2052 % % % 2040 % % % ## Designation of Term Maturities ## Years of Term Maturities In making this offer on the sale date of July 22, 2026 we accept all of the terms and conditions of the Terms of Proposal published in the Preliminary Official Statement dated July 16, 2026 including the City’s right to modify the principal amount of the Series 2026B Bonds. (See “Terms of Proposal” herein.) In the event of failure to deliver these Series 2026B Bonds in accordance with said Terms of Proposal, we reserve the right to withdraw our offer, whereupon the deposit accompanying it will be immediately returned. All blank spaces of this offer are intentional and are not to be construed as an omission. By submitting this proposal, we confirm that we have an established industry reputation for underwriting municipal bonds such as the Series 2026B Bonds. Not as a part of our offer, the above quoted prices being controlling, but only as an aid for the verification of the offer, we have made the following computations: ## NET INTEREST COST: $____________________________ ## TRUE INTEREST RATE: ______________ % The Bidder  will not  will purchase municipal bond insurance from . ## Account Members ______________________________ ## Account Manager By: ___________________________ Phone: ________________________ ....................................................................................................................................................................................................... The City has accepted the foregoing proposal. Attest: _______________________________ Date: ________________________________ Phone: 651-223-3000 * Preliminary; subject to change. Email: bids@bakertilly.com Page 114 of 164 * Subsequent to bid opening, the par amount increased to $27,500,000; and the price, net interest cost, and true interest cost have changed to $27,764,610.40, $18,658,858.38, and 4.3114%, respectively. Baker Tilly Municipal Advisors, LLC is a registered municipal advisor and controlled subsidiary of Baker Tilly Advisory Group, LP. Baker Tilly Advisory Group, LP and Baker Tilly US, LLP, trading as Baker Tilly, operate under an alternative practice structure and are members of the global network of Baker Tilly International Ltd., the members of which are separate and independent legal entities. Baker Tilly US, LLP is a licensed CPA firm and provides assurance services to its clients. Baker Tilly Advisory Group, LP and its subsidiary entities provide tax and consulting services to their clients and are not licensed CPA firms. ©2026 Baker Tilly Municipal Advisors, LLC $27,465,000 * ## CITY OF CHASKA, MINNESOTA ## GENERAL OBLIGATION WATER UTILITY REVENUE BONDS, SERIES 2026B ## S&P Rating: AA ## Sale Date: July 22, 2026 BBI: 4.72% ## Average Maturity: 15.699 Years ## Bidder TIC ## Robert W. Baird & Co. Inc. 4.3114% ## J.P. Morgan Securities LLC 4.3407% ## UMB Bank, N.A. 4.3621% ## Mesirow Financial, Inc. 4.3656% ## BofA Securities 4.3796% ## Wells Fargo Bank, National Association 4.4242% ## Morgan Stanley & Co. LLC 4.4404% ## Interest Reoffering Reoffering ## Winning Bidder Information Maturity Rate Yield Price ## ROBERT W. BAIRD & CO. INC. 2/1/2028 5.000% 2.730% 103.198% C.L. King & Associates, Inc. 2/1/2029 5.000% 2.800% 105.167% Colliers Securities 2/1/2030 5.000% 2.900% 106.840% Edward Jones 2/1/2031 5.000% 3.000% 108.267% Davenport & Company LLC 2/1/2032 5.000% 3.080% 109.559% Stifel, Nicolaus & Company, Incorporated 2/1/2033 5.000% 3.200% 110.409% Northland Securities, Inc. 2/1/2034 5.000% 3.290% 111.211% SouthState Securities 2/1/2035 5.000% 3.370% 111.894% Bernardi Securities, Inc. 2/1/2036 5.000% 3.440% 112.489% Crews & Associates, Inc. 2/1/2037 5.000% 3.550% 111.549% Carty, Harding & Hearn, Inc. 2/1/2038 5.000% 3.640% 110.787% CADZ Securities, Inc. 2/1/2039 5.000% 3.710% 110.199% The Baker Group 2/1/2040 4.000% 3.950% 100.389% Alliance Global Partners 2/1/2041 4.000% 4.000% 100.000% Isaak Bond Investments 2/1/2042 4.000% 4.070% 99.201% Celadon Financial Group, LLC 2/1/2043 4.000% 4.140% 98.339% BOK Financial Securities, Inc. 2/1/2044 4.125% 4.210% 98.954% Midland Securities Limited 2/1/2045 4.250% 4.280% 99.617% ## FMS BONDS, INC. 2/1/2046 4.250% 4.350% 98.694% Multi-Bank Securities, Inc. 2/1/2047 4.250% 4.380% 98.253% Dinosaur Securities, LLC 2/1/2048 4.375% 4.400% 99.652% ## First Bankers’ Banc Securities Inc. 2/1/2049 4.375% 4.420% 99.361% ## MOUNTAINSIDE SECURITIES LLC 2/1/2050 4.375% 4.430% 99.200% StoneX Financial, Inc. 2/1/2052 4.375% 4.450% 98.862% ## Valdés & Moreno ## InspereX Purchase Price: $27,731,570.29 * ## Blaylock Van, LLC Net Interest Cost: $18,636,914.31 * ## Falcon Square Capital TIC: 4.3114% * Caldwell Sutter Capital, Inc. ZIONS BANK, division of ZB, N.A. ## Institutional Bond Network LLC ## First Southern Securities, LLC Page 115 of 164 Page 116 of 164 ## CLAIMS ROSTER REPORT ## FOR COUNCIL MEETING:August 3, 2026 ## Paid and Unpaid Invoices: Check #'s 361887-362038$1,510,397.27 ## Paid Electronic Invoices: Wire #'s 5361-5388$6,557,522.92 ## Amount for Approval-Council Meeting: August 3, 2026$8,067,920.19 Page 117 of 164 ## City of Chaska ## VENDOR INVOICE LIST Report generated: 07/30/2026 12:13 User: 8482nand ## Program ID: apinvlst Page 1 INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION ## 103825 ACUSHNET COMPANY 923631832 07/10/2026 080426 361902 -778.16 08/31/2026 CRM PD FITTING CREDIT ## CHECK DATE: 08/04/2026 923667922 07/15/2026 080426 361902 2,073.85 09/13/2026 INV PD RESALE ## CHECK DATE: 08/04/2026 923668128 07/15/2026 080426 361902 407.41 09/13/2026 INV PD RESALE ## CHECK DATE: 08/04/2026 923679254 07/16/2026 080426 361902 357.79 08/15/2026 INV PD RESALE ## CHECK DATE: 08/04/2026 923705583 07/20/2026 080426 361902 161.27 08/19/2026 INV PD RESALE ## CHECK DATE: 08/04/2026 923716774 07/21/2026 080426 361902 1,084.44 08/20/2026 INV PD RESALE ## CHECK DATE: 08/04/2026 923728129 07/22/2026 080426 361902 142.78 08/21/2026 INV PD RESALE ## CHECK DATE: 08/04/2026 3,449.38 ## 100843 AH HERMEL CANDY & TOBACCO CO 1126406 07/20/2026 080426 361903 1,372.79 08/20/2026 INV PD July 17 Order ## CHECK DATE: 08/04/2026 ## 113742 AHERN, J P 157801 07/21/2026 080426 361904 8.02 08/21/2026 INV PD UE 152385800 112117 HAERI ## CHECK DATE: 08/04/2026 ## 113123 ALPHA WIRELESS COMMUNICATIONS CO 34604 07/13/2026 080426 361905 1,753.85 08/13/2026 INV PD IT SERVER LICENSE UPGRADE ## CHECK DATE: 08/04/2026 34605 07/13/2026 080426 361905 124.00 08/13/2026 INV PD IT KEY CARD PURCHASE ## CHECK DATE: 08/04/2026 34606 07/13/2026 080426 361905 3,451.04 08/13/2026 INV PD CAMERAS-PW ## CHECK DATE: 08/04/2026 34607 07/13/2026 080426 361905 3,451.04 08/13/2026 INV PD CAMERAS-W/S ## CHECK DATE: 08/04/2026 34608 07/13/2026 080426 361905 2,307.36 08/13/2026 INV PD CAMERAS-ELECTRIC ## CHECK DATE: 08/04/2026 Page 118 of 164 ## City of Chaska ## VENDOR INVOICE LIST Report generated: 07/30/2026 12:13 User: 8482nand ## Program ID: apinvlst Page 2 INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION 11,087.29 ## 100072 ALTERNATIVE TECHNOLOGIES INC 59565 07/15/2026 080426 361906 300.00 08/15/2026 INV PD PCB OIL TESTING ## CHECK DATE: 08/04/2026 ## 100073 AMARIL UNIFORM CO IV300971 07/15/2026 080426 361907 1,386.00 08/15/2026 INV PD E. BRADY FR CLOTHING ## CHECK DATE: 08/04/2026 IV301108 07/17/2026 080426 361907 2,687.71 08/17/2026 INV PD B. HEITZ FR CLOTHING ## CHECK DATE: 08/04/2026 IV301153 07/17/2026 080426 361907 1,886.49 08/17/2026 INV PD T. CONWAY FR CLOTHING ## CHECK DATE: 08/04/2026 IV301210 07/21/2026 080426 361907 727.98 08/21/2026 INV PD L. SCHMIDT FR CLOTHING ## CHECK DATE: 08/04/2026 IV301454 07/24/2026 080426 361907 143.76 08/24/2026 INV PD B. HEITZ FR CLOTHING ## CHECK DATE: 08/04/2026 IV301475 07/24/2026 080426 361907 3,026.09 08/24/2026 INV PD E. BRADY FR CLOTHING ## CHECK DATE: 08/04/2026 IV301540 07/28/2026 080426 361907 871.29 08/28/2026 INV PD D. RASER FR CLOTHING ## CHECK DATE: 08/04/2026 10,729.32 ## 100119 SHAKOPEE VALLEY FORD 431622FOW 07/14/2026 080426 361908 784.10 08/14/2026 INV PD #1251 FRONT BRAKE PADS/RO ## CHECK DATE: 08/04/2026 431623FOW 07/14/2026 080426 361908 144.90 08/14/2026 INV PD #1231 EVAP PURGE SOLENOID ## CHECK DATE: 08/04/2026 432107FOW 07/21/2026 080426 361908 124.74 08/21/2026 INV PD #1227 OXYGEN SENSOR ## CHECK DATE: 08/04/2026 432377FOW 07/23/2026 080426 361908 255.52 08/23/2026 INV PD #1228 LH DRIVE AXLE SHAFT ## CHECK DATE: 08/04/2026 1,309.26 ## 113506 ART PARTNERS GROUP LLC 22661 07/21/2026 080426 361909 9,039.10 08/05/2026 INV PD Deposit-Fire Station Grap ## CHECK DATE: 08/04/2026 Page 119 of 164 ## City of Chaska ## VENDOR INVOICE LIST Report generated: 07/30/2026 12:13 User: 8482nand ## Program ID: apinvlst Page 3 INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION ## 100146 ASPEN MILLS INC 378726 07/15/2026 080426 361910 2,538.94 08/14/2026 INV PD DUTY UNIFORM-NAVY TEES FO ## CHECK DATE: 08/04/2026 378727 07/15/2026 080426 361910 333.94 08/14/2026 INV PD DUTY UNIFORM-PETERSON ## CHECK DATE: 08/04/2026 378728 07/15/2026 080426 361910 1,342.01 08/14/2026 INV PD DUTY SHIRTS-PINK FOR CANC ## CHECK DATE: 08/04/2026 379085 07/22/2026 080426 361910 273.18 08/21/2026 INV PD DUTY UNIFORM-SMITH ## CHECK DATE: 08/04/2026 379088 07/22/2026 080426 361910 282.77 08/21/2026 INV PD DUTY UNIFORM-NUNEZ ## CHECK DATE: 08/04/2026 4,770.84 ## 100155 AUBURN MANOR AUG 2026 260002 08/01/2026 080426 361911 200.00 08/31/2026 INV PD AUG SENIOR CITIZEN DONATI ## CHECK DATE: 08/04/2026 ## 100174 BAUER BUILT TIRE AND BATTERY 180324939 07/17/2026 080426 361912 539.68 08/17/2026 INV PD #1231 TIRES ## CHECK DATE: 08/04/2026 ## 105265 BEEBE, DENISE 157711 07/14/2026 080426 361913 85.00 08/16/2026 INV PD Reimb-IIMC Training Class ## CHECK DATE: 08/04/2026 ## 105387 BENJAMIN BUS INC 157705 07/14/2026 080426 361914 2,300.00 07/16/2026 INV PD Extreme Kids June Field T ## CHECK DATE: 08/04/2026 ## 100188 BERRY COFFEE COMPANY 1125224 07/22/2026 080426 361915 173.75 08/22/2026 INV PD Coffee for Breakroom at C ## CHECK DATE: 08/04/2026 ## 100205 BMO HARRIS BANK N.A. 37 07/20/2026 072126-2 361887 112,509.98 07/31/2026 INV PD PAYGO Note Payment #37-Cl ## CHECK DATE: 07/21/2026 Page 120 of 164 ## City of Chaska ## VENDOR INVOICE LIST Report generated: 07/30/2026 12:13 User: 8482nand ## Program ID: apinvlst Page 4 INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION ## 102279 BOLTON & MENK INC 0400753 07/22/2026 080426 361916 360.00 08/22/2026 INV PD CITY SQUARE PARK REHABILI ## CHECK DATE: 08/04/2026 ## 100214 BORDER STATES INDUSTRIES INC 932819978 260120 07/20/2026 080426 361917 3,195.00 08/21/2026 INV PD 75 ELBOW STND OFF PLUG CA ## CHECK DATE: 08/04/2026 ## 100226 BRAUN INTERTEC CORPORATION IN1020304 07/06/2026 080426 361918 7,206.50 08/07/2026 INV PD 2026 DT ST PROJECT-PRELIM ## CHECK DATE: 08/04/2026 ## 100254 BRYAN ROCK PRODUCTS INC 75606 07/15/2026 080426 361919 1,253.56 08/15/2026 INV PD S LYMAN BLVD TRAIL REPAIR ## CHECK DATE: 08/04/2026 ## 100275 CALLAWAY GOLF 943016291 07/15/2026 080426 361920 265.29 09/13/2026 INV PD RESALE ## CHECK DATE: 08/04/2026 943026585 07/16/2026 080426 361920 72.00 09/14/2026 INV PD RESALE ## CHECK DATE: 08/04/2026 337.29 ## 100285 CARVER COUNTY 2026012 07/09/2026 080426 361921 22,550.23 08/09/2026 INV PD Q2 Fines & Surcharge ## CHECK DATE: 08/04/2026 ## 111909 THE TRANZONIC COMPANIES IN05902653 07/09/2026 080426 361922 875.06 08/08/2026 INV PD WIPES FOR TERMINATING ## CHECK DATE: 08/04/2026 IN05908804 07/15/2026 080426 361922 20.29 08/14/2026 INV PD FREIGHT-WIPES FOR TERMINA ## CHECK DATE: 08/04/2026 895.35 ## 100323 CDW GOVERNMENT INC AJ96M4H 07/07/2026 080426 361923 299.25 08/06/2026 INV PD DOCK & ADAPTERS-MGMT ANAL ## CHECK DATE: 08/04/2026 Page 121 of 164 ## City of Chaska ## VENDOR INVOICE LIST Report generated: 07/30/2026 12:13 User: 8482nand ## Program ID: apinvlst Page 5 INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION AJ9X14Q 07/06/2026 080426 361923 30.60 08/05/2026 INV PD IT KIOSK LICENSING ## CHECK DATE: 08/04/2026 AK1LS2T 07/10/2026 080426 361923 -321.24 08/10/2026 CRM PD RETURN RESTOCKING FEE-ELE ## CHECK DATE: 08/04/2026 AK1RG7C 07/13/2026 080426 361923 9.64 08/12/2026 INV PD ADOBE ACROBAT-MGMT ANALYS ## CHECK DATE: 08/04/2026 AK2FC8F 07/17/2026 080426 361923 1,804.05 08/16/2026 INV PD RALLY BAR HUDDLE-HR ## CHECK DATE: 08/04/2026 1,822.30 ## 100332 CENTERPOINT ENERGY RESOURCES CORP 138100144/JUN26 07/13/2026 072326 361894 2,716.57 08/10/2026 INV PD JUN 285 ENGLER BLVD GAS S ## CHECK DATE: 07/23/2026 80000146268/JUN26 07/14/2026 072326 361894 209.76 08/10/2026 INV PD JUN GAS SVC ## CHECK DATE: 07/23/2026 80000167793/JUN26 07/14/2026 072326 361894 53.55 08/10/2026 INV PD JUN CITY PKS GAS SVC ## CHECK DATE: 07/23/2026 80000167843/JUN26 07/14/2026 072326 361894 1,619.29 08/10/2026 INV PD JUN GAS SVC ## CHECK DATE: 07/23/2026 4,599.17 ## 107163 CHASKA HEIGHTS SENIOR LIVING LLC 17 07/20/2026 072126-2 361888 145,579.27 07/31/2026 INV PD PAYGO Note Payment-Chaska ## CHECK DATE: 07/21/2026 ## 100363 CHASKA HISTORICAL SOCIETY 157726 07/16/2026 080426 361924 850.00 08/17/2026 INV PD Graveside Tales - History ## CHECK DATE: 08/04/2026 ## 110240 CINTAS CORPORATION NO 2 4276683145 07/23/2026 080426 361925 73.57 08/22/2026 INV PD RUG RENTAL - WATER TREATM ## CHECK DATE: 08/04/2026 4276683155 07/23/2026 080426 361925 190.57 08/22/2026 INV PD RUG RENTALS - MSB ## CHECK DATE: 08/04/2026 264.14 ## 112451 CLIFTONLARSONALLEN LLP L261435000 07/17/2026 080426 361926 2,748.00 08/16/2026 INV PD CFDRA Audit Services, Tax Page 122 of 164 ## City of Chaska ## VENDOR INVOICE LIST Report generated: 07/30/2026 12:13 User: 8482nand ## Program ID: apinvlst Page 6 INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION ## CHECK DATE: 08/04/2026 ## 100419 CLOVER CONDOMINIUM ASSOCIATION 00498838-57 260003 08/01/2026 080426 361927 1,544.84 08/31/2026 INV PD SEP COMMUNITY ROOM DUES ## CHECK DATE: 08/04/2026 ## 100430 COCA-COLA REFRESHMENTS USA INC 53351012019 07/16/2026 080426 361928 1,112.07 08/17/2026 INV PD July 16 Coca Cola Order ## CHECK DATE: 08/04/2026 ## 100436 COMCAST CORPORATION 277847074 07/15/2026 072326 361895 775.00 08/15/2026 INV PD JUL CITY HALL FIBER ## CHECK DATE: 07/23/2026 ## 105466 COMPUTER INTEGRATION TECHNOLOGIES INC 518756 07/15/2026 080426 361929 282.70 08/14/2026 INV PD AUG CYBER SECURITY TRAINI ## CHECK DATE: 08/04/2026 ## 103942 CONTECH ENGINEERED SOLUTIONS INC 34098322 07/09/2026 080426 361930 1,377.76 08/09/2026 INV PD TUSCANY HILLS TRAIL-CULVE ## CHECK DATE: 08/04/2026 34142376 07/15/2026 080426 361930 1,293.53 08/15/2026 INV PD ISD TRAIL CULVERT REPLACE ## CHECK DATE: 08/04/2026 2,671.29 ## 106301 CORE & MAIN LP V000054658 07/23/2026 080426 361931 115.20 08/23/2026 INV PD HYDRANT PAINT ## CHECK DATE: 08/04/2026 ## 102016 CRYSTEEL MANUFACTURING INC LC00103015 07/09/2026 080426 361932 42,577.00 08/09/2026 INV PD #731 BOX HOIST, LIGHTING ## CHECK DATE: 08/04/2026 ## 113740 KRAMP RESTAURANT GROUP LLC 1 07/14/2026 080426 361933 2,850.00 08/14/2026 INV PD F&I Bonspiel Meal, Gratui ## CHECK DATE: 08/04/2026 Page 123 of 164 ## City of Chaska ## VENDOR INVOICE LIST Report generated: 07/30/2026 12:13 User: 8482nand ## Program ID: apinvlst Page 7 INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION ## 111847 GREGORY WICKENHAUSER 2497 07/24/2026 080426 361934 700.00 08/21/2026 INV PD REMOVAL OF TREE 938 BAVAR ## CHECK DATE: 08/04/2026 2498 07/24/2026 080426 361934 900.00 08/24/2026 INV PD REMOVAL OF TREE 1246 ADRI ## CHECK DATE: 08/04/2026 2507 07/24/2026 080426 361934 2,200.00 08/24/2026 INV PD REMOVAL OF TREE 356 HIGHW ## CHECK DATE: 08/04/2026 3,800.00 ## 100537 DITCH WITCH OF MN P97580 07/14/2026 080426 361935 3,869.96 08/14/2026 INV PD BORE GEL & BENTONITE FOR ## CHECK DATE: 08/04/2026 ## 100566 DVS 20260713-013 07/27/2026 080426 361936 30.50 07/27/2026 INV PD Unmarked Squads Registrat ## CHECK DATE: 08/04/2026 ## 100593 ELECTION SYSTEMS & SOFTWARE INC CD2156841 07/16/2026 080426 361937 26.33 07/22/2026 INV PD Locking Hardware for DS20 ## CHECK DATE: 08/04/2026 ## 100591 ELECTRICAL PRODUCTION SERVICES INC 25099 07/17/2026 080426 361938 3,832.00 08/17/2026 INV PD FIBER INSTALL AT TC BOOST ## CHECK DATE: 08/04/2026 25106 07/20/2026 080426 361938 8,392.00 08/20/2026 INV PD CHASKA FIBER TO COMCAST C ## CHECK DATE: 08/04/2026 12,224.00 ## 105728 FIDELITY SECURITY LIFE INSURANCE COMPANY 167421695 06/22/2026 072126-2 361889 789.23 07/22/2026 INV PD JUL EMP INS PREM-VISION ## CHECK DATE: 07/21/2026 ## 111170 ELLIOTT AUTO SUPPLY CO INC 158-158096 07/14/2026 080426 361939 -84.00 08/14/2026 CRM PD #1193 ALTERNATOR CORE CRE ## CHECK DATE: 08/04/2026 158-158248 07/15/2026 080426 361939 93.12 08/15/2026 INV PD SILICONE SPRAY LUBRICANT ## CHECK DATE: 08/04/2026 Page 124 of 164 ## City of Chaska ## VENDOR INVOICE LIST Report generated: 07/30/2026 12:13 User: 8482nand ## Program ID: apinvlst Page 8 INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION 9.12 ## 106319 CHAD JEREMY FIGG June 2026 07/07/2026 080426 361940 1,185.84 07/16/2026 INV PD Tae Kwon Do June 2026 ## CHECK DATE: 08/04/2026 ## 100693 FS3 INC 100128 07/27/2026 080426 361941 480.00 08/27/2026 INV PD BLACKTOP & CONCRETE POLYE ## CHECK DATE: 08/04/2026 ## 110270 GARTNER REFRIGERATION INC 12455125 07/08/2026 080426 361942 5,887.00 08/07/2026 INV PD Removal of Therma-Stor Ta ## CHECK DATE: 08/04/2026 12455142 07/10/2026 080426 361942 528.00 08/10/2026 INV PD Determined VFD is bad for ## CHECK DATE: 08/04/2026 6,415.00 ## 112160 PT INTERMEDIATE HOLDINGS IV LLC 6720691 07/16/2026 080426 361943 941.70 08/16/2026 INV PD OVEN REPAIRS ## CHECK DATE: 08/04/2026 ## 100763 GRACZYK, NOEL 157716 07/01/2026 080426 361944 671.48 07/31/2026 INV PD MILEAGE, MEALS-GFOA CONF ## CHECK DATE: 08/04/2026 ## 100759 WW GRAINGER INC 9002336767 07/13/2026 080426 361945 181.54 08/13/2026 INV PD REPLACEMENT FAUCET FOR BA ## CHECK DATE: 08/04/2026 9008995681 07/17/2026 080426 361945 168.16 08/17/2026 INV PD WASH DOWN NOZZLE-PARKS ## CHECK DATE: 08/04/2026 349.70 ## 113747 GRANDVIEW OFFICE PARK 157968 07/28/2026 080426 361946 510.59 08/28/2026 INV PD UE 159000280 1464 WHITE O ## CHECK DATE: 08/04/2026 ## 100758 GRAYBAR ELECTRIC COMPANY INC 9353871052 260119 07/13/2026 080426 361947 836.70 08/20/2026 INV PD 12 LAMP LED 40WATT Page 125 of 164 ## City of Chaska ## VENDOR INVOICE LIST Report generated: 07/30/2026 12:13 User: 8482nand ## Program ID: apinvlst Page 9 INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION ## CHECK DATE: 08/04/2026 ## 100782 GS DIRECT INC 383838 07/08/2026 080426 361948 351.25 08/08/2026 INV PD PLOTTER INK ## CHECK DATE: 08/04/2026 ## 100807 HARTMAN COMPANIES INC 15778 07/06/2026 080426 361949 6,100.00 08/06/2026 INV PD MEADOW PK TREE RECON ## CHECK DATE: 08/04/2026 ## 100810 HAWKINS INC 7492245 07/14/2026 080426 361950 191.62 08/28/2026 INV PD WTP CHEMICALS ## CHECK DATE: 08/04/2026 7492687 07/13/2026 080426 361950 7,035.37 08/27/2026 INV PD WTP CHEMICALS ## CHECK DATE: 08/04/2026 7493842 07/15/2026 080426 361950 30.00 08/29/2026 INV PD DEMURRAGE ## CHECK DATE: 08/04/2026 7,256.99 ## 100816 HAZELTINE NATIONAL GOLF COURSE 157723 07/16/2026 080426 361951 20,000.00 08/16/2026 INV PD Refund Grading Escrow-Ori ## CHECK DATE: 08/04/2026 ## 100821 HEALTHPARTNERS INC 416127438913 07/01/2026 072326 361896 258,765.18 08/01/2026 INV PD AUG EMP INS PREM-MEDICAL ## CHECK DATE: 07/23/2026 ## 110461 HEARTLAND BUSINESS SYSTEMS LLC 898465-H 07/20/2026 080426 361952 71,536.24 08/19/2026 INV PD IT SMART NET CISCO EQUIP ## CHECK DATE: 08/04/2026 ## 112819 MATTHEW HEGER 1392 07/13/2026 080426 361954 344.29 08/13/2026 INV PD July 12 Ice Cream & Cone ## CHECK DATE: 08/04/2026 1393 07/17/2026 080426 361954 635.98 08/20/2026 INV PD July 15 Ice Cream & Cone ## CHECK DATE: 08/04/2026 1394 07/24/2026 080426 361953 545.19 08/24/2026 INV PD July 22 Ice Cream Order Page 126 of 164 ## City of Chaska ## VENDOR INVOICE LIST Report generated: 07/30/2026 12:13 User: 8482nand ## Program ID: apinvlst Page 10 INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION ## CHECK DATE: 08/04/2026 1,525.46 ## 104805 HELLO! BOOKING INC 157878 07/22/2026 080426 361955 2,750.00 08/13/2026 INV PD Thursday Concert in the P ## CHECK DATE: 08/04/2026 ## 100841 HERMANS LANDSCAPE SUPPLIES 67805/1 07/15/2026 080426 361956 160.00 08/15/2026 INV PD BLACK DIRT ## CHECK DATE: 08/04/2026 67846/1 07/20/2026 080426 361956 160.00 08/20/2026 INV PD BLACK DIRT ## CHECK DATE: 08/04/2026 67848/1 07/20/2026 080426 361956 160.00 08/20/2026 INV PD BLACK DIRT ## CHECK DATE: 08/04/2026 480.00 ## 100848 HIGH TECH CLEANING INC 22764 07/17/2026 080426 361957 426.55 08/17/2026 INV PD CLEANING SUPPLIES-PSF ## CHECK DATE: 08/04/2026 ## 100859 HOISINGTON KOEGLER GROUP INC 022-018-14 07/19/2026 080426 361958 1,987.50 08/19/2026 INV PD ONGOING PLANNING SVCS-AUT ## CHECK DATE: 08/04/2026 026-004-5 07/19/2026 080426 361958 4,185.21 08/19/2026 INV PD CITY HALL PLAZA IMPROVEME ## CHECK DATE: 08/04/2026 026-011-1 07/19/2026 080426 361958 11,491.05 08/19/2026 INV PD DT MASTER PLAN UPDATE ## CHECK DATE: 08/04/2026 17,663.76 ## 106151 HOLT TOUR AND CHARTER INC 54210 02/19/2026 080426 361959 867.00 08/21/2026 INV PD transportation - Boat Cru ## CHECK DATE: 08/04/2026 ## 107416 HORIZON CHEMICAL CO INC INV139018 05/28/2026 080426 361960 996.30 07/20/2026 INV PD Pool Chemicals ## CHECK DATE: 08/04/2026 INV144267 06/19/2026 080426 361960 641.65 07/20/2026 INV PD Pool Chemicals for Firema ## CHECK DATE: 08/04/2026 Page 127 of 164 ## City of Chaska ## VENDOR INVOICE LIST Report generated: 07/30/2026 12:13 User: 8482nand ## Program ID: apinvlst Page 11 INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION INV146777 06/24/2026 080426 361960 3,697.39 07/24/2026 INV PD Pool Chemicals ## CHECK DATE: 08/04/2026 INV147091 06/26/2026 080426 361960 7,588.75 07/26/2026 INV PD New bulbs for UV systems ## CHECK DATE: 08/04/2026 INV149903 07/13/2026 080426 361960 3,052.70 08/13/2026 INV PD Pool Chemicals ## CHECK DATE: 08/04/2026 INV151599 07/22/2026 080426 361960 889.65 08/22/2026 INV PD Pool Chemicals ## CHECK DATE: 08/04/2026 INV151604 07/22/2026 080426 361960 965.43 08/22/2026 INV PD Pool Chemicals Fireman's ## CHECK DATE: 08/04/2026 INV151769 07/18/2026 080426 361960 157.46 08/18/2026 INV PD Hazard labels for contain ## CHECK DATE: 08/04/2026 17,989.33 ## 100879 HUMERATECH INC 260585 06/30/2026 080426 361961 811.00 07/30/2026 INV PD TROUBLESHOOT RTU-A ## CHECK DATE: 08/04/2026 ## 113409 I & S GROUP INC 134919 06/30/2026 080426 361962 7,547.50 08/12/2026 INV PD SE COLLECTOR IN SW CHASKA ## CHECK DATE: 08/04/2026 ## 111670 IRRIGATION BY DESIGN INC 409197 07/09/2026 080426 361963 16,830.00 08/08/2026 INV PD MEADOW PK IRRIGATION SYS ## CHECK DATE: 08/04/2026 ## 112508 DANIEL JASPER 26111 07/15/2026 080426 361964 2,750.00 07/16/2026 INV PD Fish Camp- July 2026 ## CHECK DATE: 08/04/2026 ## 100992 KEYS WELL DRILLING COMPANY WELL 4 REHAB-2/FINAL 07/21/2026 080426 361965 4,903.00 08/21/2026 INV PD WELL 4 REHABILITATION RET ## CHECK DATE: 08/04/2026 ## 111741 KTJ 376 LLC 7 07/20/2026 072126-2 361890 159,269.08 07/31/2026 INV PD PAYGO Note Payment-Chaska ## CHECK DATE: 07/21/2026 Page 128 of 164 ## City of Chaska ## VENDOR INVOICE LIST Report generated: 07/30/2026 12:13 User: 8482nand ## Program ID: apinvlst Page 12 INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION ## 101043 LANO EQUIPMENT INC 01-1225428 04/02/2026 080426 361966 -942.41 05/02/2026 CRM PD CREDIT FROM OVERPAYMENT # ## CHECK DATE: 08/04/2026 01-1253557 07/23/2026 080426 361966 223.82 08/23/2026 INV PD #129 HYDRAULIC COUPLERS ## CHECK DATE: 08/04/2026 01-1253596 07/23/2026 080426 361966 2,340.00 08/23/2026 INV PD T770 TRACKLOADER RENTAL ## CHECK DATE: 08/04/2026 1,621.41 ## 113377 LENNAR HOMES 157799 07/21/2026 080426 361967 122.47 08/21/2026 INV PD UE 186000770 2997 IRONWOO ## CHECK DATE: 08/04/2026 ## 101071 LENZEN CHEVROLET BUICK INC 340470 07/20/2026 080426 361968 1,048.50 08/20/2026 INV PD #305 A/C REPAIR ## CHECK DATE: 08/04/2026 92975 07/29/2026 080426 361968 2,475.73 08/29/2026 INV PD #1222 ENGINE PARTS ## CHECK DATE: 08/04/2026 3,524.23 ## 112249 LOCALITY MEDIA INC 10009 07/20/2026 080426 361969 18,831.39 08/20/2026 INV PD Annual FD Software Renewa ## CHECK DATE: 08/04/2026 ## 103842 LOCAL GOVERNMENT INFORMATION SYSTEMS 154413 07/17/2026 080426 361970 2,820.00 08/16/2026 INV PD Q3 Special Assessment Sup ## CHECK DATE: 08/04/2026 ## 106692 LYNN LAUMANN 3569588 07/21/2026 080426 361971 174.00 08/21/2026 INV PD REF DEPOSIT-CANCELLED ROO ## CHECK DATE: 08/04/2026 ## 103449 MADDEN GALANTER HANSEN LLP 157758 04/07/2026 080426 361972 454.34 05/07/2026 INV PD MAR LEGAL-LABOR RELATIONS ## CHECK DATE: 08/04/2026 Page 129 of 164 ## City of Chaska ## VENDOR INVOICE LIST Report generated: 07/30/2026 12:13 User: 8482nand ## Program ID: apinvlst Page 13 INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION ## 112351 MANSFIELD SERVICE PARTNERS LLC IN-00421511 07/14/2026 080426 361973 28,548.38 08/14/2026 INV PD FUEL ## CHECK DATE: 08/04/2026 ## 101187 METRO SALES INC INV3131730 07/08/2026 080426 361974 1,302.80 08/08/2026 INV PD Q2 PRINTER USAGE (NON RIC ## CHECK DATE: 08/04/2026 INV3137086 07/14/2026 080426 361974 387.90 08/13/2026 INV PD FD COLOR COPIER ## CHECK DATE: 08/04/2026 1,690.70 ## 101196 MID COUNTY COOP #122622 85406 07/14/2026 080426 361975 1,501.32 08/31/2026 INV PD 413 GLS GAS-TC ## CHECK DATE: 08/04/2026 85407 07/14/2026 080426 361975 1,322.87 08/31/2026 INV PD 322 GLS DIESEL-TC ## CHECK DATE: 08/04/2026 85408 07/14/2026 080426 361975 754.11 08/31/2026 INV PD 207 GLS GAS-LOOP ## CHECK DATE: 08/04/2026 85409 07/14/2026 080426 361975 730.38 08/31/2026 INV PD 190 GLS DIESEL-LOOP ## CHECK DATE: 08/04/2026 4,308.68 ## 101217 MINNESOTA CHILD SUPPORT PMT CTR PR0724260015806598 07/24/2026 072926 361899 461.46 07/24/2026 INV PD 072426 Payroll - Child Su ## CHECK DATE: 07/29/2026 ## 101275 MINNESOTA UI FUND Q2-2026 07/08/2026 072326 361897 10,135.50 08/31/2026 INV PD Q2 UNEMPLOYMENT ## CHECK DATE: 07/23/2026 ## 111728 MINNESOTA VALLEY COMMUNITY BAND 2026-0001 07/23/2026 080426 361976 500.00 08/22/2026 INV PD Thursday Night Concert 7/ ## CHECK DATE: 08/04/2026 ## 101276 MINNESOTA VALLEY ELECTRIC COOPERATIVE 107051510/JUL26 07/21/2026 080426 361977 58.07 08/16/2026 INV PD JUL 82ND ST & HWY 41 SIGN ## CHECK DATE: 08/04/2026 Page 130 of 164 ## City of Chaska ## VENDOR INVOICE LIST Report generated: 07/30/2026 12:13 User: 8482nand ## Program ID: apinvlst Page 14 INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION 778320601/JUL26 07/21/2026 080426 361977 189.85 08/16/2026 INV PD JUL CHEVALLE LIFT STATION ## CHECK DATE: 08/04/2026 780272000/JUL26 07/21/2026 080426 361977 25.30 08/16/2026 INV PD JUL CHEVALLE IRRIGATION B ## CHECK DATE: 08/04/2026 781796600/JUL26 07/21/2026 080426 361977 123.75 08/16/2026 INV PD JUL 1599 OAK CREEK PASS ## CHECK DATE: 08/04/2026 396.97 ## 105913 MIRACLE RECREATION EQUIPMENT COMPANY INC 904369 07/07/2026 080426 361978 154.80 08/07/2026 INV PD PLUGS FOR PLAYGROUND EQUI ## CHECK DATE: 08/04/2026 ## 101281 KRISTIE MITCHELL 157900 07/22/2026 080426 361979 5,227.20 08/22/2026 INV PD Summer 2026 Instructor Pa ## CHECK DATE: 08/04/2026 ## 101324 MOTOROLA 8282363848 07/13/2026 080426 361980 4,756.80 08/12/2026 INV PD #324 MOBILE RADIO FOR NEW ## CHECK DATE: 08/04/2026 ## 103088 SID TOOL CO INC 61494921 07/15/2026 080426 361981 617.15 08/15/2026 INV PD PIPE FITTINGS & BALL VALV ## CHECK DATE: 08/04/2026 61494991 07/16/2026 080426 361981 25.20 08/16/2026 INV PD CLEANER/BATTERY ## CHECK DATE: 08/04/2026 62403871 07/20/2026 080426 361981 389.22 08/20/2026 INV PD WELDING SUPPLIES ## CHECK DATE: 08/04/2026 62403881 07/17/2026 080426 361981 103.40 08/17/2026 INV PD WELDING SUPPLIES ## CHECK DATE: 08/04/2026 62912781 07/20/2026 080426 361981 20.16 08/20/2026 INV PD #112 AIRLINE FITTING ## CHECK DATE: 08/04/2026 1,155.13 ## 108069 GOVERNMENTJOBS.COM INC INV-162922 07/01/2026 080426 361982 3,689.25 07/31/2026 INV PD Single Sign On Subscripti ## CHECK DATE: 08/04/2026 ## 113030 NORTH CENTRAL BUS & EQUIPMENT INC Page 131 of 164 ## City of Chaska ## VENDOR INVOICE LIST Report generated: 07/30/2026 12:13 User: 8482nand ## Program ID: apinvlst Page 15 INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION 816355 07/21/2026 080426 361983 1,200.00 08/21/2026 INV PD Squad 1233 - Tear Down ## CHECK DATE: 08/04/2026 ## 107851 OLDCASTLE INFRASTRUCTURE INC 9000168352 260111 07/21/2026 080426 361984 5,811.00 08/23/2026 INV PD 5 TRNS BASES ## CHECK DATE: 08/04/2026 9000168353 260082 07/21/2026 080426 361984 4,000.00 08/23/2026 INV PD 5 TRN BASE 75-500 KVA ## CHECK DATE: 08/04/2026 9,811.00 ## 111048 JENNIFER LYNNE PANTANO 157795 07/20/2026 080426 361985 270.00 07/31/2026 INV PD Adaptive Dance- Instructo ## CHECK DATE: 08/04/2026 ## 101525 THE PITNEY BOWES BANK INC 157993 07/22/2026 080426 361986 205.00 08/22/2026 INV PD Postage ## CHECK DATE: 08/04/2026 ## 101539 PLAISTED COMPANIES INC 13506 07/18/2026 080426 361987 926.51 08/18/2026 INV PD TOPDRESSING SAND ## CHECK DATE: 08/04/2026 13507 07/18/2026 080426 361987 509.28 08/18/2026 INV PD GREEN TOPDRESSING SAND ## CHECK DATE: 08/04/2026 1,435.79 ## 106085 N&M ENTERPRISES INC INV1029914 04/13/2026 080426 361988 3,177.72 07/29/2026 INV PD PARKS-GARBAGE BAGS ## CHECK DATE: 08/04/2026 ## 113501 PODIUM SPORTS ACADEMY 0001 07/13/2026 080426 361989 1,704.50 07/27/2026 INV PD Podium Sports Academy - I ## CHECK DATE: 08/04/2026 ## 106326 POVOLNY SPECIALTIES INC 60228 07/21/2026 080426 361990 3,419.00 08/21/2026 INV PD IRR CABINET MIDDLE SCHOOL ## CHECK DATE: 08/04/2026 Page 132 of 164 ## City of Chaska ## VENDOR INVOICE LIST Report generated: 07/30/2026 12:13 User: 8482nand ## Program ID: apinvlst Page 16 INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION ## 101576 FORNER ENTERPRISES INC 20267516 07/27/2026 080426 361991 1,069.00 08/27/2026 INV PD Fire & Ice banners (Date ## CHECK DATE: 08/04/2026 ## 112770 PULTE HOMES OF MN 1009 157798 07/21/2026 080426 361992 66.84 08/21/2026 INV PD UE 670108320 501 HAMMERS ## CHECK DATE: 08/04/2026 ## 107855 STAPLES INC 49586614 07/14/2026 080426 361994 8.63 08/14/2026 INV PD WINDEX ELEC WIPES ## CHECK DATE: 08/04/2026 49603045-1 07/15/2026 080426 361993 274.00 08/14/2026 INV PD Copy Paper for the workro ## CHECK DATE: 08/04/2026 49603045-2 07/15/2026 080426 361993 368.97 08/14/2026 INV PD Cups, plates, forks, spoo ## CHECK DATE: 08/04/2026 49603045-3 07/15/2026 080426 361993 107.80 08/14/2026 INV PD Note Pads, batteries, Pos ## CHECK DATE: 08/04/2026 49604329 07/15/2026 080426 361993 13.22 08/14/2026 INV PD Paper Can for Emily in Ad ## CHECK DATE: 08/04/2026 49619994 07/16/2026 080426 361993 12.87 08/15/2026 INV PD Febreez for Bathrooms at ## CHECK DATE: 08/04/2026 49621365 07/16/2026 080426 361994 199.02 08/16/2026 INV PD BREAKROOM SUPPLIES ## CHECK DATE: 08/04/2026 49635689 07/17/2026 080426 361994 18.26 08/17/2026 INV PD SUGAR ## CHECK DATE: 08/04/2026 1,002.77 ## 101616 RDO EQUIPMENT COMPANY P3082914 07/16/2026 080426 361995 28.91 08/16/2026 INV PD #724 CLAMP WATER TRAILER ## CHECK DATE: 08/04/2026 P4983370 07/15/2026 080426 361995 331.67 08/15/2026 INV PD #724 WATER TRAILER PARTS ## CHECK DATE: 08/04/2026 360.58 ## 111983 REC-TECH SALES & SERVICE COMPANY 8515 07/15/2026 080426 361996 122.06 08/15/2026 INV PD CHAIN SAW PARTS ## CHECK DATE: 08/04/2026 Page 133 of 164 ## City of Chaska ## VENDOR INVOICE LIST Report generated: 07/30/2026 12:13 User: 8482nand ## Program ID: apinvlst Page 17 INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION 8541 07/15/2026 080426 361996 339.64 08/15/2026 INV PD TC MOWERS-BELTS ## CHECK DATE: 08/04/2026 8686 07/15/2026 080426 361996 46.99 08/15/2026 INV PD #274 PARK BRAKE LINKAGE ## CHECK DATE: 08/04/2026 508.69 ## 111900 SCP DISTRIBUTORS LLC 545003 07/14/2026 080426 361997 648.86 08/14/2026 INV PD Parts for chemical pumps ## CHECK DATE: 08/04/2026 545173 07/17/2026 080426 361997 48.46 08/17/2026 INV PD Parts for chemical inject ## CHECK DATE: 08/04/2026 545193 07/21/2026 080426 361997 962.44 08/21/2026 INV PD PH & ORP probes, & Chemic ## CHECK DATE: 08/04/2026 1,659.76 ## 113746 REED, MICHAEL 157967 07/28/2026 080426 361998 89.46 08/28/2026 INV PD UE 550300445 3000 SPRINGS ## CHECK DATE: 08/04/2026 ## 101631 REINDERS INC 3418224-00 07/06/2026 080426 361999 2,443.20 08/06/2026 INV PD MEADOW PK SEED/FERTILIZER ## CHECK DATE: 08/04/2026 3418713-00 07/21/2026 080426 361999 647.26 08/21/2026 INV PD FUNGICIDE FOR ATHLETIC PK ## CHECK DATE: 08/04/2026 3418729-00 07/22/2026 080426 361999 125.00 08/22/2026 INV PD STRESS SPRAY FOR TURF FIE ## CHECK DATE: 08/04/2026 3,215.46 ## 102251 RES SPECIALTY PYROTECHNICS INC 27996 07/11/2026 080426 362000 10,000.00 08/24/2026 INV PD Fireworks for Fire & Ice ## CHECK DATE: 08/04/2026 30394 07/01/2026 080426 362000 12,000.00 07/31/2026 INV PD Fireworks for the 4th of ## CHECK DATE: 08/04/2026 22,000.00 ## 101638 RURAL ELECTRIC SUPPLY COOPERATIVE 3120741 260117 07/08/2026 080426 362001 5,710.00 08/07/2026 INV PD 50 ELBOW CAP 600 AMP ## CHECK DATE: 08/04/2026 Page 134 of 164 ## City of Chaska ## VENDOR INVOICE LIST Report generated: 07/30/2026 12:13 User: 8482nand ## Program ID: apinvlst Page 18 INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION 3122944 260128 07/24/2026 080426 362001 1,416.73 08/27/2026 INV PD 250 SLVE FUL TENSN #2ACSR ## CHECK DATE: 08/04/2026 7,126.73 ## 107697 RIVERS EDGE CONCRETE LLC 8123304 06/16/2026 080426 362002 1,132.50 07/16/2026 INV PD MEADOW PK CONCRETE ## CHECK DATE: 08/04/2026 8149623 07/08/2026 080426 362002 1,992.50 08/08/2026 INV PD MEADOW PK RECON-CONCRETE ## CHECK DATE: 08/04/2026 3,125.00 ## 111835 ROK BROTHERS INC INV219461 07/17/2026 080426 362003 1,230.38 08/16/2026 INV PD ANTENNAS-W/S ## CHECK DATE: 08/04/2026 ## 113745 ROME, JAN 157966 07/28/2026 080426 362004 450.00 08/28/2026 INV PD UE 183409310 2865 AUTUMN ## CHECK DATE: 08/04/2026 ## 112477 ROTH STAFFING COMPANIES LP 16417193 07/17/2026 080426 362005 1,858.50 08/16/2026 INV PD HR Temp-Closset w/e 7/12/ ## CHECK DATE: 08/04/2026 ## 113743 RYKKEN, DAWN 157802 07/21/2026 080426 362006 60.57 08/21/2026 INV PD UE 670105830 986 MOERS DR ## CHECK DATE: 08/04/2026 ## 101738 SCHILLING SUPPLY COMPANY 1061401-00 07/23/2026 080426 362007 154.21 08/23/2026 INV PD Disinfectant for Fireman' ## CHECK DATE: 08/04/2026 1061450-00 07/27/2026 080426 362007 250.33 08/27/2026 INV PD Detergent & Sanitizer for ## CHECK DATE: 08/04/2026 404.54 ## 101760 SENTRY SYSTEMS INC 810765 06/01/2026 080426 362008 194.20 06/30/2026 INV PD LOOP SECURITY MONITORING ## CHECK DATE: 08/04/2026 812150 08/01/2026 080426 362008 234.31 08/11/2026 INV PD TC SECURITY MONITORING 8/ Page 135 of 164 ## City of Chaska ## VENDOR INVOICE LIST Report generated: 07/30/2026 12:13 User: 8482nand ## Program ID: apinvlst Page 19 INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION ## CHECK DATE: 08/04/2026 428.51 ## 104547 SITEONE LANDSCAPE SUPPLY HOLDING LLC 168479465-001 07/13/2026 080426 362009 640.92 08/15/2026 INV PD LANDSCAPE ROCK & MULCH ## CHECK DATE: 08/04/2026 168991389-001 07/20/2026 080426 362009 562.06 08/20/2026 INV PD IRRIGATION SUPPLIES ## CHECK DATE: 08/04/2026 1,202.98 ## 113741 SOLD MORE LLC 157800 07/21/2026 080426 362010 45.80 08/21/2026 INV PD UE 350041347 2880 CLOVER ## CHECK DATE: 08/04/2026 ## 101847 SRF CONSULTING GROUP INC 19565.00-8 06/30/2026 080426 362011 5,103.46 08/08/2026 INV PD CR 61 Improvements-High P ## CHECK DATE: 08/04/2026 ## 110200 STERICYCLE INC 8014852232 07/18/2026 080426 362012 223.42 08/17/2026 INV PD June Shredding ## CHECK DATE: 08/04/2026 ## 108114 DANIEL HAERTL 157870 07/22/2026 080426 362013 250.00 07/28/2026 INV PD Kids Concert in the Park ## CHECK DATE: 08/04/2026 ## 101888 STREICHER'S INC I1836809 07/10/2026 080426 362014 10,790.00 08/10/2026 INV PD Rifle Suppressors - PS$ ## CHECK DATE: 08/04/2026 I1837717 07/15/2026 080426 362014 124.99 08/15/2026 INV PD Heitkamp Uniform - Shirt, ## CHECK DATE: 08/04/2026 I1837718 07/15/2026 080426 362014 188.97 08/15/2026 INV PD Letourneau Uniform - Init ## CHECK DATE: 08/04/2026 I1837909 07/16/2026 080426 362014 89.99 08/16/2026 INV PD Brinkhause Uniform - Init ## CHECK DATE: 08/04/2026 I1838271 07/20/2026 080426 362014 1,702.00 08/20/2026 INV PD Meyer Uniform - Vest ## CHECK DATE: 08/04/2026 Page 136 of 164 ## City of Chaska ## VENDOR INVOICE LIST Report generated: 07/30/2026 12:13 User: 8482nand ## Program ID: apinvlst Page 20 INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION I1838592 07/21/2026 080426 362014 33.99 08/21/2026 INV PD Torres Uniform - Belt ## CHECK DATE: 08/04/2026 I1838593 07/21/2026 080426 362014 89.99 08/21/2026 INV PD Linnertz Uniform - Initia ## CHECK DATE: 08/04/2026 I1838771 07/22/2026 080426 362014 939.91 08/22/2026 INV PD Heitkamp Uniform ## CHECK DATE: 08/04/2026 I1839347 07/24/2026 080426 362014 749.00 08/24/2026 INV PD Department Patches - Dron ## CHECK DATE: 08/04/2026 14,708.84 ## 101892 STUART C IRBY CO S014541960.001 260127 07/23/2026 080426 362015 27,500.00 08/22/2027 INV PD SW CAB S&C PME11 600AMP 3 ## CHECK DATE: 08/04/2026 S014542019.001 260124 07/23/2026 080426 362015 27,500.00 08/22/2026 INV PD SW CAB S&C PME11 600AMP 3 ## CHECK DATE: 08/04/2026 S014542046.001 260121 07/23/2026 080426 362015 28,800.00 08/22/2026 INV PD SW CAB S&C PMH 10 600AMP ## CHECK DATE: 08/04/2026 S014542053.001 260122 07/23/2026 080426 362015 27,500.00 08/27/2026 INV PD SW CAB S&C PME11 600AMP 3 ## CHECK DATE: 08/04/2026 S014542057.001 260126 07/23/2026 080426 362015 27,500.00 08/27/2026 INV PD SW CAB S&C PME 11 600AMP ## CHECK DATE: 08/04/2026 S014542059.001 260123 07/23/2026 080426 362015 27,500.00 08/22/2026 INV PD SW CAB S&C PME 11 600AMP ## CHECK DATE: 08/04/2026 S014542060.001 260125 07/23/2026 080426 362015 27,500.00 08/22/2026 INV PD SW CAB S&C PME11 600AMP 3 ## CHECK DATE: 08/04/2026 193,800.00 ## 112914 STZR HOLDINGS LLC 0093583-IN 07/16/2026 080426 362016 45.00 08/16/2026 INV PD Zamboni Blade Sharpening ## CHECK DATE: 08/04/2026 ## 102247 SUMMIT FIRE PROTECTION CO 4166712 06/09/2026 080426 362017 444.95 08/16/2026 INV PD ANNUAL FIRE INPSECTION-TC ## CHECK DATE: 08/04/2026 ## 110819 TAHO SPORTSWEAR INC 26T04605 07/16/2026 080426 362018 844.00 08/15/2026 INV PD Youth Sports - Soccer - S ## CHECK DATE: 08/04/2026 Page 137 of 164 ## City of Chaska ## VENDOR INVOICE LIST Report generated: 07/30/2026 12:13 User: 8482nand ## Program ID: apinvlst Page 21 INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION ## 101932 TAYLOR MADE GOLF CO INC 39367883 07/22/2026 080426 362019 1,252.60 09/05/2026 INV PD RESALE ## CHECK DATE: 08/04/2026 ## 112419 TEST RIGHT LLC 1916 07/20/2026 072926 361900 5,094.55 08/20/2026 INV PD NEW RUBBER GLOVES/SLEEVES ## CHECK DATE: 07/29/2026 ## 101956 HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY 322226579626 07/15/2026 072126-2 361891 57,595.09 07/15/2026 INV PD Q2 PFML Policy XMN 581166 ## CHECK DATE: 07/21/2026 ## 108013 WILLEM SEBASTIAN HARTONG 2461 02/23/2026 080426 362020 900.00 09/10/2026 INV PD Tuesday Kids Concert 8/11 ## CHECK DATE: 08/04/2026 ## 101950 JM ACQUISITION LLC S439495-IN 07/21/2026 080426 362021 763.30 08/21/2026 INV PD VIVAX TABS ## CHECK DATE: 08/04/2026 ## 101966 TK ELEVATOR CORPORATION 4800069394 07/17/2026 080426 362022 100.00 08/17/2026 INV PD $100 Fuel Surcharge for T ## CHECK DATE: 08/04/2026 ## 112486 TOKACH, KORA 157717 07/09/2026 080426 362023 24.36 08/09/2026 INV PD Mileage-NorthStar Payroll ## CHECK DATE: 08/04/2026 ## 101983 TOTAL CONTROL SYSTEMS INC 12267 07/20/2026 080426 362024 19,315.47 08/20/2026 INV PD WELL 8 VFD, WTP CLEARWELL ## CHECK DATE: 08/04/2026 12296 07/22/2026 080426 362024 1,095.70 08/22/2026 INV PD RECLAIM MTR & VFD POWER B ## CHECK DATE: 08/04/2026 20,411.17 ## 113613 MONROE TOWMASTER LLC Page 138 of 164 ## City of Chaska ## VENDOR INVOICE LIST Report generated: 07/30/2026 12:13 User: 8482nand ## Program ID: apinvlst Page 22 INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION 90008940 07/24/2026 080426 362025 344.30 08/24/2026 INV PD #731 MUD FLAPS/BRACKET HO ## CHECK DATE: 08/04/2026 ## 113744 TRUNDE, DANIEL 157803 07/21/2026 080426 362026 170.79 08/21/2026 INV PD UE 111600140 2512 WOODCRE ## CHECK DATE: 08/04/2026 ## 102028 TWIN CITY WATER CLINIC INC 25624 07/14/2026 080426 362027 13.00 08/13/2026 INV PD WELL #11 SAMPLES ## CHECK DATE: 08/04/2026 25657 07/17/2026 080426 362027 13.00 08/16/2026 INV PD WELL #11 SAMPLES ## CHECK DATE: 08/04/2026 26.00 ## 110053 TX CHILD SUPPORT SDU PR0072426-0012725283 07/24/2026 072926 361901 115.38 07/24/2026 INV PD 072426 Payroll - Child Su ## CHECK DATE: 07/29/2026 ## 102076 UNITED STATES TREASURY 720-2025 07/20/2026 072326 361898 288.00 07/31/2026 INV PD FORM 720-2025 VEBA ## CHECK DATE: 07/23/2026 ## 104522 US FOODS INC 3373115 07/17/2026 080426 362028 424.91 08/16/2026 INV PD TOWELS, SOAP ## CHECK DATE: 08/04/2026 5924488 07/16/2026 080426 362028 225.51 08/15/2026 INV PD JUN DISH MACHINE RENTAL ## CHECK DATE: 08/04/2026 5991019 07/27/2026 080426 362028 -92.78 08/27/2026 CRM PD SOAP RETURN - LOADING ERR ## CHECK DATE: 08/04/2026 557.64 ## 109994 USI INSURANCE SERVICES LLC 6078023 07/17/2026 080426 362029 700.00 08/17/2026 INV PD HANDBOOK MAINTENANCE RENE ## CHECK DATE: 08/04/2026 ## 102115 VIKING AUTOMATIC SPRINKLER CO 1025-F498865 07/21/2026 080426 362030 568.97 08/21/2026 INV PD Fixed Communication Issue Page 139 of 164 ## City of Chaska ## VENDOR INVOICE LIST Report generated: 07/30/2026 12:13 User: 8482nand ## Program ID: apinvlst Page 23 INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION ## CHECK DATE: 08/04/2026 ## 105146 ECM PUBLISHERS INC 1107230 07/16/2026 080426 362031 286.99 08/16/2026 INV PD 2026 Industrial Park Wate ## CHECK DATE: 08/04/2026 1107232 07/16/2026 080426 362031 32.80 08/16/2026 INV PD Public Accuracy Test ## CHECK DATE: 08/04/2026 319.79 ## 102133 WAGNER PRESS & GRAPHICS 39564 07/21/2026 080426 362032 342.50 08/21/2026 INV PD Dog Impound Forms ## CHECK DATE: 08/04/2026 39568 07/22/2026 080426 362032 5,251.00 08/23/2026 INV PD Fall Activity Guide ## CHECK DATE: 08/04/2026 39575 07/22/2026 080426 362032 312.40 08/22/2026 INV PD SIGNS FOR FARMERS MARKET ## CHECK DATE: 08/04/2026 5,905.90 ## 113563 WENDY BALDINGER 260805 08/03/2026 080426 362033 305.00 08/03/2026 INV PD Wednesday Kids Concert 8/ ## CHECK DATE: 08/04/2026 ## 102166 WESCO DISTRIBUTION INC 717704 260118 07/08/2026 080426 362034 5,911.40 08/20/2026 INV PD 20 ELBOW BUSHING ADAPTER ## CHECK DATE: 08/04/2026 ## 113638 WHIMSICAL FACES 156567 06/23/2026 072126-2 361892 540.00 06/30/2026 INV PD Face Painting at Pride Ce ## CHECK DATE: 07/21/2026 ## 102189 WM MUELLER & SONS 325583 07/13/2026 080426 362035 667.40 08/12/2026 INV PD TOP DRESS SAND FOR ISD 11 ## CHECK DATE: 08/04/2026 325584 07/13/2026 080426 362035 231.80 08/12/2026 INV PD PATCH FOR CULVERT REPLACE ## CHECK DATE: 08/04/2026 325661 07/14/2026 080426 362035 1,169.01 08/13/2026 INV PD DIST 112 TOP DRESSING SAN ## CHECK DATE: 08/04/2026 Page 140 of 164 ## City of Chaska ## VENDOR INVOICE LIST Report generated: 07/30/2026 12:13 User: 8482nand ## Program ID: apinvlst Page 24 INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION 325782 07/16/2026 080426 362035 400.00 08/15/2026 INV PD VACTOR DUMPING ## CHECK DATE: 08/04/2026 325783 07/16/2026 080426 362035 110.11 08/15/2026 INV PD POTHOLE PATCHING ## CHECK DATE: 08/04/2026 325835 07/17/2026 080426 362035 1,200.00 08/16/2026 INV PD WO# 20092 VACTOR DUMPING ## CHECK DATE: 08/04/2026 325836 07/17/2026 080426 362035 191.10 08/16/2026 INV PD POTHOLE PATCHING ## CHECK DATE: 08/04/2026 325884 07/20/2026 080426 362035 161.98 08/20/2026 INV PD POTHOLE PATCHING ## CHECK DATE: 08/04/2026 325933 07/21/2026 080426 362035 147.42 08/21/2026 INV PD POTHOLE PATCHING ## CHECK DATE: 08/04/2026 326140 07/24/2026 080426 362035 93.42 08/24/2026 INV PD SAND FOR STOCK ## CHECK DATE: 08/04/2026 326141 07/24/2026 080426 362035 456.00 08/24/2026 INV PD LENZEN CHEV TRAIL PATCH ## CHECK DATE: 08/04/2026 4,828.24 ## 100631 NORTHERN STATES POWER COMPANY, MN 985696607 07/09/2026 072126-2 361893 42.06 08/05/2026 INV PD 1901 MT HOPE RD ELEC SVC ## CHECK DATE: 07/21/2026 ## 110790 JACLYN YEGO 157876 07/11/2026 080426 362036 300.00 08/05/2026 INV PD Face Painter Carver Vehic ## CHECK DATE: 08/04/2026 ## 102226 ZARNOTH BRUSH WORKS INC 0207126-IN 07/15/2026 080426 362037 663.60 08/15/2026 INV PD GUTTER BROOMS ## CHECK DATE: 08/04/2026 ## 113385 ZERO FRICTION LLC 256018 07/16/2026 080426 362038 122.36 08/16/2026 INV PD RESALE ## CHECK DATE: 08/04/2026 ## 272 INVOICES 1,510,397.27 Page 141 of 164 ## City of Chaska ## VENDOR INVOICE LIST Report generated: 07/30/2026 12:13 User: 8482nand ## Program ID: apinvlst Page 25 INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION ## ** END OF REPORT - Generated by Nayrobi Andrie ** Page 142 of 164 ## City of Chaska ## VENDOR INVOICE LIST Report generated: 07/30/2026 13:38 User: 8482nand ## Program ID: apinvlst Page 1 INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION ## 105243 ALERUS FINANCIAL C189019 07/08/2026 072026-1 5363 126.00 07/20/2026 DIR PD JUN PARTICIPANT FEES ## CHECK DATE: 07/20/2026 ## 100385 CHASKA FIRE DEPT RELIEF ASSN 2026/06-CFDRA 07/24/2026 072426-1 5374 18,612.00 07/24/2026 DIR PD JUN-26 FIRE RELIEF ASSOC- ## CHECK DATE: 07/24/2026 ## 110382 ENTERPRISE FM TRUST FBN5691360 07/03/2026 072026-2 5364 16,724.36 07/20/2026 DIR PD JUL FLEET LEASES ## CHECK DATE: 07/20/2026 ## 100927 INTERNAL REVENUE SERVICE 157882 07/24/2026 072426-2 5376 216,250.50 07/24/2026 DIR PD 072426 Payroll - SS, Medi ## CHECK DATE: 07/24/2026 ## 101346 MINNESOTA COMMISSIONER OF REVENUE 2026/0630-CC 06/30/2026 072126-5 5370 24,293.13 07/21/2026 DIR PD JUN-26 CARVER CTY TRANSIT ## CHECK DATE: 07/21/2026 2026/0630-HOUSING 06/30/2026 072126-5 5371 12,130.40 07/21/2026 DIR PD JUN-26 METRO HOUSING SALE ## CHECK DATE: 07/21/2026 2026/0630-SLS/UB 06/30/2026 072126-5 5368 333,479.48 07/21/2026 DIR PD JUN-26 GEN/UB TAX ## CHECK DATE: 07/21/2026 2026/0630-TRANSPORT 06/30/2026 072126-5 5372 36,368.49 07/21/2026 DIR PD JUN-26 METRO TRANSPORTATI ## CHECK DATE: 07/21/2026 2026/0630-USE 06/30/2026 072126-5 5369 7,094.23 07/21/2026 DIR PD JUN-26 USE TAX ## CHECK DATE: 07/21/2026 413,365.73 ## 101343 MINNESOTA DEPT OF REVENUE-PAYROLL WIRES 157883 07/24/2026 072426-2 5377 43,571.03 07/24/2026 DIR PD 072426 Payroll - MN State ## CHECK DATE: 07/24/2026 ## 100889 INTERNATIONAL CITY MANAGEMENT ASSN RETIREMENT CORP 157881 07/24/2026 072426-2 5378 6,227.90 07/24/2026 DIR PD 072426 Payroll - 457B & 4 ## CHECK DATE: 07/24/2026 Page 143 of 164 ## City of Chaska ## VENDOR INVOICE LIST Report generated: 07/30/2026 13:38 User: 8482nand ## Program ID: apinvlst Page 2 INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION ## 101249 MINNESOTA MUNICIPAL POWER AGENCY 4569 07/02/2026 072026-1 5362 4,117,763.79 07/20/2026 DIR PD JUN ELECTRIC DUE ## CHECK DATE: 07/20/2026 ## 101376 NATIONWIDE RETIREMENT SOLUTIONS(USCM) 157884 07/24/2026 072426-2 5379 18,015.91 07/24/2026 DIR PD 072426 Payroll - 457 Cont ## CHECK DATE: 07/24/2026 ## 106955 NATIONWIDE RETIREMENT SOLUTIONS(USCM) 157887 07/24/2026 072426-2 5380 10,163.31 07/24/2026 DIR PD 072426 Payroll - Roth Con ## CHECK DATE: 07/24/2026 ## 104668 OPTUM BANK INC 157886 07/24/2026 WIRE_001 5386 29,449.91 07/24/2026 DIR PD 072426 Payroll - HSA Cont ## CHECK DATE: 07/27/2026 ## 101498 PCARD 2026/0713-PC 07/13/2026 072126-4 5373 160,435.77 07/21/2026 DIR PD JUL 2026 PCARD PURCHASES ## CHECK DATE: 07/21/2026 ## 101525 THE PITNEY BOWES BANK INC 2026/0720-PB 07/20/2026 072126-4 5367 1,200.00 07/21/2026 DIR PD 7/20/26 REPLENISH POSTAGE ## CHECK DATE: 07/21/2026 ## 101506 PUBLIC EMPLOYEES RETIREMENT ASSOCIATION 157885 07/24/2026 072426-2 5381 148,886.59 07/24/2026 DIR PD 072426 Payroll - PERA Con ## CHECK DATE: 07/24/2026 ## 102066 US BANK 2026/08/01 DS-1 07/27/2026 5387 1,209,125.06 07/27/2026 DIR PD 8/1 DS Pmt - 2024A - USBa ## CHECK DATE: 07/30/2026 2026/08/01 DS-2 07/27/2026 WIRE_001 5388 131,979.20 07/27/2026 DIR PD 8/1 DS Pmt - 2015A EDA - ## CHECK DATE: 07/27/2026 1,341,104.26 ## 112849 VOYA INSTITUTIONAL TRUST COMPANY Page 144 of 164 ## City of Chaska ## VENDOR INVOICE LIST Report generated: 07/30/2026 13:38 User: 8482nand ## Program ID: apinvlst Page 3 INVOICE P.O. INV DATE CHECK RUN CHECK # INVOICE NET DUE DATE TYPE STS INVOICE DESCRIPTION 157888 07/24/2026 072426-2 5382 9,118.86 07/24/2026 DIR PD 072426 Payroll - HCSP Con ## CHECK DATE: 07/24/2026 ## 112884 VOYA INSTITUTIONAL TRUST COMPANY 157889 07/24/2026 072426-2 5383 3,426.88 07/24/2026 DIR PD 072426 Payroll - MNDCP Co ## CHECK DATE: 07/24/2026 ## 110788 WEX HEALTH INC 0002395205-IN 06/30/2026 072426-1 5375 331.75 07/24/2026 DIR PD JUN VEBA/FSA PARTICIPANT ## CHECK DATE: 07/24/2026 20260714-FSA 07/14/2026 071626-1 5361 334.58 07/16/2026 DIR PD 7/16/26 FSA Reimb-Healthc ## CHECK DATE: 07/16/2026 20260717-FSA 07/17/2026 072026-3 5365 2,031.25 07/20/2026 DIR PD 7/20/26 FSA Reimb-Depende ## CHECK DATE: 07/20/2026 20260720-FSA 07/20/2026 072126-4 5366 44.58 07/21/2026 DIR PD 7/21/26 FSA Reimb-Healthc ## CHECK DATE: 07/21/2026 20260722-FSA 07/22/2026 072426-2 5384 49.50 07/24/2026 DIR PD 7/24/26 FSA Reimb-Healthc ## CHECK DATE: 07/24/2026 20260724-FSA 07/27/2026 5385 288.46 07/27/2026 DIR PD 7/27/26 FSA Reimb-Healthc ## CHECK DATE: 07/27/2026 3,080.12 ## 28 INVOICES 6,557,522.92 ## ** END OF REPORT - Generated by Nayrobi Andrie ** Page 145 of 164 ## COUNCIL MEETING/WORK SESSION SCHEDULE Below is a list of the upcoming Council Meetings and Work Sessions to plan for: August 3 rd : Prior to the Council Monday, from 5:45-7 in the Council Chambers, we will be having our first work session to address our 2027 budget. Specifically, our first meeting will focus on our proposed tax levy (as we do need to establish the preliminary tax levy in September) and will also look generally at trends we are seeing that affect revenues going into the next budget year. Following this work session, we will have a regular Council meeting, which will include approving the final financing package for the construction of the new Water Treatment Plant facility. August 17 th : While we had not planned on having a Work Session on this night, we are going to plan on having a continuation of our Work Session from July 20 th , where we discussed the final recommendations for the SW Chaska Master Plan. Because we ran out of time at the first work session, we wanted to make sure that we gave the Council enough time to discuss and ask questions about the recommended plan. At the same time, we did receive some feedback that we want to bring back to Council to consider now that we have had a time to understand both the design and financial aspects of the feedback we received. We plan on starting at 5:30 pm with this work session and going right up until the regular Council meeting at 7 pm. August 31 st : Prior to this Council meeting, from 5:45-7 in the City Council Chambers, we will be holding a work session. The purpose of this work session revolves around continuing our budget discussions, both reviewing what we discussed at the August 3 rd meeting, and including more focus on what we have budgeted to change with expenditures within our 2027 General Fund Budget. Again, this meeting is helping to prepare us for September when we will have to establish our Preliminary Tax Levy for 2027. At this time, we are planning on having the Council consider establishing the preliminary tax levy at the September 14 th meeting but could move it to the September 21 st meeting if we needed more time to discuss what is being proposed. Just a reminder that with the Labor Day holiday falling on the first Monday of September, we will not have a meeting that night, but that our two meetings in September will fall on September 14 th and 21 st . Just let me know if you are unable to attend any of these meetings. ## Biweekly Report August 3, 2026 ## By: ## Matt Podhradsky ## Matt Podhradsky Page 146 of 164 ## CITY HALL PLAZA As you have likely already noticed, we did start work with remodeling the City Hall Plaza space this past Monday. The focus of work at the beginning of the project is working on the plaza sections located on either side of the History Center Building on the south end of the block. During this time period, both the City Hall and Library entrances will need to be accessed from the north, utilizing the sidewalk along the west side of the parking lot. People will not be able to park in the parking lot during this time as both work and staging of work are happening within this space. For the second half of the project when we move to the north, we will have the need of closing the main entrance into the Library. We have worked with the library to move their temporary entrance to the door on the south side of the building right off 4 th Street. While this is not ideal, it will allow everyone to still enter the library space throughout the duration of the project. As we move north through the project, it will also eventually affect City Hall’s main entrance. With the old Police entrance available, and the sidewalk leading to it needing to remain intact throughout the entire project, we feel comfortable we will be able to navigate that closure and get people into our main lobby area. We do expect that given the timing of our start on this project that we should be able to get all hardscape portions of the project completed before winter, including the heated sidewalk component, which will make this sidewalk much safer during the winter. We would plan on completing the landscaping/plantings in the Spring to give them the best chance for survival. If you have any questions about this project, please let me know. ## OAKRIDGE CONFERENCE CENTER I wanted to provide you with an update on the Oakridge Conference Center, as this building has received a lot of attention for the number of issues we have had with people vandalizing this building since it closed. I am happy to share that the owner of the building is currently working with two groups who are both interested in reutilizing the space for a Nordic Spa and Hotel. While these types of facilities are more common in Canada, we have not seen these facilities in the United States yet because they tend to thrive in cold-weather climates. Under both parties’ plans, they would look at doing major renovations to the building including upgrading the hotel rooms within the building, adding back a restaurant to the building and adding several spa amenities, including hot, warm and cold pools outside of the building on the west and northwest sides of the building. Both parties would view this being a destination location, bringing visitors into the City, with their also being options for residents to utilize the spa and restaurant facilities even if not staying there. They would look at creating a membership option for area residents to use solely for health/wellness activities. At this time Staff is working with both groups to help them create a submittal application that will meet our City code and provide guidance on how they approach the addition of different amenities. In our discussions with them, we would concur that this could be a very nice attraction for the community, while also providing a quality hotel facility in the community that could serve local needs. Page 147 of 164 It is our understanding that one of the two groups plans to submit for concept plan consideration this fall, so the Council should see this on the agenda in the near future. If you have any questions about this, please let me know. ## LCCMR GRANT STATUS As Staff shared at our last work session when we discussed the Southwest Community Park plan, one of the activities that Staff has been working on is applying for dollars outside of the community that could help us in implementing our vision for this site. Specifically, Staff did apply for $500,000 from a State DNR grant to help support the construction of the Universal Playground. Staff also applied for approximately $3.5 million from the State LCCMR Grant process, which is a program run through the Legislature that utilizes State Legacy Dollars. While we were notified that we were not successful in getting the $500,000 DNR Grant, we did find out this week that Chaska’s request is going to be recommended for approval, with us expecting to get $3.1 million from this request. With this being the larger of the two requests, we were very happy to get this news this week, as this will help us to implement our Park’s vision more completely than if we did not have these dollars. While there is still a final approval that needs to occur during next year’s legislative session, history has shown that projects that are recommended through the process often get approved for the full amount that is being recommended. A big thank you to our City Planner Ashley Cauley who did much of the work on this application and has also been successful in getting two other grants for this park that we have utilized to purchase portions of the Big Woods property to preserve this into the future. All these grants have made it much easier to achieve our vision in both the Park and adjacent woods. If you have any questions about this, please do not hesitate to ask. ## BAVARIA ROAD UPDATE If you have driven out to Bavaria Road north of Pioneer Trail over the past two weeks, you will see that a good portion of the work that is being done on that road to overlay it has been completed. To date, 2/3rds of the project have already had both the mill and overlay of the road completed, with the final 1/3 (south end of the project) having been fully milled and waiting for the overlay, which is scheduled to happen early next week. After that is complete, the contractor will go back and put the final lift of pavement on the entire section of road to make sure it is uniform through the entire project. In addition to this, because the pricing came in much better than we had anticipated, we do have some budgeted dollars remaining that we will be using to mill and overlay a good portion of Bavaria Road south of Hundertmark. Specifically, the section north of the 212 Bridge and south of the SW Christian access with be able to be resurfaced. The other section of that road was recently reconstructed to put turn lanes into SW Christian High School’s property. These projects were definitely needed and will provide a good road surface for residents to drive on. If you have any questions, don’t hesitate to let me know. Page 148 of 164 ## Autumn Woods Park (new Neighborhood) As you may remember when Lennar came through the planning process for their Autumn Woods project on the old Wagner Farm, one of the components of that neighborhood that we planned for was to have a neighborhood park. This area of the community did not yet have a neighborhood park within walking distance, and this provided us with an opportunity to add one that can not only serve this new neighborhood but also serve the existing Autumn Woods neighborhood to the West. As a status update, Staff have started the process of working with residents of that neighborhood to plan for the development of that park. With one meeting having already occurred a few weeks ago, Staff is now going through the process of holding a second meeting to share with them 3 different alternatives based on the feedback that we received at the first meeting. Our hope is that we can complete the planning process with the neighborhood over the next 2-3 months, so that we can order equipment for the park and plan on construction in the summer of 2027. It would be our hope that by the end of next summer we will have this project complete. If you have any questions on this project, just let me know. ## FINAL OUTCOME OF FILING FOR CITY COUNCIL SEATS With the filing and withdrawing period having ended for City Council Seats, I wanted to provide you with the final list of candidates that will be on the November 3 rd ballot: Ward 1: ## • Jon Grau ## • Robin Bielefeldt Ward 3: ## • McKayla Hatfield ## • Steve Herrmann ## • Catherine Tarbell Hull ## Mayor: ## • Taylor Hubbard ## • David Meisner If you should have any questions during the process, do not hesitate to let myself, Elise or Denise know. ## OUT ON VACATION Just as a note, I will be out on vacation the week of August 10 th . We will be driving to Quebec City and eventually on to Bar Harbor Maine. I will be back in town on August 16 th and back at work on the 17 th . If you should need anything while I am gone, do not hesitate to reach out to Elise who will be able to help you. Page 149 of 164 ## Upcoming Activities Farmer’s Market: We have had good crowds since the start, with us getting up to 35 vendors at the last market! This will continue every Thursday evening on the paseo between the Chaska Depot Building and City Square Park where there will be music every Thursday night. Night to Unite: This will happen this Tuesday August 4 th , with several block parties scheduled around the community. We will make sure to get you the list of parties and just let us know if you would like to ride with someone. Page 150 of 164 ## City of Chaska ## Memorandum ## To: Administration, Mayor, and City Council ## From: Lisa Nelson, Controller Date: July 31, 2026 RE: Financial Reports – Ye a r-To-Date (YTD) as of May 31, 2026 ## FINACIAL REPORTS Atached are year-to-date financial reports as of May 31, 2026. Each fund includes the adopted budget compared to YTD actuals and the resul�ng variance. Prior year revenue s and expenditures/expenses are reported to allow compar isons of current year and prior year ac�vity. These dra� reports include the following revenues and expenditures/expenses as of the report date: • YTD revenue receipted by the City. • YTD revenue from invoices issued by the City. • YTD payroll expenditures. • YTD vendor payments that: 1) were previously approved by the City Council, or 2) are pending approval by the Council at the August 3rd mee�ng. These dra� reports do not include the following revenues and expenditures/expenses: • General investment earnings revenue • Deprecia�on and amor�za�on expense (recorded at year-end) Page 151 of 164 ## PERCENT ## OF BUDGET2025 ## ACTUAL AS OFVARIANCE WITHRECEIVED/ACTUAL AS OF ## BUDGET5/31/2026BUDGETEXPENDED5/31/2025 ## REVENUES: Property Taxes *18,635,272$ -$ (18,635,272)$ 0%-$ Franchise Fees 1,030,000 495,777 (534,223) 48%193,377 Licenses225,812 205,472 (20,340) 91%191,057 ## Permits: Building1,800,282 537,620 (1,262,662) 30%807,320 Other Permits59,380 95,477 36,097 161%128,457 ## Intergovernmental: Federal- - - 4,983 State789,801 134,105 (655,696) 17%132,106 Regional, County, School & Local 173,160 66,534 (106,626) 38%76,072 ## Charges For Services: General Government6,851,754 2,826,931 (4,024,823) 41%2,626,306 Public Safety43,062 4,269 (38,793) 10%3,489 Public Works, Admin and Streets17,174 31,583 14,409 184%26,015 Parks & Recreation and Park Maint.761,261 180,883 (580,378) 24%207,344 Fines And Forfeitures43,860 25,621 (18,239) 58%24,429 Investment Earnings25,000 - (25,000) 0%- Other Revenue303,232 116,995 (186,237) 39%76,701 ## TOTAL REVENUES30,759,050 4,721,267 (26,037,783) 15%4,497,656 ## EXPENDITURES: ## General Government: Mayor & Council167,483 91,877 75,606 55%84,165 Communications448,049 192,381 255,668 43%130,006 Administration 1,212,972 513,648 699,324 42%445,987 Human Resources619,151 304,698 314,453 49%248,272 Elections48,335 20,917 27,418 43%7,470 Finance/Admin Services2,213,041 1,174,414 1,038,627 53%1,045,714 Information Services & Fiber Sys.1,550,461 445,841 1,104,620 29%585,546 Legal - City Attorney145,725 40,253 105,472 28%70,431 Community Development725,215 245,135 480,080 34%244,781 Engineering739,453 288,238 451,215 39%297,552 Government Buildings242,231 111,141 131,090 46%98,080 Facility Maintenance864,175 345,036 519,139 40%324,369 Total General Government8,976,291 3,773,579 5,202,712 42%3,582,373 ## Public Safety: Police7,834,036 3,260,846 4,573,190 42%2,972,766 Fire 3,759,164 1,257,119 2,502,045 33%1,226,439 Public Safety Facility185,000 132,788 52,212 72%- Building Inspections (Comm.Dev)893,697 420,237 473,460 47%360,273 Civil Defense5,901 5,010 891 85%185 Total Public Safety12,677,798 5,076,000 7,601,798 40%4,559,663 ## Public Works: Administration497,672 222,227 275,445 45%215,452 Streets & Alleys3,159,679 683,716 2,475,963 22%582,464 Snow Removal383,418 295,987 87,431 77%137,979 Signs13,070 1,198 11,872 9%13,201 Municipal Services/Building409,882 104,297 305,585 25%225,267 Tree Maintenance102,289 88,653 13,636 87%59,622 Total Public Works4,566,010 1,396,078 3,169,932 31%1,233,985 ## Parks & Recreation: Administration842,075 263,714 578,361 31%294,374 Community Events222,125 72,453 149,672 33%59,435 Programs (Youth/Teen/Adult/Sr.) 889,401 313,567 575,834 35%291,267 Beach/Firemen's Park113,094 12,369 100,725 11%5,008 Hockey & Skating Rinks7,391 3,574 3,817 48%7,144 Park Maintenance1,883,810 711,081 1,172,729 38%691,726 Total Parks & Recreation3,957,896 1,376,758 2,581,138 35%1,348,954 Unallocated685,000 - 685,000 0%- Debt Service 281,055 83,721 197,334 30%66,255 ## TOTAL EXPENDITURES31,144,050 11,706,136 19,437,914 38%10,791,230 ## OTHER FINANCING SOURCES (USES): Transfers In 5,806,000 1,835,360 (3,970,640) 32%1,846,570 Transfers Out(5,421,000) - 5,421,000 0%(355,000) ## NET TRANSFERS385,000 1,835,360 1,450,360 1,491,570 NET CHANGE IN FUND BALANCES-$ (5,149,509)$ (5,149,509)$ (4,802,004)$ *Tax settlements are received from Carver County in June/July and December. ## GENERAL FUND ## REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES ## FOR THE PERIODS ENDING 05/31/2026 AND 05/31/2025 2026 Page 152 of 164 ## PERCENT ## OF BUDGET2025 ## ACTUAL AS OFVARIANCE RECEIVED/ACTUAL AS OF ## BUDGET5/31/2026WITH BUDGETEXPENDED5/31/2025 ## REVENUES: Property Taxes *6,000$ -$ (6,000)$ 0%-$ Charges For Services/Lot Sales2,400 1,200 (1,200) 50%1,400 Investment Earnings300 - (300) 0%- ## TOTAL REVENUES8,700 1,200 (7,500) 14%1,400 ## EXPENDITURES: ## Current: ## Public Works: Professional Services And Charges13,500 5,966 7,534 44%2,337 NET CHANGE IN FUND BALANCES(4,800)$ (4,766)$ 34$ (937)$ *Tax settlements are received from Carver County in June/July and December. ## MOUNT PLEASANT MAINTENANCE FUND ## REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES ## FOR THE PERIODS ENDING 05/31/2026 AND 05/31/2025 2026 Page 153 of 164 ## PERCENT ## OF BUDGET2025 ## ACTUAL AS OFVARIANCE % RECEIVED/ACTUAL AS OF ## BUDGET5/31/2026WITH BUDGETEXPENDED5/31/2025 ## REVENUES: Property Taxes *249,217$ -$ (249,217)$ 0%-$ Charges For Services355,705 151,120 (204,585) 42%143,894 Investment Earnings15,000 - (15,000) 0%- Other Revenue34,800 - (34,800) - ## TOTAL REVENUES654,722 151,120 (503,602) 23%143,894 ## EXPENDITURES: ## Current: ## Administration: Professional Services31,537 16,626 14,911 53%4,018 Other Charges and Special Events471,074 196,136 274,938 42%184,875 ## Economic Development Projects/Programs: Supplies- 198 (198) - Professional Services62,230 29,222 33,008 29,050 Other Charges and Special Events219,970 114,651 105,319 52%9,657 ## TOTAL EXPENDITURES784,811 356,833 427,978 45%227,600 ## EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER) EXPENDITURES(130,089) (205,713) (75,624) (83,706) ## OTHER FINANCING SOURCES (USES): Transfers In / (Out)200,000 - (200,000) - NET CHANGE IN FUND BALANCES69,911$ (205,713)$ (275,624)$ (83,706)$ *Tax settlements are received from Carver County in June/July and December. ## ECONOMIC DEVELOPMENT AUTHORITY (EDA) FUND ## REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES ## FOR THE PERIODS ENDING 05/31/26 AND 05/31/25 2026 Page 154 of 164 ## PERCENT ## OF BUDGET2025 ## ACTUAL AS OFVARIANCE RECEIVED/ ## ACTUAL AS OF ## BUDGET ## 5/31/2026WITH BUDGETEXPENDED5/31/2025 ## REVENUES: ## Property Taxes * 4,244,121$ -$ (4,244,121) $ 0%-$ ## Charges For Services30,500 11,369 (19,131) 37%- ## Interest Earnings- 211,259 211,259 273,672 Leases (tower)154,000 - (154,000) 0%- ## Other Revenue- - - 32,651 ## TOTAL REVENUES4,428,621 222,628 (4,205,993) 5%306,323 ## EXPENDITURES: ## Current: General Government10,000 55,843 (45,843) 558%139,712 Public Safety- 11,160 (11,160) 66,694 ## Debt Service: Issuance Costs & Fiscal Agent Fees455,000 - 455,000 - ## Capital Outlay: ## Furniture And Equipment Communications30,500 43,078 (12,578) 141%33,839 Human Resources- - - 27,961 Information Technology52,000 17,294 34,706 33%141,914 Engineering- - - - City Buildings- 8,877 (8,877) - Police149,000 28,749 120,251 103,093 Fire236,000 - 236,000 36,953 Building Inspections- - - 90,924 Public Works518,500 - 518,500 0%505,112 ## TOTAL EXPENDITURES1,451,000 165,001 1,285,999 11%1,146,202 ## EXCESS (DEFICIENCY) OF REVENUES OVER ## (UNDER) EXPENDITURES 2,977,621 57,627 (2,919,994) (839,879) ## OTHER FINANCING SOURCES (USES): Transfers In36,000 - (36,000) 0%- Transfers Out(3,313,621) - 3,313,621 0% - ## Bonds Issued300,000 - (300,000) 0%- ## Subscriptions Issued- - - 189,326 ## Sale of Capital Assets- 230 230 - TOTAL OTHER FINANCING SOURCES (USES)(2,977,621) 230 2,977,851 189,326 NET CHANGE IN FUND BALANCES-$ 57,857$ 57,857$ (650,553)$ *Tax settlements are received from Carver County in June/July and December. ## EQUIPMENT ACQUISITION FUND ## REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES ## FOR THE PERIODS ENDING 05/31/2026 AND 05/31/2025 2026 Page 155 of 164 ## PERCENT ## OF BUDGET2025 ## ACTUAL AS OFVARIANCE RECEIVED /ACTUAL AS OF ## BUDGET5/31/2026WITH BUDGETEXPENDED5/31/2025 ## OPERATING REVENUES: Residential & Senior Sales12,091,000$ 4,195,047$ (7,895,953)$ 35%3,901,388$ Commercial Sales1,430,000 531,293 (898,707) 37%521,738 Industrial Sales37,729,000 11,789,555 (25,939,445) 31%11,972,759 Other Charges and Sales3,365,350 4,481,279 1,115,929 133%5,299,327 TOTAL OPERATING REVENUES54,615,350 20,997,174 (33,618,176) 38%21,695,212 ## OPERATING EXPENSES: Purchased Power31,384,000 13,549,378 17,834,622 43%13,938,177 ## Distribution: Personnel Services2,853,045 1,067,141 1,785,904 37%1,014,954 Supplies, Services & Other Charges1,189,031 418,586 770,445 35%483,147 ## Administration: Personnel Services585,674 212,025 373,649 36%193,602 Supplies, Services & Other Charges4,121,965 1,700,156 2,421,809 41%1,656,980 ## Utility Billing: Personnel Services405,746 166,105 239,641 41%171,877 Supplies, Services & Other Charges426,395 115,944 310,451 27%144,156 Conservation Programs342,690 106,730 235,960 31%207,528 Capital Outlay4,679,000 711,885 3,967,115 15%1,169,649 TOTAL OPERATING EXPENSES45,987,546 18,047,950 27,939,596 39%18,980,070 ## OPERATING INCOME8,627,804 2,949,224 (5,678,580) 2,715,142 ## NON-OPERATING REVENUES: Investment Earnings 26,900 13,579 (13,321) 50%- Intergovernmental- 42 42 118 Gain on Disposal of Capital Assets- 6,750 6,750 - TOTAL NON-OPERATING REVENUES26,900 20,371 (6,529) 118 ## NON-OPERATING EXPENSES: Debt Service720,050 97,888 622,162 14%107,587 Debt Service - Agent Fees1,000 1,700 (700) 170%- TOTAL NON-OPERATING EXPENSES721,050 99,588 621,462 14%107,587 ## INCOME (LOSS) BEFORE CONTRIBUTIONS ## AND TRANSFERS7,933,654 2,870,007 (5,063,647) 2,607,673 ## CAPITAL CONTRIBUTIONS2,277,200 79,962 (2,197,238) 536,994 ## TRANSFERS IN (OUT): Transfers Out(9,458,100) (1,835,360) 7,622,740 19%(1,846,570) ## CHANGE IN NET POSITION752,754$ 1,114,609$ 361,855$ 1,298,097$ 2026 ## ELECTRIC FUND ## REVENUES, EXPENSES AND CHANGES IN NET POSITION ## FOR THE PERIODS ENDING 05/31/2026 AND 05/31/25 Page 156 of 164 ## PERCENT ## OF BUDGET 2025 ## ACTUAL AS OFVARIANCE RECEIVED/ACTUAL AS OF ## BUDGET5/31/2026WITH BUDGETEXPENDED5/31/2025 ## OPERATING REVENUES: ## Residential Sales1,907,000$ 547,409$ (1,359,591)$ 29% 502,396 $ ## Commercial Sales1,522,000 427,474 (1,094,526) 28%361,453 ## Industrial Sales1,041,000 403,142 (637,858) 39%318,186 Other Sales & Charges1,252,040 503,117 (748,923) 40%495,039 TOTAL OPERATING REVENUES5,722,040 1,881,142 (3,840,898) 33%1,677,074 ## OPERATING EXPENSES: ## Pumping422,611 166,979 255,632 40%145,534 Treatment584,643 194,978 389,665 33%185,340 ## Distribution: Personnel Services815,741 346,274 469,467 42%321,260 ## Supplies, Services & Other Charges373,849 130,072 243,777 35%92,768 ## Administration: ## Personnel Services182,678 68,297 114,381 37%64,622 ## Supplies, Services & Other Charges843,815 380,363 463,452 45%328,626 ## Utility Billing: ## Personnel Services72,456 29,658 42,798 41%30,838 ## Supplies, Services & Other Charges92,310 29,278 63,032 32%26,895 ## Capital Outlay355,000 982,971 (627,971) 277%707,387 ## TOTAL OPERATING EXPENSES3,743,103 2,328,870 1,414,233 62% 1,903,270 ## OPERATING INCOME (LOSS)1,978,937 (447,728) (2,426,665) -23%(226,196) ## NON-OPERATING REVENUES: Investment Earnings17,700 - (17,700) 0%- ## Lease - Bountiful Basket 32,800 - (32,800) 0%- ## TOTAL NON-OPERATING REVENUES50,500 - (50,500) 0%- ## NON-OPERATING EXPENSES: Debt Service 2,216,375 284,347 1,932,028 13%283,123 Issuance Costs & Fiscal Agent Fees1,000 378 622 38%- Old Wtr Trmt Plant/Bountiful Basket1,952 1,338 614 69%710 ## TOTAL NON-OPERATING EXPENSES 2,219,327 286,063 1,933,264 13%283,833 ## INCOME (LOSS) BEFORE TRANSFERS(189,890) (733,791) (543,901) (510,029) ## TRANSFERS IN (OUT): ## Transfers In938,000 - (938,000) 0%- Transfers (Out)(391,900) - 391,900 0%- ## NET TRANSFERS IN (OUT)546,100 - (546,100) - ## CHANGE IN NET POSITION356,210 $ (733,791)$ (1,090,001)$ (510,029) $ 2026 ## WATER FUND ## REVENUES, EXPENSES AND CHANGES IN NET POSITION ## FOR THE PERIOD ENDED 05/31/2026 AND 05/31/2025 Page 157 of 164 ## PERCENT ## OF BUDGET2025 ## ACTUAL AS OFVARIANCE RECEIVED/ACTUAL AS OF ## BUDGET5/31/2026WITH BUDGETEXPENDED5/31/2025 ## OPERATING REVENUES: Residential Sales2,904,100$ 1,130,459$ (1,773,641)$ 39%1,042,267$ Commercial Sales1,936,500 823,770 (1,112,730) 43%723,926 Industrial Sales2,207,300 897,347 (1,309,953) 41%805,266 Other Sales & Charges2,057,050 869,065 (1,187,985) 42%776,877 ## TOTAL OPERATING REVENUE9,104,950 3,720,641 (5,384,309) 41%3,348,336 ## OPERATING EXPENSES: Pumping33,503 12,208 21,295 36%12,452 Treatment (Met Council)4,365,618 2,182,809 2,182,809 50%1,986,824 ## Collection: Personnel Services815,745 342,252 473,493 42%318,836 Supplies, Services & Other Charges164,597 72,070 92,527 44%83,019 ## Administration: Personnel Services182,674 68,298 114,376 37%64,622 Supplies, Services & Other Charges824,159 385,109 439,050 47%260,484 ## Utility Billing: Personnel Services72,456 29,658 42,798 41%30,692 Supplies, Services & Other Charges72,561 28,833 43,728 40%26,793 Capital Outlay825,000 193,188 631,812 23%423,066 ## TOTAL OPERATING EXPENSES7,356,313 3,314,425 4,041,888 45%3,206,788 ## OPERATING INCOME (LOSS)1,748,637 406,216 (1,342,421) 141,548 ## NON-OPERATING REVENUES: Investment Earnings6,700 - (6,700) 0%- Intergovernmental- 28 28 92 TOTAL NON-OPERATING REVENUES6,700 28 (6,672) 0%92 ## NON-OPERATING EXPENSES: Debt Service571,400 383,848 187,552 67%378,521 Issuance Costs & Fiscal Agent Fees1,000 245 755 25%- TOTAL NON-OPERATING EXPENSES572,400 384,093 188,307 67%378,521 INCOME (LOSS) BEFORE TRANSFERS1,182,937 22,151 (1,160,786) (236,881) ## TRANSFERS IN (OUT): Transfers In55,000 - (55,000) 0%- Transfers (Out)(484,900) - 484,900 0%- ## TOTAL TRANSFERS IN (OUT)(429,900) - 429,900 - ## CHANGE IN NET POSITION753,037$ 22,151$ (730,886)$ (236,881)$ 2026 ## SEWER FUND ## REVENUES, EXPENSES AND CHANGES IN NET POSITION ## FOR THE PERIODS ENDING 05/31/2026 AND 05/31/2026 Page 158 of 164 ## PERCENT ## OF BUDGET2025 ## ACTUAL AS OFVARIANCE RECEIVED/ACTUAL AS OF ## BUDGET5/31/2026WITH BUDGETEXPENDED5/31/2025 ## OPERATING REVENUES: Admissions442,200$ 231,591$ (210,609)$ 52%180,826$ Memberships1,389,199 534,868 (854,331) 39%602,355 Rentals1,127,622 515,281 (612,341) 46%544,277 Charges for Services/Lessons408,024 154,257 (253,767) 38%147,157 Other Revenue363,539 26,772 (336,767) 7%28,868 TOTAL OPERATING REVENUE3,730,584 1,462,769 (2,267,815) 39%1,503,483 ## OPERATING EXPENSES: Personnel Services2,821,830 1,201,452 1,620,378 43%1,107,426 Operating Supplies252,998 119,691 133,307 47%100,992 Professional & Other Services1,012,039 382,069 629,970 38%383,691 Other Charges230,577 240,137 (9,560) 104%176,865 Capital Outlay270,000 54,043 215,957 20%103,110 TOTAL OPERATING EXPENSES4,587,444 1,997,392 2,590,052 44%1,872,084 OPERATING INCOME (LOSS)(856,860) (534,623) 322,237 (368,601) ## NON-OPERATING REVENUES: Investment Earnings (Charges)(52,324) 3,172 55,496 -6%3,894 ## NON-OPERATING EXPENSES: Debt Service 564,783 39,758 525,025 7%48,215 Issuance Costs & Fiscal Agent Fees4,000 532 3,468 13%- TOTAL NON-OPERATING EXPENSES568,783 40,290 528,493 7%48,215 INCOME (LOSS) BEFORE TRANSFERS(1,477,967) (571,741) 906,226 (412,922) ## TRANSFERS IN (OUT): Transfers In1,535,111 195,000 (1,340,111) 13%353,665 ## CHANGE IN NET POSITION57,144$ (376,741)$ (433,885)$ (59,257)$ ## CHASKA COMMUNITY CENTER FUND ## REVENUES, EXPENSES AND CHANGES IN NET POSITION ## FOR THE PERIODS ENDING 05/31/2026 AND 05/31/2025 2026 Page 159 of 164 ## PERCENT ## OF BUDGET 2025 ## ACTUAL AS OFVARIANCE RECEIVED/ACTUAL AS OF ## BUDGET 5/31/2026WITH BUDGETEXPENDED5/31/2025 ## OPERATING REVENUES: Green Fees474,350$ 144,253$ (330,097)$ 30%127,771$ Cart Rental16,480 4,028 (12,452) 24%4,328 Merchandise & Other Sales37,914 6,197 (31,717) 16%4,304 ## TOTAL OPERATING REVENUES528,744 154,478 (374,266) 29%136,403 ## OPERATING EXPENSES: ## Golf - Maintenance Dept: Personnel Services234,975 79,211 155,764 34%87,303 Supplies, Services & Other Charges50,868 38,401 12,467 75%21,909 ## Golf - Club House: Personnel Services158,216 48,796 109,420 31%46,601 Supplies, Services & Other Charges54,192 23,745 30,447 44%34,454 Merchandise for Resale15,075 6,064 9,011 40%8,821 Capital Outlay 10,000 - 10,000 0%- ## TOTAL OPERATING EXPENSES523,326 196,217 327,109 37%199,088 ## OPERATING INCOME (LOSS)5,418 (41,739) (47,157) (62,685) ## NON-OPERATING REVENUES: Investment Earnings515 - (515) 0%- ## NON-OPERATING EXPENSES: Debt Service249,933 45,795 204,138 18%57,289 INCOME (LOSS) BEFORE TRANSFERS(244,000) (87,534) 156,466 (119,974) ## TRANSFERS IN (OUT): Transfers In244,000 - (244,000) 0%- ## CHANGE IN NET POSITION-$ (87,534)$ (87,534)$ (119,974)$ 2026 ## THE LOOP AT CHASKA ## REVENUES, EXPENSES AND CHANGES IN NET POSITION ## FOR THE PERIOD ENDED 05/31/2026 AND 05/31/25 Page 160 of 164 ## PERCENT ## OF BUDGET2025 ## ACTUAL AS OFVARIANCE RECEIVED/ACTUAL AS OF ## BUDGET5/31/2026WITH BUDGETEXPENDED5/31/2025 ## OPERATING REVENUES: Green Fees2,031,000$ 654,110$ (1,376,890)$ 32%617,028$ Driving Range190,550 62,583 (127,967) 33%65,657 Golf Rentals386,000 105,131 (280,869) 27%101,102 Merchandise412,000 118,452 (293,548) 29%118,642 Other Sales225,570 123,729 (101,841) 55%119,748 TOTAL OPERATING REVENUE3,245,120 1,064,005 (2,181,115) 33%1,022,177 ## OPERATING EXPENSES: ## Golf - Maintenance Dept: Personnel Services887,261 294,856 592,405 33%289,287 Supplies, Services & Other Charges384,081 209,495 174,586 55%190,352 ## Golf - Club House: Personnel Services787,593 281,327 506,266 36%257,091 Supplies, Services & Other Charges563,996 220,907 343,089 39%230,338 Merchandise for Resale300,000 299,402 598 100%269,505 Capital Outlay320,000 155,554 164,446 49%155,542 TOTAL OPERATING EXPENSES3,242,931 1,461,541 1,781,390 45%1,392,115 OPERATING INCOME (LOSS)2,189 (397,536) (399,725) (369,938) ## NON-OPERATING REVENUES: Investment Earnings 6,180 - (6,180) 0%- Gain on Disposal of Capital Assets- 6,536 6,536 - Bond Proceeds117,000 - (117,000) 0%- TOTAL NON-OPERATING REVENUES123,180 6,536 (116,644) - ## NON-OPERATING EXPENSES: Debt Service 312,800 50,013 262,787 16%263,913 TOTAL NON-OPERATING EXPENSES312,800 50,013 262,787 16%263,913 CHANGE IN NET POSITION(187,431)$ (441,013)$ (253,582)$ (633,851)$ ## CHASKA TOWN COURSE FUND ## REVENUES, EXPENSES AND CHANGES IN NET POSITION ## FOR THE PERIOD ENDED 05/31/2026 AND 05/31/2025 2026 Page 161 of 164 ## PERCENT ## OF BUDGET2025 ## ACTUAL AS OFVARIANCE RECEIVED/ACTUAL AS OF ## BUDGET5/31/2026WITH BUDGETEXPENDED5/31/2025 ## OPERATING REVENUES: Lease Revenue *2,486,184$ 1,061,825$ (1,424,359)$ 43%1,061,825$ ## OPERATING EXPENSES: Professional Services **108,000 6,723,313 (6,615,313) 6225%163,040 Other Charges229,895 114,946 114,949 50%113,448 TOTAL OPERATING EXPENSES337,895 6,838,259 (6,500,364) 2024%276,488 ## OPERATING INCOME2,148,289 (5,776,434) (7,924,723) 785,337 ## NON-OPERATING REVENUES: Investment Earnings- 5,527 5,527 5,984 Lease interest- - - 4,620 Interfund Loan Payments104,219 - (104,219) 0%- Insurance Claim Proceeds- 5,956,180 5,956,180 - TOTAL NON-OPERATING REVENUES104,219 5,961,707 5,857,488 5720%10,604 ## NON-OPERATING EXPENSES: Debt Service2,074,250 224,625 1,849,625 11%263,375 Issuance Costs & Fiscal Agent Fees4,500 - 4,500 0%- TOTAL NON-OPERATING EXPENSES2,078,750 224,625 1,854,125 11%263,375 ## CHANGE IN NET POSITION173,758$ (39,352)$ (213,110)$ 532,566$ *Lease Revenue includes payments applied to lease receivable **Includes insurance claims of $6.5 million 2026 ## TURBINE GENERATOR FUND ## REVENUES, EXPENSES AND CHANGES IN NET POSITION ## FOR THE PERIOD ENDED 05/31/2026 AND 05/31/2025 Page 162 of 164 ## PERCENT ## OF BUDGET2025 ## ACTUAL AS OFVARIANCE RECEIVED/ACTUAL AS OF ## BUDGET5/31/2026WITH BUDGETEXPENDED5/31/2025 ## OPERATING REVENUES: Residential Sales1,389,000$ 597,323$ (791,677)$ 43%570,448$ Industrial Sales976,000 415,049 (560,951) 43%396,507 All Other Receipts3,000 3,008 8 100%2,660 TOTAL OPERATING REVENUE2,368,000 1,015,380 (1,352,620) 43%969,615 ## OPERATING EXPENSES: ## Collections: Personnel Services389,354 121,972 267,382 31%156,948 Supplies, Services & Other Charges278,574 68,788 209,786 25%92,167 ## Administration: Personnel Services264,632 109,306 155,326 41%103,599 Supplies, Services & Other Charges495,107 208,669 286,438 42%159,551 ## Utility Billing: Personnel Services28,982 11,864 17,118 41%12,274 Supplies, Services & Other Charges87,955 29,622 58,333 34%27,837 Capital Outlay 788,000 803,180 (15,180) 102%93,944 TOTAL OPERATING EXPENSES2,332,604 1,353,401 979,203 58%646,320 ## OPERATING INCOME35,396 (338,021) (373,417) 323,295 ## NON-OPERATING REVENUES: Investment Earnings 50,000 - (50,000) 0%- Intergovernmental- 386,627 386,627 198,267 Bond Proceeds475,000 - (475,000) - TOTAL NON-OPERATING REVENUES525,000 386,627 (138,373) 198,267 ## NON-OPERATING EXPENSES: Debt Service394,200 240,455 153,745 61%235,581 Issuance Costs & Fiscal Agent Fees500 264 236 53%- TOTAL NON-OPERATING EXPENSES394,700 240,719 153,981 61%235,581 ## INCOME BEFORE TRANSFERS165,696 (192,113) (357,809) 285,981 ## TRANSFERS IN (OUT): Transfers In299,600 - (299,600) 0%- Transfers (Out)(411,000) - 411,000 0%- ## NET TRANSFERS IN (OUT)(111,400) - 111,400 - ## CHANGE IN NET POSITION54,296$ (192,113)$ (246,409)$ 285,981$ 2026 ## STORM WATER FUND ## REVENUES, EXPENSES AND CHANGES IN NET POSITION ## FOR THE PERIODS ENDING 05/31/2026 AND 05/31/2025 Page 163 of 164 ## PERCENT ## OF BUDGET2025 ## ACTUAL AS OFVARIANCE RECEIVED/ACTUAL AS OF ## BUDGET5/31/2026WITH BUDGETEXPENDED5/31/2025 ## OPERATING REVENUES: Memberships161,710$ 76,629$ (85,081)$ 47%69,300$ Rentals237,385 96,142 (141,243) 41%82,609 Lessons230,000 127,715 89,550 56%104,729 Leagues190,962 13,785 (177,177) 7%16,003 Leases326,200 90,269 (235,931) 28%132,935 Other Revenue51,635 13,063 (38,572) 25%11,469 TOTAL OPERATING REVENUES1,197,892 417,603 (588,454) 35%417,045 ## OPERATING EXPENSES: ## Administration: Personnel Services476,213 203,681 272,532 43%185,551 Supplies, Services & Other Charges498,099 194,760 303,339 39%203,432 ## Event Center: Personnel Services29,123 10,312 18,811 35%6,758 Supplies, Services & Other Charges29,989 21,408 8,581 71%18,393 ## Curling Center: Personnel Services236,008 113,678 122,330 48%103,832 Supplies, Services & Other Charges108,311 37,234 71,077 34%47,341 Crooked Pint62,135 24,699 37,436 40%29,482 Capital Outlay *294,500 845,344 (550,844) 287%1,363 TOTAL OPERATING EXPENSES1,734,378 1,451,116 283,262 84%596,152 OPERATING INCOME (LOSS)(536,486) (1,033,513) (305,192) (179,107) ## NON-OPERATING REVENUES: Investment Earnings (Charges)(50,000) 16,528 66,528 21,455 ## NON-OPERATING EXPENSES: Debt Service1,081,111 836,016 245,095 197%1,321,411 Issuance Costs & Fiscal Agent Fees1,600 4,332 (2,732) 271%3,400 TOTAL NON-OPERATING EXPENSES1,082,711 840,348 242,363 197%1,324,811 INCOME (LOSS) BEFORE TRANSFERS(1,669,197) (1,857,333) 3,699 (1,482,463) ## TRANSFERS IN (OUT): Transfers In1,677,500 840,000 (837,500) 47%1,320,500 CHANGE IN NET POSITION8,303$ (1,017,333)$ (833,801)$ (161,963)$ *Capital Outlay includes restaurant renovation costs ## CHASKA CURLING AND EVENT CENTER FUND ## REVENUES, EXPENSES AND CHANGES IN NET POSITION ## FOR THE PERIODS ENDING 05/31/2026 AND 05/31/2025 2026 Page 164 of 164