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A'S. l++f~'' V v Page 2 Council Minutes 2/9/94 PRESENTATION OF RESOLUTION FROM ROSEVILLE INDEPENDENT SCHOOL DISTRICT #623 PETITIONING FOR PUBLIC IMPROVEMENTS TO BE SPECIALLY ASSESSED AT FALCON HEIGHTS ELEMENTARY SCHOOL LOCATED AT 1393 W. GARDEN AVENUE 1 The resolution petitions the City of Falcon Heights for improvements to Falcon Heights Elementary School to be financed through a special assessment to the school district. John Thein, Assistant Superintendent of Roseville School District #623 and Mr. Hamilton, the architect involved in the elementary school remodeling project, gave a brief review of the planned improvements which include certain street improvements, storm sewer and parking improvements not to exceed 5250,000. These improvements would be constructed during the spring and summer of 1994 and the city would only be involved in the financial aspects of the project. Jacobs questioned the 6.1 percent interest rate and Hoyt explained this is the rate the city is currently receiving on its investments. This arrangement would be reviewed every six months to correspond to the city's rate of return on its investments and if the city's return is higher than 6.1 percent, the school district agrees to pay the higher rate. The arrangement seems to be beneficial to both parties and Hustad moved to accept the resolution based on adopting an agreement that guarantees the city would not incur any costs or lose revenue on this special assessment. Motion carried unanimously. COOPERATIVE AGREEMENT FOR FINANCING AND CONSTRUCTION OF STREET AND RELATED IMPROVEMENTS BETWEEN THE CITY OF FALCON HEIGHTS AND THE ROSEVILLE INDEPENDENT SCHOOL DISTRICT #623 FOR IMPROVEMENTS AT FALCON HEIGHTS ELEMENTARY SCHOOL AT 1393 GARDEN AVE. The city has funds available to loan for financing these costs from its sanitary sewer fund for a five year period to cover the 5250,000. The agreement guarantees that the city will not incur any loss in interest revenue or out of pocket costs for this special assessment to the school district or reduce the ability for the city to carry out its capital projects. After brief discussion, Gehrz moved to authorize the city administrator to enter into this agreement with the school district and the motion carried unanimously. RESOLUTION AUTHORIZING THE CITY SPECIFICATIONS FOR SEALCOATING QUADRANT AND HOLLYWOOD COURT ENGINEER TO PREPARE PLANS AND THE STREETS IN THE NORTHEAST Maurer explained that the city contracts to have one fourth of the streets sealcoated as part of its maintenance program almost every year. Due to major street projects in 1991 and 1993, the city did not undertake this activity during the past few years.