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MINUTES ~ -~ .REGULAR CITY COUNCIL MEETING SEPTEMBER 8, 1982 PAGE 2 RESOLUTION 82-3? RESOLUTION 82-37 A RESOLUTION A~i4RDING ASHBACH CONSTRUCTION COMPANY THE IMPROVEMENT CONTRACT FOR ALBERT STREET (DESIGNATED MSA) AND PASCAL STREET IN THE AMOUNT OF ~181,lt03.75 Attorney Swanson presented for Council's review proposed Ordinance #192 relating to the Fire Chief designating fire lanes. Following a brief discussion Councilmember Larson moved, seconded by Councilmember Ciernia that Ordinance #192 be adopted as presented. Motion carried unanimously. ORDINANCE #192 ORDINANCE #192 AN ORDINANCE RELATING TO THE DESIGNATION OF AND PROHIBITING PARKING IN FIRE LANES; PROVIDING FOR THE IMPOUNDMENT OF VEHICLES AND PENALTIES FOR VIOLATIONS; AMENDING ORDINANCES N0. 115 AND 170 Fiscal Consultant Chenoweth presented the details on the bond issues for CONSULTANT the Gortner/Larpenteur/Prior Storm Sewer and the Albert/Pascal Street CHENOWETH Improvement Project. He explained that there will be two bond issues PRESENTS BOND sold at one sale. DETAILS In regard to the Gortner/Larpenteur/Prior Storm Sewer project he explained that tax increment financing is limited to ten years with a limit of eight increments. If the financing plan is adopted at this time (with Hewlett Packard not starting construction until some time in the summer or fall of 1983) it is possible that by the time the taxable evaluation for the Hewlett Packard addition is on the tax rolls it might go to 1993 which would be beyond the ten year limitation and might cause the loss of one increment. For this reason he recommended that Council issue temporary bonds for the storm sewer and then adopt the tax increment financing plan when Hewlett Packard applies for a building permit. He felt there were definite advantages to the City such as the possibility of a lower interest rate due to the short maturity of the bonds. Also when issuing definitive bonds in three years or less, the amount of the tax increment will be known and there is a possibility that the Hawkins/Hermes property will be developed which would allow a second tax increment district. The matter had been discussed with Briggs and Morgan, the City's legal firm, and they agreed this was an approved method to follow. Attorney Swanson then presented proposed Resolution #82-38 calling for ATTORNEY sale of bonds for both the Gortner/Larpenteur/Prior Storm Sewer and the SWANSON Albert/Pascal Street project. PRESENTS RESOLUTION Mayor Warkentien moved, seconded by Councilmember Ciernia, that CALLING FOR Resolution #82-3~ be adopted as recommended. Motion carried unanimously. BOND SALE RESOLUTION 82-3$ RESOLUTION 82-38 A RESOLUTION PROVIDING FOR PUBLIC SALE OF $675,000 GENERAL OBLIGATION TEMPORARY BONDS OF 1982 AND $225,000 GENERAL OBLIGATTON IMPROVEMENT BONDS OF 1982