06-27-01 Council Minutes - Laserfiche WebLink

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MINUT'>CS CITY COUNC]L JUNE 27, 2001 part-time as well as reserve personnel and volunteers to do the patrolling. However, those options are going away and there is the need to utilize full- time staff. Fahey indicated that if this is what it takes to get Gervais Lake patrolled on the weekends, he supported it, but not without the involvement of Maplewood as well. It was the consensus of the Council to pursue the additional cost-for- service with the .Ramsey County Sheriff's Department as described by the City Administrator given the public safety concerns provided that the City of Maplewood participate as well RICCESS At this point in the meeting, 9:40 p. m., the Council took a short recess. The meeting was reconvened at 9:50 p.m. RED;CVELOI'- Rusty Fifield, Ehlers & Associates, appeared before the Council relative to MENT the redevelopment bond sale for the Rice Street/Little Canada Road project. BOND SAL)/ Fifield reported that it appears that the Legislatw~e will be enacting new'I'ax lucrement Financing legislation. Without the bond sale at this point, the City would lose its eligibility for a grant program that the State will make available to make cities whole from the resulting impact of tax compression and the shift of school district f nancing. Fifield reported that he and the City Administrator worked on a number of scenarios relative to this bond sale. As a result, they are recommending a $3 million taxable TIF G.O. bond. Miller/Johnson would issue the bond that would then be repurchased by the City as an investment. Fifield felt that the bond sale as structured was awin/win situation in that it provided the City with options for redevelopment as well as resulted in a good investment for the City and preserves the capacity for a TIF grant from the State. Fifield also pointed out that the City has the ability to shrink the hood issue if a portion of the redevelopment does not occur. Anderson asked the effective date of the pending TIF legislation. Fifield replied that it appeals the date will be August I". He noted that once the Council approves the bond sale, the redevelopment project becomes a pre- existing condition. Mr. LaValle introduced the following resolution and moved its adoption: RL'SO]_UTIONNO. ZOO~l-6-129-ACCEPTINCPROPOSAL ONSALF.OF ~3, 000, 000 TA.AA73LE GENL'RAI 0731 IGATION TAX INCREMENT ]3ONDS, SERIFS 2001 a, PRO vIDING FOR THF.,IR JSSUANCE, PI EDGING T',9a' INCREMENTS FOR THE SECURITY THEREOF AND Ii