02-11-09 Council Minutes - Laserfiche WebLink

Home Browse Search

MINUTES CITY COUNCIL FEBRUARY 11, 2009 The City Administrator reported that the Waldorf School is seeking tax exempt financing for this project. While the school is located in Maplewood, that city is concerned about the amount of the project given that cities are subject to a bank qualified limit of $10 million in financing. Supporting this conduit financing will count against that $10 million limit, which will not be problematic for Little Canada. The Administrator reported that Little Canada's support of the project will not be an obligation of the City, it is merely a conduit financing mechanism. The Administrator also pointed out that Little Canada's policy is to charge a 1 % issuance fee, or approximately $28,000. Additionally, any issuance costs that the City incurs will be reimbursed. The City Administrator recommended approval of the conduit financing. Tim Kane, Waldorf School, reported that the tax exempt bond will refinance the school's current mortgage as well as provide funds for the addition and remodeling project. Kane noted that the Waldorf School is a private school. There was no one from the general public present wishing to comment on this matter. Upon motion by Keis, seconded by Boss, the public hearing was closed. Mr. Keis introduced the following resolution and moved its adoption: RESOLUTION NO. 2009-2-34 -APPROVING THE ISSUANCE AND SALE OF A SCHOOL FACILITY REVENUE NOTE, SERIES 2009 AUTHORIZING THE EXECUTION OF DOCUMENTS RELATING THERETO (MINNESOTA WALDORF SCHOOL PROJECT) The foregoing resolution was duly seconded by Blesener. Ayes (4). Nays (0). Resolution declared adopted. RENTAL At this point in the regular meeting, the Council continued its discussion LICENSING of the draft rental housing licensing ordinance that began at the workshop ORDINANCE meeting immediately prior to the regular Council meeting. The City Administrator noted that in addition to the recommendation relative to license fees, he is recommending a one year license versus two year. He noted that the City of South St. Paul utilizes a software program to track inspections and repair status. There will be costs associated with that software. The Administrator also recommended that any approved inspectors of rental housing in Little Canada be required to utilize this software.