05-12-82 Council Minutes - Laserfiche WebLink

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~x~au°~~s Git}+ Council ~Say 12~ 1982, Bond Sa~~ Mr, Sanders and Mr. Ma~son o£ Jusan & Moody appeared before ~he Council to explaa.n the necessity of the refa.nancing o£ Che bonds o~` Agezada 1979. Mr. 5anders expl.ained thaC the Council has in£ozmaC%on ~.n s:heir Item No. 5 agendas exp~,ai.nin~ Che ref3.nancirag. Sanders Felt tha~ th~ presecaC time would be favoxabl~ £oc the re£inancing. Mr. INaCSOra explaizaed that ~kae Uonds of 1979 must be pa~.d off' by Augus~ 1. Juran & Moody is recommend'ang tkas r.eafinanciaag be done on +1aq 2fi. They are also recommending Lhat ~he new bonds have a December 1 maCUrity da~e. Mr. Matsozx suggested that ~he bonds be so~d at the May 26 regu7.ar Council meetS.ng aC 7t15 Y.M'. Mr, Fahey introduced ~he Eollowzng r.esolution and rnoveci i.ts adopt3ona R&SOLUL'ION N0, 82-5-241 ~ P[tOVI.DTNG FOR PUBL%C SALk pl~ $1s475g000 GENERAL OBLIGATTON TMPIiOVI:MEN7' }3pNDS OP 1982 ON MAY 26, 1982 A'C 7a15 P,M, AT TH~ CITY Ck~N'CE~t The foregoing reso7.ution was duly seconded by Mrs. Saalze. Ayes (5) Fahey, 5calze, klanson, Forsberg, Nardini, Nayes (0). Reso7u~a.on declared adopted, This resolution appears i.n Resolution llook No, 89 Page 18? thr.ough 191, Senior Mx, Matson of Juran & Moody appeared before ~he Council to explaiza Ci~izen tax increment financing. The Council is consi.dera.ng this as ~ne o£ Housing the possibilities for financing praperty Sn order to construct senior c5.tizen housing. Agenda I~em No. 6 Mr. Ma~son iza£armed th~ Council that ~lae firs~ step would b~ for th~ CiCy to declare an area o£ ~he Ci~y, thr~ugh its J.egal desexipCion, as a tax inerem~nt area. Ths area could be i.tndevelvped or ha.ve older. structures on iC that would need redevelopmesxt. By doing this, the assessed aaluation o~ ~hat area woul.d be fraz~. The Gitq would then purchase th~ laraci and put in a7.1 necessaxy uY~i.7.aCaes to g~t the propesty ready £or deve~.oprnc~at. Th~ developex would Chen develop the psoperty, Mr, Ma~son explained Cha~ aE a properCy ~enerated $'10'000 in taxes and wiCh improveme~a'ts would g~ncra~e $7.OO,OQO, the addi.Ciorea7. $gqe0p0 of Caxes would be applied against an imprqvem~aC bozzd ~kaat wou7.d be sol.d also coverin~ Ch~ utilities or amprovements made by Che Citq. When Ltae bonds would be paid of£, this $90,000 crould be applied back tv the City, Gounty and whoevex~ else. M~. MaCson stated thaC the bonds woul.d be ~eneral obligaCi.on bonds and slaould amor~ixe themselves ou~ w3.Ch z~o xax ].evies. Mr. Fahey asked if ther.e srere any 1i.mitati.ons on Che us~ o£ CY~as ~y~~ oF Pinanaing, ~fr. ~9a~son repliE~cl tha~ ~ha Gity would have ~ f.re~ hand. 'i'he £anancing can be used to gurchas~ a pi~ee oE properCy and ~a~ utYlit$.es ~n. Th~ on7.y t2aing tha~ eannot b~ dorae is use z.~. for the actua~ s~ructure. Page --2-