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MINUTES OF THE SPECIAL MEETING <br />CITY COUNCIL <br />LITTLE CANADA~ MINNESOTA <br />SEPTEMBER 18, 1989 <br />Pursuant to due call and notice thereof a special meeting of <br />the Council of the City of Little Canada, Minnesota was held <br />on the 18th day of September, 1989 in the Council Chambers <br />of the City Center located at 515 Little Canada Road in said <br />City. <br />Mayor Michael Fahey chaired the meeting and called it to <br />order at 6:00 P.M. The following members o£ the Council <br />were present at roll call: <br />MEMBERS PRESENT: <br />Mayor <br />Councilwoman <br />Councilman <br />Councilman <br />Mr. Michael Fahey <br />Mrs. Beverly Scalze <br />Mr. Rick Collova <br />Mr. Jim LaValle <br />MEMBERS ABSENT: <br />ALSO PRESENT: <br />Councilman <br />City Auditor <br />Recording Sec. <br />Mr. Bill Blesener <br />Mr. Robert Voto <br />Mrs. Kathy Glanzer <br />IMP. N0. Dan Wilson, Northwest Associates, submitted a revised <br />89-16 cash flow analysis for General Obligation Tax Increment <br />Bonds of 1990 for the Boosalis project. <br />The City Auditor reported that the City was previously <br />looking at a 15 year bond issue, and that has been revised <br />to a 10 year bond issue. The Auditor reported that the <br />numbers have been improved by going to a 10 year bond issue. <br />Fahey pointed out that under a 10 year bond issue there <br />would be less interest to pay and the longer the bond issue <br />the more it would eat into the increment generated. <br />Voto reported that by law increment can only be collected <br />for 8 years. <br />Voto also pointed out that the bond issue will not be tax <br />exempt since it is beinq issued for the benefit of a <br />specific development. Voto also pointed out from the cash <br />flow analysis the reduced interest costs with a 10-year bond <br />issue. <br />Page 1 <br />