01-27-93 Council Minutes - Laserfiche WebLink

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MINUTES CITY COUNCIL JANUARY 27, 1993 whether to allow a substandard street or require reconstruction with a standard street section. Pedersen stated that he did not see how the City could allow less than a standard road. Pedersen felt the issues of the type of road and how it is paid for were separate ones. Mr. LaValle introduoed the following resolution and moved its adoption: RESOLUTION NO. 93-1-23 - CONTINUING THE LAKE STREET IMPROVEMENT HEARING UNTIL THE FEBRUARY 10, 1993 REGULAR COUNCIL MEETING The foregoinq resolution was duly seaonded by Scalze. Ayes (4) LaValle, Scalze, Hanson, Morelan. Nays (1) Pedersen. Resolution declared adopted. CONSENT Mr. LaValle introduced the following resolution and AGENDA moved its adoption: RESOLUTION NO. 93-1-24 - APPROVING THE CONSENT AGENDA WHICH INCLUDED THE FOLLOWING ITEMS: APPROVAL OF MATCHING GRANT AGREEMENT FOR MN RELEAF COMMUNITY FOREST PROGRAM AND AUTHORIZING THE MAYOR AND CITY ADMINISTRATOR TO EXECUTE THE AGREEMENT ON BEHALF OF THE CITY APPROVAL OF THE VOUCHERS The foregoing resolution was duly seconded by Morelan. Ayes (5) LaValle, Morelan, Scalze, Hanson, Pedersen. Nays (0). Resolution declared adopted. RECESS At this point in the meeting, 9:05 P.M., Council took a short recess. The meeting was reconvened at 9:20 P.M. KANDICE II The City Administrator reported that the Council has FINANCING before it for approval the permanent debt resolution for the Kandice Heights II Tax Increment Financinq. The TIF funds were issued to the developer last March, and the debt resolution provides for the permanent debt structure. The Administrator reported that usually bonds of this nature are sold as a public issue, however, the Administrator recommended that the City purchase the bonds as an investment. The City is able to obtain a 4 to 5 percent return on a CD investment, but would earn approximately 8 percent on this debt. The Administrator reported that the Kandice I TIF was Page 10