11-08-95 Council Minutes - Laserfiche WebLink

Home Browse Search

MINUTES CITY COUNCIL NOVII'4BER 8, 1995 values upward. Fifield felt it in the City's best interests to recertify the District at this point in time. Mr. LaValle introduced the following resolution and moved its adoption: RESOLUTION NO. 95-11-258 - APPROVING THE REDEVELOPMENT PROJECT AND TAX INCREMENT FINANCING DISTRICT PLANS FOR TAX INCREMENT FINANCING DISTRICT NO. 3-2; AND APPROVING THE REQUEST FOR DECERTIFICATION OF TAX INCREMENT FINANCING DISTRICT NO. 3-1 The foregoing resolution was duly seconded by Pedersen. Ayes (5) LaValle, Pedersen, Scalze, Morelan, Fahey. Nays (0). Resolution declared adopted. Fifield reported that at the November 22nd meeting, the Council will be asked to act on the modifications to the three TIF Districts he described earlier this evening. BOND SALE Fifield pointed out that the Council has scheduled a bond sale for November 28th. In reviewing the pending sale with the City Administrator, Fifield reported that they have discussed the City's purchase of the $300,000 portion of the Bonds maturing on February 1, 2005. This would greatly simplify the offerinq of the bond, therefore, could result in a cost savings. Fifield suggested that as part of this action, the call date would be moved to February 1, 1999 so immediately after the loan is repaid the City can prepay the bonds that are outstanding. It was further noted that as a taxable investment, this would provide an excellent yield to the City given our tax-exempt status. Mr. LaValle introduced the following resolution and moved its adoption: RESOLUTION N0. 95-11-259 - AMENDING TERMS FOR SALE OF $1,970,000 G.O. TAXABLE TAX INCREMENT BONDS, SERIES 1995b, CITY OF LITTLE CANADA, MINNESOTA The foregoing resolution was duly seconded by Scalze. Ayes (5) LaValle, Scalze, Morelan, Pedersen, Fahey. Nays (O). Resolution declared adopted. CONSENT Mr. LaValle introduced the following resolution and AGENDA moved its adoption: