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MINUTES <br />CITY COUNCIL <br />FEBRUARY 28, 2007 <br />CONDITIONAL <br />USE PERMITS <br />AND TEXT <br />AMENDMENT — <br />3161-3167 <br />SPRUCE <br />STREET — <br />VALOR <br />ENTERPRISES <br />BOND <br />SALE <br />The City Planner noted that non - compliance with any of the conditions <br />listed in the Council's resolution is equivalent to the Interim Use Permit <br />having never been granted. <br />Mayor Blesener noted that Mr. Fred Sedaghat, Valor Enterprises, has <br />requested that action on his applications for Conditional Use Permits, <br />Text Amendment, and Auto Licenses be tabled until the City's March <br />planning cycle. The appropriate 60 -Day Waiver has been submitted by <br />Mr. Sedaghat. <br />Mr. Blesener introduced the following resolution and moved its adoption: <br />RESOLUTION NO. 2007 -2 -97 — TABLING ACTION ON THE <br />APPLICATIONS FOR CONDITIONAL USE PERMITS, TEXT <br />AMENDMENT, AND AUTO LICENSES SUBMITTED BY FRED <br />SEDAGHAT, VALOR ENTERPRISES, UNTIL THE MARCH 26, 2007 <br />REGULAR CITY COUNCIL MEETING <br />The foregoing resolution was duly seconded by Montour. <br />Ayes (4). <br />Nays (0). Resolution declared adopted. <br />The City Attorney reported that nine pre - trials were scheduled for today <br />relative to this property. The property owner was unable to attend and <br />submitted a letter from the doctor citing health reasons. The pre - trials <br />were postponed until March 28, 2007. <br />Todd Hagen, Ehlers & Associates, appeared before the Council submitting <br />results of today's bid opening for the sale of General Obligation PIR Fund <br />Bonds, Series 2007 in the amount of $2,205,000. Hagen indicated that <br />given yesterday's dip in the stock market, it was a very advantageous day <br />to sell bonds. <br />Hagen reported that in preparation for the bond sale, an official statement <br />was prepared and a bond rating was requested. Moody's Rating Service <br />conducted the bond rating and has upgraded the City's bond rating from <br />A2 to Al. Hagen reported that the Al bond rating reflects the City's solid <br />financial position and strong management. He noted that only 33 cities in <br />Minnesota have an Al bond rating, and of those only 8 have populations <br />of 10,000 or less. <br />Hagen reported that seven bids were received and reviewed the low bid <br />from LIMB Bank, N.A. of Kansas City, MO. True interest cost for this bid <br />9 <br />