03-12-08 Council Minutes - Laserfiche WebLink

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MINUTES CITY COUNCIL MARCH 12, 2008 RESOLUTIONNO. 2008-3-64 -APPROVING THE INCREASE IN 2008 ON-SALE LIQUOR LICENSE FEE, ON-SALE WINE LICENSE FEE, AND OFF-SALE LIQUOR LICENSE FEE AS RECOMMENDED BY CITY STAFF The foregoing resolution was duly seconded by Keis Ayes (4). Nays (0). Resolution declared adopted. 2008 Todd Hagen, Ehlers, Inc., appeared before the Council relative to the BOND City's proposed sale of $2,690,000 of General Obligation Bonds. He SALE reviewed the City Administrator's March 7, 2008 report outlining the bond issue details. The first $1,790,000 will be for tax increment costs associated with Development District #5 consisting of St. Jude and the Viking Drive redevelopment. There is no direct assistance being provided to St. Jude, however, the City is undertaking a number of improvements relative to their project. These include upgrades to the water system, new trunk sanitary sewer line to avoid need for a lift station, landscaping improvements along County Road B-2, acquisition ofright-of--way along B-2 for a second left turn lane, eliminating some blighting impacts in the area, and providing a route for a water main loop to Rice Sheet. Hagen indicated that the remaining $900,000 of the proposed bond issue is for public improvement revolving (PIR) fund bonds that will finance several items, the largest of which include Beam Avenue improvements, sewer and water to both Richie Place and Canadian Woods, and a storm sewer repair in Cobblestone Village. Hagen noted that it is hoped that there will be some downward movement in the interest rate for bonds, noting that the lower the interest rate, the more capital for the proposed projects. He then reviewed the Pre-Sale Report in detail. Hagen noted that the Council is being asked to approve a resolution providing for the sale of these bonds. He noted that it is anticipated that the bond sale may occur on March 26, 2008, but asked for flexibility with the date should it appear that interest rates are going down. Hagen reviewed bond buyer index materials showing recent trends in these interest rates. Blesener noted the water and sewer improvements proposed as part of the bond issue to bring these utilities to the Richie Place and Canadian Woods developments. The City Administrator noted that the developers would be responsible for their utility costs. The bonded expenses will cover the costs of Little Canada and Maplewood's joint projects to bring extend