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MINUTES <br />CITY COUNCIL <br />FEBRUARY 28, 2013 <br />PRELIMINARY <br />PLAT — <br />PINETREE <br />POND <br />in place a few years ago. The refinancing will save the Church money as <br />it will provide a lower interest rate on these bonds. The Administrator <br />pointed out that the tax exempt bonds take a portion of the City's $10 <br />million bank - qualified tax exempt bonding limit, and that issuance of the <br />bonds for St. John's will not negatively impact the City during 2013. The <br />Administrator also noted that the City has no obligation relative to these <br />bonds; the City merely lends its name to the bonds in order to gain tax - <br />exempt status. The Administrator recommended approval as well as <br />waiving the City's administrative fee for transactions of this nature. He <br />reported that St. John's will reimburse the City for any expenses it incurs <br />in this transaction. He also indicated that the City's Bond Counsel, Briggs <br />& Morgan, has reviewed the refinancing and finds it to be in order. <br />There was no one present from the general public wishing to comment on <br />this matter. <br />Upon motion by McGraw, seconded by Keis, the public hearing was <br />closed. <br />Keis introduced the following resolution and moved its adoption: <br />RESOLUTION NO. 2013 -2 -31— APPROVING THE FIRST <br />AMENDMENT TO AN EDUCATIONAL FACILITIES REVENUE <br />NOTE AND AUTHORIZING THE EXECUTION OF DOCUMENTS <br />RELATED THERETO (ST. JOHN THE EVANGELIST SCHOOL <br />PROJECT) <br />The foregoing resolution was duly seconded by McGraw. <br />Ayes (4). <br />Nays (0). Resolution declared adopted. <br />Montour opened the public hearing to consider approval of a Preliminary <br />Plat for Pinetree Pond, a residential development consisting of 15 single - <br />family lots. Montour noted that the Council has staff reports relative to <br />this proposal and the Planning Commission's recommendation for <br />approval. <br />The City Planner reported that the proposed Pinetree Pond Preliminary <br />Plat consists of 15 single- family lots on 7.62 acres of property located off <br />of LaBore Road. He reported that the property is zoned R -1, Single - <br />Family Residential, and the Comprehensive Plan has this property guided <br />for low density residential. The Planner noted that street access would <br />come in from LaBore Road directly across from Cherry Hill Lane via a <br />cul -de -sac street with a loop street at the end. The Planner indicated that <br />2 <br />