05-27-2015 Council Minutes - Laserfiche WebLink

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MINUTES CITY COUNCIL MAY 27, 2015 DIRECTIONAL SIGNAGE — ST. JOHN'S SCHOOL BIDS FOR CROSS-OVER REFUNDING BONDS The City Planner reported that St. John's School is requesting approval of a directional/informational sign on their property. The Planner indicated that the City Code allows up to four signs of this nature four square feet in size each. St. John's is requesting one directional/informational sign a total of sixteen square feet in size which will identify the school for enrollment purposes to passing traffic. The Planner indicated that the Code allows the City Council to approve more than four directional signs and can also approve the consolidation of the four signs into one. The Planner noted that a sign more than sixteen square feet in size would require a variance, however. The sign will be located next to the Little Canada Road driveway entrance to the school. The Planner also noted that the City has approved a similar request in the past. Fischer asked about sign placement as relates to traffic safety. The City Planner indicated that the sign will have to meet setback requirements of at least five feet from the property line. There was some discussion about the sign design. The Planner noted that the City is not permitted to regulate sign content. He also pointed out that this area is not within an architectural district so sign design input by the City is limited. Keis introduced the following resolution and moved its adoption: RESOL UTIONNO. 2015-5-101— APPROVING AN INFORMATIONAL/DIRECTIONAL SIGN TOTALLING SIXTEEN SQUARE FEET IN SIZE FOR ST. JOHN'S SCHOOL The foregoing resolution was duly seconded by Torkelson. Ayes (5). Nays (0). Resolution declared adopted. Mark Ruff, Ehlers Associates, the City's Financial Advisor, reported that the City successfully sold bonds for the crossover refunding of the 2008A General Obligation Bonds of the City. Ruff reported that the bond issue is callable in early 2016. While the refunding will be for the Tax Increment portion of the bond issue, the City has enough cash on hand to pay off the remainder of this issue. Ruff reported that the bond sale was initially estimated at $1,365,000. Given the low bid received, that bond issue has been reduced to $1,335,000. Ruff reported that the City received four bids for this bond issue due to the City's AA+ rating. He noted that this is an especially good rating for a city the size of Little Canada. The low bidder was United Bankers' Bank in the amount of 1.951%. Ruff noted that the initial savings estimate in refunding this bond was in the $80,000 range. 7