03-26-08 Council Minutes - Laserfiche WebLink

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MINUTES CITY COUNCIL MARCH 26, 2008 next step above the A-1 rating. He anticipated that with the additional St. Jude tax base and some additional commercial development, Little Canada will be able to achieve that rating. He also noted that Little Canada has very little debt, and it may be 3 to 4 years before it would have to go to the bond market again. Mr. Blesener introduced the following resolution and moved its adoption: RESOLUTIONNO. 2008-3-83 -PROVIDING FOR THE ISSUANCE AND SALE OF $2,690,000 GENERAL OBLIGATION BONDS, SERIES 2008A, PLEDGING FOR THE SECURITY THEREOF SPECIAL ASSESSMENTS, NET REVENUES, AND TAX INCREMENTS LEVYING A TAX FOR THE PAYMENT THEREOF The foregoing resolution was duly seconded by McGraw. Ayes (3). Nays (0). Resolution declared adopted. The City Administrator highlighted some of the improvements that will be paid for through this bond issue. They include $1,790,000 for tax increment costs associated with Development District #5 - St. Jude and the Viking Drive Redevelopment. This is not direct assistance to St. Jude, but rather upgrades to the water and sewer systems, landscaping improvements along County Road B-2, acquisition of additional right-of- way for B-2 to facilitate a second left turn lane and eliminate some blighting impacts in this area, and provide a route for water main loop to Rice Street. $900,000 is for public improvement revolving fund bonds that will finance Beam Avenue improvements, water and sewer improvements in the LaBore Road area, and additional storm sewer and sanitary sewer repairs throughout the City. CONSENT Mr. Keis introduced the following resolution and moved its adoption: AGENDA RESOL UTION N0.2008-3-84 -APPROVING THE CONSENT AGENDA WHICH CONTAINS THE FOLLOWING: *APPROVAL OF THE VOUCHERS; *RENEWAL OF 2008 SAFETY TRAINING CONTRACT WITH SAFEASSURE AND AUTHORIZING THE MAYOR AND CITY ADMINISTRATOR TO EXECUTE THE CONTRACT ON BEHALF OF THE CITY; 14