10-22-2012 Council Minutes (2) - Laserfiche WebLink

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CITY COUNCIL WORK SESSION October 22,2012 APPROVED 1 CITY OF LINO LAKES 2 MINUTES 3 4 DATE : October 22,2012 5 TIME STARTED : 5:30 p.m. 6 TIME ENDED : 6:30 p.m. 7 MEMBERS PRESENT : Council Member Stoesz, O'Donnell, 8 Rafferty, Roeser and Mayor Reinert 9 MEMBERS ABSENT : None 10 11 12 Staff members present: City Administrator Jeff Karlson; Community Development 13 Director Michael Grochala; Finance Director Al Rolek; Public Safety Director John 14 Swenson; City Engineer Jason Wedel; Economic Development Coordinator Mary Alice 15 Divine; City Attorney Joseph Langel; City Clerk Julie Bartell 16 17 1. TKDA Supplemental Authorization for Signal Improvements - Community 18 Development Director Grochala recalled that staff came forward in July with a request 19 regarding TKDA services for additional funds beyond the amount of their contract 20 related to the signal projects. He pointed out that the projects have expanded in scope 21 and design work . Staff has worked with Anoka County on the numbers and TKDA has 22 submitted a revised settlement of$97,000 - $44,000 to the County and $52,000 to the 23 city. Mr. Grochala will be presenting a payment request to the council at the work 24 session and council meeting at the beginning of November. �- 25 26 Based on questions about the increase, Mr. Grochala explained the involvement of the 27 county on each project and how it has expanded. The council confirmed that the amount 28 requested is still under the amount levied for the projects. 29 30 2. Review Regular Council Agenda—The council reviewed the entire council agenda; 31 discussion noted on the following items: 32 33 2A) Resolution No. 105 Awarding the Sale of General Obligation Bonds, Series 34 2012A—Finance Director Rolek introduced the city's bond consultant, Terry Heaton of 35 Springsted. Ms. Heaton distributed to the council the results of the bond bids received in 36 the morning. She noted that the results are very good with the winning bid coming in 37 under estimate. That lower cost of financing will improve the city's savings on the 38 bonds. There was much interest in purchasing the bonds in part due to the city's 39 favorable bond rating. She noted that for this project, staff did a very good job preparing 40 and presenting information to the rating agency for this issuance. 41 42 Council Member Roeser asked and Ms. Heaton confirmed that the city's portfolio of 43 bonds is being reviewed to ensure that when it is appropriate, savings are sought. 44 1