09/25/2006 Council Packet - Laserfiche WebLink

Home Search

COUNCIL MINUTES SEPTEMBER 11, 2006 DRAFT { Formatted: Centered 1 Centennial Fire District (Check No. 4110 2 15318 — 15331, $2,325.11) Approved 3 4 August 21, 2006 Council Work Session 5 Minutes Approved 6 7 August 18, 2006 City Council Meeting 8 Minutes Approved 9 10 Resolution No. 06 -149, Approving Application for 11 An On -Sale Wine and Beer License for Jason's 12 Bobby & Steve's Auto World at 7090 21st Ave S Approved 13 14 Resolution No. 06 -151, Approving Payment Request 15 No. 5 (Final) and Compensating Change Order No. 1, 16 2005 Birch Street Trail Improvements Approved 17 18 Resolution No. 06 -150, Approving Application for an 19 Exempt Lawful Gambling Permit for Raffle, Cystic 20 Fibrosis Foundation Approved 21 22 FINANCE DEPARTMENT REPORT, AL ROLEK 23 24 Public Hearing — Establish a Municipal Building and Facilities Capital Improvement Plan for 25 2006 — 2007; Consideration of Resolution No. 06 -146, Approving a Municipal Buildings and 26 Facilities Capital Improvement Plan for 2006 -2010 and Confirming Intent to Issue Bonds — 27 Finance Director Rolek advised at the August 7 work session staff brought before the Council an 28 opportunity to refinance the outstanding Lease Revenue Bonds of 1998A, issued for the construction 29 of the Civic Center Complex, with General Obligation Capital Improvement Plan bonds. 30 31 Finance Director Rolek stated this refinancing effort is complicated somewhat by the operating lease 32 between the City and the Centennial School District. The City's bond counsel has reviewed the 33 original bond documents and has determined that, because the District leases and occupies 34 approximately 20% of the Civic Center Complex for its ECFE, the City can only acquire and 35 refinance the remaining 80% of the Complex that is comprised of the City Hall and Police buildings. 36 However, the City will still realize present value savings in excess of $226,000 from the refinancing 37 action. 38 39 Finance Director Rolek advised after holding the required public hearing on the CIP, staff 40 recommends the adoption of Resolution No. 06 -145 approving the Municipal Buildings and Facilities 41 Capital Improvement Plan and confirming the City's intent to issue bonds for the acquisition of the 42 City Hall and Police building portions of the Civic Center Complex. 43 44 Mayor Bergeson opened the public hearing at 6:40 p.m. 45 2 •