04/19/1999 Council Minutes - Laserfiche WebLink

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COUNCIL FINANCE WORK SESSION APRIL 19, 1999 • proposed project. If it does not generate adequate Area and Unit Funds, the project is denied. • • Council expressed concern in that some of the financing of the Capital Improvement Program depends on bonding. It appears that although there will be no increase in the coming budgets, bonding will be needed to finance some of the improvements. Staff noted assessments will fund some of the projects but interim financing will be required. The Area and Unit Fund has given the City flexibility in funding sewer and water projects. Unfortunately, the City does not have this flexibility for street improvement projects. Consideration should be given to this idea. It was noted that the Charter Commission wants the City Council to develop a plan to pay for road reconstruction. The meeting was recessed to the Council chambers at 6:35 p.m. to conduct i annual Board of Review. The Council finance work session was reconvened at 7:261p Page 10 - Economic Development Projects T e Village T evelopment/Phase I - Land summarywas brieflyrecapped spec ific noting projects pp� g ��. land purchases from Mr. Glenn Rehbein and Mr. Funkhouser and the balloon payment of $841,226 on those two (2) purchases due in the year 2002..Also noted as a major portion of the Village to be developed for a hotel. The sale of s property would more than pay the balloon payment and the services needed to supp t t r hote'' Phase I - Land S ., a t o d currently available for sale within the Village. The value of these pro : w ' as o ined. A summary of the Lino Lakes Economic Developmc , .tus'gi `inning in 1991 and projected through the year 2000 was outlined and a s 4 ercial projects was presented. It was noted t the City does not have architectural guidelines in place for development near and around the I-35E/Main Street intersection. Staff explained modified guidelines of the I-35W/Lake Drive intersection will be used. ATHLETIC COMPLEX, RICK DEGARDNER Internal funding is planned for the acquisition of land for the athletic complex. Then in the future, probably 2003, a $4,000,000 bond referendum will be placed on the election ballot. If the referendum passes, the internal loan will be repaid and the development of the complex will be started. At that time, there will be further discussion about pursuing additional development of the trail system. If the citizens do not approve the referendum, the land will be sold. PAGE 3