05/08/2002 Council Minutes - Laserfiche WebLink

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• • • APPROVED CITY COUNCIL WORK SESSION MAY 8, 2002 MAIN STREET CSAH 14/8 RECONSTRUCTION PROJECT UPDATE, MICHAEL GROCHALA Community Development Director Grochala distributed an information sheet regarding the County State Aid Highway 8/14 Improvements, I -35E to Highway 61. He referred to a map noting the team is looking at four different alignments as the roadway goes into Hugo. There have been two informational meetings to obtain public comment. Community Development Director Grochala stated staff will be coming to the City Council in June with a request for approval for two of the alignments to go through the environmental assessments. He noted the negatives and positives for each alignment. Councilmember Carlson asked if the project will be stopped short of the freeway due to lack of funding. Community Development Director Grochala stated the project will stop short of the freeway due to lack of funding. Anoka County has received funding for County Road 14 from 35E to 35W. The involved cities are trying to get MnDOT to also look at the intersection for reconstruction. 2002 IMPROVEMENT BOND ISSUE, AL ROLEK Finance Director Rolek referred to a copy of Recommendations for City of Lino Lakes, General Obligation Improvement Bonds, Series 2002A, prepared by Springsted, Inc. He advised that the City Council has approved public improvements for Lake Drive/Apollo Drive, Twilight Acres Sanitary Sewer and West Shadow Ponds Street and Utilities. It is necessary to issue and sell General Obligation Improvement bonds to finance the improvements to be made in these projects. Springsted, Inc., has issued its recommendation for the issuance of $2,730,000 G.O. Improvement Bonds. If approved, the sale would occur on June 24, 2002, with consideration for award by the City Council at its meeting the same day. The issuance would have a 10 -year term running from 2004 through 2013 and would be repaid through the levy of special assessments against the benefited parcels. Staff is recommending the City Council approve Resolution No. 02 — 41, Providing for the Issuance and Sale of $2,730,00 G.O. Improvement Bonds, Series 2002A. Councilmember Carlson inquired about the interest rate of the bonds and asked if the interest rate in included in the assessments. Finance Director Rolek stated it is anticipated that the interest rate will be just over 4% with a net average of 4.25%. The City does include the interest rate in the assessments and also adds 2% to cover delinquencies or non-payment.