10/22/2003 Council Minutes - Laserfiche WebLink

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• • CITY COUNCIL WORK SESSION OCTOBER 22, 2003 APPROVED 1 AUTHORIZE SALE OF BONDS, AL ROLEK 2 3 $250,000 Taxable G.O. Improvement Bonds — Negotiated Sale — Finance Director 4 Rolek advised the City had looked at one financing source for all the projects to be 5 completed this year. However, Charter -exempt zones are not eligible for tax exempt 6 bonds. Therefore, staff separated the 21St Avenue project so the other projects are funded 7 by tax exempt bonds. The 21' Avenue project is a $250,000 dollar bond issue. That 8 amount is relatively small, so the City may be able to negotiate the bond rate. 9 10 Ms. Terry Heaton, Springsted, advised in a negotiated deal, Springsted will work with a 11 company on the terms. A negotiated bond rate will allow for more flexibility. Springsted 12 will facilitate the negotiating of the bond rate. 13 14 Councilmember O'Donnell asked why the bond would be for $250,000 when the City's 15 actual cost is $104,000. Finance Director Rolek advised the City would be bonding to 16 cover the assessments also. 17 18 This item will appear on the regular Council agenda Monday, October 27, 2003, 6:30 19 p.m. 20 21 $2,120,000 G.O. Improvement Refunding Bonds — Finance Director Rolek advised the 22 City Council has approved projects for Elm Street, Twilight Acres and the Century Farm 23 lift station. To finance the improvements to be made in these projects and perform the 24 refunding, it is necessary to issue and sell General Obligation Improvement and 25 Refunding Bonds. Springsted has issued their recommendation for the issuance of 26 $2,120,000 G.O. Improvement and Refunding Bonds Series 2003. 27 28 Councilmember Carlson asked how the City would choose which bank with which to 29 negotiate. Finance Director Rolek advised staff will talk to Community Bank first to see 30 if they have any interest in the bonds. 31 32 This item will appear on the regular Council agenda Monday, October 27, 2003, 6:30 33 p.m. 34 35 Community Development Director Grochala advised he did speak with the two property 36 owners on 21' Avenue. They both indicated they would have signed letters/waivers to 37 the City by the end of the week. 38 39 DECERTIFICATION OF TIF DISTRICTS 1-6,1-7 AND 3-1, AL ROLEK, MARY 40 ALICE DIVINE 41 42 Economic Development Assistant Divine advised Tax Increment Finance District No. 1-6 43 was established in 1994 as a one -project district to provide assistance to UDOR U.S.A. 44 The obligations in that district have been satisfied. 45 46 Economic Development Assistant Divine advised Tax Increment Financing District No. 47 1-7 was established in 1995 to provide assistance to businesses to develop the Apollo 48 Business Park. The businesses within the district are Mag Con, Emergency Apparatus