06/25/2007 Council Minutes (2) - Laserfiche WebLink

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COUNCIL MINUTES June 25, 2007 APPROVED •1 Resolution No. 07-90, Approving a Solicitor License 2 for Pro Alarm Approved 3 4 Resolution No. 07-91, Approving the renewal of a 5 private kennel license for Margo Polta, 575 Ash Street Approved 6 7 Resolution No. 07-92, Approving Final 8 Pay Request, Lois Lane Utility Extension Project Approved 9 10 June 4, 2007 Special City Council Meeting Minutes Approved 11 12 FINANCE DEPARTMENT REPORT, AL ROLEK 13 14 Consider Resolution No. 07-96, Awarding the Sale of $4,215,000 in General Obligation Tax 15 Increment Financing Bonds, Series 2007A - Finance Director Rolek explained that based on 16 council authorization calling for issuance of these bonds to finance the Lake Drive Interchange 17 Project, bids were sought and received. He introduced Terri Heaton, Springsted, Inc., to review the 18 bid results. 19 20 Ms. Heaton noted that the bids were opened this day, with ten bids received and the low bid received 21 from Piper Jaffray & Company. The interest rate attached to that bid is 4.1175%, very close to the 22 estimate. A bond rating assessment of the city was a part of the process and it was confirmed by • 23 Moody's that the City of Lino Lakes has a strong AA3 rating. 24 25 Council Member Reinert moved to approve Resolution No. 07-96, as presented. Council Member 26 Carlson seconded the motion. Motion carried unanimously; Bergeson & Stoltz absent. 27 28 Consider Resolution No. 07-97, Approving the Modification of Tax Increment Financing Plan 29 for Tax Increment Financing District No. 1-11 - Finance Director Rolek explained that staff is 30 presenting an administrative amendment to this tax increment plan that is required based on the 31 restructuring of the Lake Drive Interchange Project financing plan. The Economic Development 32 Authority acted to approve this modification earlier in the evening. 33 34 Council Member Carlson moved to approve Resolution No. 07-97, as presented. Council Member 35 Reinert seconded the motion. Motion carried unanimously; Bergeson & Stoltz absent. 36 37 Consider Resolution No. 07-98, Authorizing an Interfund Loan in connection with the Lake 38 Drive Interchange Project and Tax Increment Financing District No. 1-11— Finance Director 39 Rolek explained that this loan action is based on the restructured financing plan for the Lake Drive 40 Interchange Project. There should be sufficient capacity in the district to fully fund this so staff is 41 recommending approval of the loan. 42 43 Council Member Reinert moved to approve Resolution No. 07-98, as presented. Council Member • 44 Carlson seconded the motion. Motion carried unanimously; Bergeson & Stoltz absent. 45