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CITY COUNCIL WORK SESSION <br />DRAFT <br />March 2, 2015 <br />1 2. Fire Station Financing — Mikeala Huot, Springsted financial consultant, <br />2 reviewed a PowerPoint presentation regarding financing for the new city fire station. She <br />3 included information on: <br />4 - the project to be funded; <br />5 - types of funding proposed (lease revenue and abatement bonds); <br />6 - the amount of financing required; <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />29 <br />30 <br />31 <br />32 <br />33 <br />34 <br />35 <br />36 <br />37 <br />38 <br />39 <br />40 <br />41 <br />42 <br />43 <br />44 <br />45 <br />- how abatement bonding is structured and costs eligible for abatement bonds; <br />- constraints of abatement bonding; <br />- area where taxes will be abated (ultimately costs are spread throughout the city); <br />- the schedule for issuance of bonds; <br />- other projects that have been funded by abatement bonds. <br />The council will conduct a public hearing on the bonds at the March 23, 2015 meeting. <br />2a. Lino Lakes Ambassador Program- Ray Culp, representing the Ambassador <br />Program, provided information on the city float. The float is used by the Ambassadors to <br />represent the city in parades and functions around the state. It is in need of updating and <br />repair. <br />Megan Culp, Co -Coordinator of the Ambassador Program and former ambassador. The <br />program was so helpful in her growth as an individual that she is still participating and <br />contributing to keep it going. Ambassadors are selected based on criteria that means they <br />will represent the city well. <br />Mayor Reinert noted that he and Council Member Roeser attended a function of the <br />Program recently and heard about the condition of the float. The Program is long <br />recognized for the good work and the benefit it provides to the participants who are city <br />residents. <br />Using a PowerPoint tool, Mr. Culp reviewed: <br />- Ambassador activities; <br />- Positive attitude of the participants; <br />- Photos of the current float; <br />- Problems occurring with the current float; <br />- A proposal to repair the float, noting that they've gotten some quotes on the supplies; <br />- The need for a cover to store and transport the float (possibly $3,300); <br />- Breakdown of expenses in the range of $3,000, not including the cover (including just <br />materials as labor would be done by volunteers). <br />The mayor noted his support of the city providing funds for the project. Council Member <br />Roeser indicated that the volunteer element is great and he thinks the city should provide <br />funding for the materials. It was suggested that inside storage should be explored as well <br />as providing for regular maintenance going forward. Also the possibility of funding <br />through the tourism organization could be explored. Council Member Rafferty asked <br />that the float renovation include more city identification such as the city logo. <br />2 <br />