Laserfiche WebLink
CITY COUNCIL WORK SESSION March 23, 2015 <br />APPROVED <br />46 council will also be acting as the Economic Development Authority (EDA) to discuss the <br />47 issuance of lease revenue bonds for the new fire facility. <br />48 <br />49 Ms. Heaton reviewed a portion of a PowerPoint Presentation (on file — Page 5) outlining <br />50 the lease revenue bond process and the proposal to issue bonds. She noted that the <br />51 amount has been updated based on recent information and is now reduced. She noted that <br />52 a reserve could still be added as well as interest prior to issuance also. The parameters <br />53 established for the sale actually indicate a larger number than will actually be needed but <br />54 that allows for movement in rates — current rates are low so it appears to be a good time <br />55 for an issuance. The sale should be done by the end of May. <br />56 <br />57 Mayor Reinert explained how the numbers have been adjusted to a lower figure. He also <br />58 noted that the improvements being funded through the bonds will impact land that will <br />59 benefit from the work in the future. <br />60 <br />61 Ms. Heaton then reviewed the tax abatement process and explained what abatement is <br />62 and how it works, constraints for utilizing the abatement process (and confirmed that this <br />63 project meets requirements) and stressed that the abatement is noted for specific <br />64 properties but will be spread throughout the city. <br />65 <br />66 Ms. Heaton also briefly reviewed the proposed Street Reconstruction Bond issuance. The <br />67 project was authorized by referendum. <br />68 <br />69 The meeting was adjourned at 6:25 p.m. <br />70 <br />71 These minutes were considered, corrected and approved at the regular Council meeting held on <br />72 April 13, 2015. <br />73 <br />74 <br />75 <br />76C <br />77 Ju1. - Bartell, City 1 lerk <br />78 <br />2 <br />Jeff R- ne , Mayor <br />