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LAKE ELMO CITY COUNCIL MINUTES JUNE 3, 2014 Page 5 of 7 Council Member Reeves commended staff and finance committee on their work. He agreed that the state bonding success changed things. Lake Elmo Ave water was part of the bonding need. He is willing to take risk to make an investment. The assumptions are extremely conservative. Even with a 25% reduction, positive cash flow works out to 2024. Council Member Smith supports development and property owners. Residents she has interacted with want the development to look nice. She thinks the City should wait a year or two so the city does not end up accepting developments it doesn’t want. She thinks the City should slow down and take time to make sure we get the best developments. Mayor Pearson noted that the City has overcommitted in past, but this is a remedy. He stated that the City owes it to property owners who have been restricted by lack of infrastructure in the past. He is supportive of the project. Mr. Reeves hopes that the council supports its decisions as a body regardless of how it votes. Council Member Bloyer reminded everyone that the property owners should be able to use the property as they see fit if it is an allowed use. He is willing to make investment to make thing better for future residents. Ms. Smith reiterated that her concern is the timing, not the development itself. MOTION PASSED 4-1 (Smith – Nay). Mayor Pearson Recessed the meeting at 9:02 pm. The meeting was reconvened 9:12 pm. ITEM 13: 2014 CAPITAL IMPROVEMENT FINANCE PLAN; RES. NO. 2014-39 Finance Director Bendel introduced Tammy Omdal from Northland Securities. She provided an overview of the upcoming municipal bond sale of $6.2 million. Sale date is June 17, 2014. Anticipated interest rates are 2.3%. Ms. Omdal will be back on June 17th to present the bond bids. Bonds will be sold competitively so banks or underwriters will be buyers. Council Member Reeves asked about the threat to the enterprise fund threshold for development delay. Approximately $200,000 will be needed annually to pay debt. The impact on the City’s credit rating was described. Bond rating call went well. The policies that the city has put in place are positive. The rating will be available next week. MOTION: Mayor Pearson moved TO APPROVE RESOLUTION 2014-39 AUTHORIZING THE ISSUANCE AND SALE OF GENERAL OBLIGATION BONDS, SERIES 2014A IN THE AMOUNT OF $6,235,000. Council Member Nelson seconded the motion. MOTION PASSED 5-0. ITEM 14: SHORELAND AMENDMENT ORDINANCE; ORD. 08-111, RES. NO. 2014-40 Community Development Director Klatt explained the proposed ordinance amendment. Council Member Smith left room at 9:20 pm. Primary issue is to modernize the code and bring code in line with new urban districts. Staff has created a model to balance the protection of surface waters in the community while still accommodating sewered growth in targeted shoreland areas using dedicated riparian buffer areas. Also proposed is an updated definition of overall height for water oriented accessory structures being “enclosed.” It was noted that the DNR commented after the Planning Commission recommended approval. City Attorney Snyder explained that the DNR can challenge development that is based on ordinances that they do not approve of. They do not often do that. The solicitation for comments was proper, and due to the delay in receiving the DNR comments Counsel does not recommend giving any deference to the comments at this point. Council Member Smith returned at 9:25 pm. MOTION: Council Member Reeves moved TO APPROVE ORDINANCE 08-111 TO ADOPT UPDATED SHORELAND PROVISIONS TO INCORPORATE STANDARDS AND BEST PRACTICES FOR SEWERED PROPERTIES IN SHORELAND AREAS. Council Member Bloyer seconded the motion. MOTION PASSED 5-0.