Council_Minutes_1982_03_22 - Laserfiche WebLink

Home Browse Search

Mounds View City Council March 22, 1982 Regular Meeting Page Four can be done at no cost to the City if it is put together properly. He stated the tax increase of the property would be devoted to paying off the debt, and that a hearing would be required, with other tax districts to be notified, but he final decision would be left to the City. Official Rose explained there are four steps to be followed, a feasibility analysis, which would take approximately one month and cost $4,000, then after the Council has reviewed it, a public hearing must be set, then after the public hearing, if the Council gives approval, final documents would be prepared, at a cost of $1,000 to $2,000 more. The bonding company would then sell the bond, with an approximate five year payback. Clerk /Administrator Pauley stated he would communicate to Health Central, Inc. that the City is willing to look at their analysis. Attorney Meyers reported that, at the Council's 11. Report of Attorney request, he has checked into the $1,275,000 bond issue. He stated the City presently has a contract with the developer, with the project to be assessed over ten years, with interest only to be collected in the first three years, which is covered by a bond. Payments over the next seven years will be principal a____ interest, collected by assessment. He added the financial consultant has submitted a report of what could happen over the next 8 to 9 years, and it would appear that at 10 percent prepayment, there would be no obligation from the City at all, He suggested talking to the developer to see if they would change the assessment schedule, pointing out that the bond buyers are protected. He added there are various options the City could consider if they feel it would be a problem. He stated he would be preparing a written report for the Council on the matter. Councilmember Blanchard had no report. 12. Reports of Couneilmembers Councilmember Doty reported the Charter Commis- sion will meet on March 24 at 7:30 PM. Councilmember Hodges reported he had received a letter from the Ramsey County League regard- ing their April 7 meeting. He stated he would be out of town for the next two weeks and would like someone to attend in his place.