Council_Minutes_1988_01_11 - Laserfiche WebLink

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Mounds View City Council January 11, 1988 Regular Meeting Page Two '71erk /Administrator Pauley explained that in September of .1.986 they adopted resolutions approving tax increment financing relating to the tax increment financing district No. 1 within development district No. 2, and he explained the action before the Council now is to approve the sale of bonds for the project. He added the financing plan has been finalized and this amendment would include the actual figures. Motion /Second: Hankner /Wuori to approve Resolution No. 2283, approving Amendment No. 1 to the Tax Increment Financing Plali relating to the Tax Increment Financing District No. 1 within Development District No. 2, and waive the reading. 5 ayes 0 nays Clerk /Administrator Pauley reported that earlier in the day, the City had received bids for the sale of $6,000,000 in taxable general obligation tax increment bonds. He reported the City had been given an "A" rating by Moodeys, after thorough research, and their report had been very favorable for the City. Ron Langness, of Springsted, Inc., reviewed the rating he City was given, stating the City should be proud of it. He added that this is the largest public taxable general obligation bond sale in the State, and the low bid was received from Miller Securites and Dain, Bosworth and Cronin Co., at 9.75% interest, which is a savings over what had been estimated last month. Motion /Second: Hankner /Quick to approve Resolution No. 2284, awarding the bid to Miller Securites and Dain, Bosworth and Cronin Co., at a rate of 9.75 and waive the reading. 5 ayes 0 nays Motion /Second: Linke /Blanchard to remove this item from the table. 5 ayes 0 nays 7. Consideration of Resolution No. 2283 Motion Carried 8. Consideration of Resolution No. 2284 Motion Carried 9. Remove from Table and Award Mounds View Business Park Public Improvement Contract Motion Carried