Council_Minutes_1988_03_28 - Laserfiche WebLink

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Mounds View City Council March 28, 1988 Regular Meeting Page Four Councilmember Quick asked if a loan could be floated from the sewer and water fund. Clerk /Administrator Pauley replied it could, and would have to be repaid with interest at the time development occurs. He further explained why the City is even considering purchasing the property, so as not to land -lock property that owners may want to develop in the future. Councilmember Quick stated he wonders if the residents in the area know the value of the property that is currently their back yards. Clerk /Administrator Pauley stated that lots of 11,000 square feet are going for anywhere from $20,000 to $30,000 per lot, depending on how wooded they are. Mayor Linke stated that whether they would borrow from another fund or go with tax increment financing, they would be borrowing from the future, and he has not made up his mind yet, hoping that there will be a better option. Councilmember Quick pointed out that if the property is bought now, it will cost less than it would later. Councilmember Hankner stated she has problems with the options that have been suggested so far for funding. Councilmember Blanchard stated she would have a problem with borrowing from the water fund, as it was not established for this purpose, and the funds would then be tied up and not available for sewer and water work which may be necessary within the City. Motion /Second: Quick /Wuori to table this item and direct Staff to lay out some financing options to be discussed, and table until April 11, 1988. 4 ayes 1 nay Councilmember Blanchard voted against the motion. Motion /Second: Linke /Quick to remove this item from the table. 5 ayes 0 nays Motion Carried 10. Remove from Table and Con- sideration of Appointment of Gordon Fedor to Civil Service Commission Mctio31 Carried