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Item No. 7.E. <br />Meeting Date: March 13, 2017 <br />Type of Business: Council Business <br />City Administrator Review: ______ <br /> <br />City of Mounds View Staff Report <br />To: Honorable Mayor and City Council <br />From: Mark Beer, Finance Director <br />Item Title/Subject: Resolution 8732 Providing for the Sale of $6,000,000 <br />General Obligation Capital Improvement Plan Bonds, <br />Series 2017A <br /> <br /> <br />The City Council commissioned a space-needs-study and subsequently contracted with an <br />architect to provide preliminary design, cost estimates, and bidding documents for the <br />construction of a new public works facility. The City council held a public hearing on November <br />14, 2016 and adopted resolution 8658 adopting an updated Capital Improvement Plan (CIP) for <br />2017 thru 2021 and gave preliminary approval for the issuance CIP bonds. Resolution 8695 <br />authorized Ehlers & Associated, Inc. to act as the City’s financial advisor for the preparation and <br />sale of CIP bonds and Kennedy & Graven Chartered to act as bond counsel. The bids have been <br />received and the low bid has been accepted and the contract for construction has been awarded <br />in resolution 8719. <br /> <br />The City Council now needs to call for the sale of bonds to finance the costs associated with the <br />construction of the public works facility. The bids will be considered at the April 10, 2017 City <br />Council meeting at which point the City Council can accept or reject the bids. See the attached <br />presale report prepared by Ehlers & Associates. Staff recommends that the City Council review <br />the attached presale report, ask any questions, and consider resolution 8732. <br /> <br />Respectfully Submitted, <br /> <br /> <br /> <br /> <br />Mark Beer, Finance Director <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />