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REQUEST FOR COUNCIL CONSIDERATION Agenda Section: 2____ <br />STAFF REPOReport Number: 93-65416 — <br />RT <br />AGENDA SESSION DATE <br />November I, 1993 Repnrtnnte: IO_28=9J___ <br />DISPOSITION <br />Item Description: Update on Proposed Golf Course Revenue Bond Sale and Land Purchases <br />Adnanistratoes Revi,w/Rveommendation: <br />- No comments to supplement this report <br />Comments attached. <br />ExplanationlSuntmagY 4utn1h upplament sheets as necessary.) <br />allU AIM <br />At the Special Council Work Session two weeks ago, the Council, after listening to the options <br />provided by Bob Thistle of Springsted, decided to move forward with plans to sell Revenue Bonds <br />this year for the proposed golf course and to purchase Lot 16 in Blaine from existing fund balance <br />or other funds. <br />Since that meeting, staff has met with representatives from Springsted, the bond underwriter from <br />Piper, and our Bond Counsel, Jim O'Meara to determine the timeframe for the bond sale. As of this <br />writing, the schedule has not been finalized by the bond underwriter, but I do expect it will be <br />available at the meeting Monday. <br />Required actions of the Council at the November 8th meeting include approval of the Resolution <br />to Proceed with the bond sale, approval of the Resolution to Reimburse - this is a resolution which <br />is required in the bond documents and provides that the City will be reimbursed from the bond <br />proceeds the money it spends to purchase Lot 16 from existing City funds. The reimbursement will <br />occur subsequent to the awarding of the construction bid. If, for some unforeseen reason, the bids <br />do come in higher, the difference between what had been included in the bond and the actual bid <br />will be deducted from the reimbursement proceeds. <br />In response to Council's request for information on the accuracy of Garret Gil's bid specs., his firm <br />has been 100% at or below bid estimates. According to Paul Miller of Williams/Gil and Associates, <br />We guarantee that we will come in at or below bid estimates,. We have done so in the past and <br />we will assure you that we will do everything to make sure that this course is built at or below <br />budget." The Task Force is confident that the bids will be on target and the money used from the <br />water fund Will be reimbursed in full from the bond proceeds. <br />City Administrator <br />1 L 'OA1.111� NIleYI'I(1N: <br />