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REQUEST FOR COUNCIL CONSIDERATION Agenda Section: 2• IVSTAFF REPORT Report Number: 93-658WS AGENDA SESSION DATE November 1, 1993 Report Date: 10-28-93 DISPOSITION Item Description: Update on Proposed Golf Course Revenue Bond Sale and Land Purchases Administrator's Review/Recommendation: - No comments to supplement this report - Comments attached. Explanation/Summary (attach supplement sheets as necessary.) SUMMARY; At the Special Council Work Session two weeks ago, the Council, after listening to the options provided by Bob Thistle of Springsted, decided to move forward with plans to sell Revenue Bonds this year for the proposed golf course and to purchase Lot 16 in Blaine from existing fund balance or other funds. Since that meeting, staff has met with representatives from Springsted, the bond underwriter from Piper, and our Bond Counsel, Jim O'Meara to determine the timeframe for the bond sale. As of this writing, the schedule has not been finalized by the bond underwriter, but I do expect it will be available at the meeting Monday. Required actions of the Council at the November 8th meeting include approval of the Resolution to Proceed with the bond sale, approval of the Resolution to Reimburse - this is a resolution which is required in the bond documents and provides that the City will be reimbursed from the bond proceeds the money it spends to purchase Lot 16 from existing City funds. The reimbursement will occur subsequent to the awarding of the construction bid. If, for some unforeseen reason, the bids do come in higher, the difference between what had been included in the bond and the actual bid will be deducted from the reimbursement proceeds. In response to Council's request for information on the accuracy of Garret Gil's bid specs., his firm has been 100% at or below bid estimates. According to Paul Miller of Williams/Gil and Associates, "We guarantee that we will come in at or below bid estimates,. We have done so in the past and we will assure you that we will do everything to make sure that this course is built at or below budget." The Task Force is confident that the bids will be on target and the money used from the water fund A ill be reimbursed in full from the bond proceeds. ' 4&°/_ ./e-1-64. 51,_ S:mantha Ordu o, City Administrator RECOMMENDATION;