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Mounds View City Council Page Fivtc <br /> • Regular Meeting November 8, 199 <br /> Orduno introduced Paul Miller, the project architect from Williams/ <br /> Gill and Associates to present the Master Plan to the Council. Mr. <br /> Miller also commended the Golf Course Task Force, City Staff and the <br /> Council liaison for being very dedicated and doing a fine job with <br /> regards to the project. Miller explained the steps involved in <br /> developing the Master Plan and indicated that the Golf Course Task <br /> Force and Architect together have designed a golf course and driving <br /> range that has all the elements of a successful, economic and social <br /> venture. <br /> MOTION/SECOND: Blanchard/Quick to Adopt Resolution No. 4445 <br /> Approving the Master Plan for the Golf Course <br /> • <br /> VOTE: 5 ayes 0 nays Motion Carried <br /> B. Consideration of Resolution No. 4446 Relating to the Financing of a <br /> Municipal Golf Course <br /> Samantha Orduno, City Administrator, outlined the conditions by <br /> which the City may utilize proceeds from Tax Increment Financing <br /> District No. 2 . Resolution No. 4447 defines the permitted uses of <br /> the funds which were established when the District was created. <br /> 111 <br /> Orduno explained that using the funds for clearly defined <br /> recreational purposes, such as the development of the golf course, <br /> is consistent with the .intended purpose of the District. <br /> Orduno also explained that the resolution provides authorization to <br /> proceed with the purchase of the land and the money used to purchase <br /> the land would then be reimbursed to the TIF District No. 2 fund <br /> from the proceeds of the proposed Revenue Bond Sale slated to take <br /> place next month. Orduno noted that should the bids come in higher <br /> than anticipated, the proceeds to be reimbursed to the TIF District <br /> No. 2 fund will be decreased by the amount that the bids are over <br /> the estimated construction expenses. <br /> MOTION/SECOND: Quick/Blanchard to Adopt Resolution No. 4446 <br /> Relating to the Financing of a Municipal Golf Course <br /> VOTE: 5 ayes 0 nays Motion Carried <br /> • <br /> C. Consideration of Resolution No. 4447 Establishing Procedures <br /> Relating to Compliance with Reimbursement Bond Regulations Under the <br /> Internal Revenue Code <br /> Samantha Orduno, City Administrator, reviewed Staff Report No. 93- <br /> 683C relating to Resolution No. 4447 which outlines the procedures <br /> by which the City will comply with the recently revised IRS <br /> • Regulations relating to "Reimbursement Bonds. " <br />