Agenda Packets - 2005/05/09 - Laserfiche WebLink

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Given that the Finance Director position will be vacant this summer, it is essential that Ehlers take over TIF reporting. Shelly Eldridge from Ehlers has given me an estimate of $1,200 to prepare the 2004 TIF reports. This estimate is on the high side and Shelly will only bill the actual hours. Shelly has a tract record with the City of Mounds View of billing less than her estimated hours whenever possible. Springsted, Inc. for Continuing Disclosure: Continuing disclosure is a requirement under SEC regulation 15©2-12 in which entities issuing of bonds since 1995 must annually file certain financial information with a national repository. Buyers of the bonds are then able to obtain information on their bonds from a convenient and reliable source. The City of Mounds View had initially filed these reports but then fell out of compliance in the late 1990s. The City engaged Springsted, Inc. to bring the City back into compliance by filing the continuing disclosure report for 2002 and they have filed the reports since then. The City Council approved the idea of having Springsted continue to provide the service in 2003 and beyond. The City Council qualified this by stating its desire to annually approve the contract. The need to get this approval in 2004 was overlooked. In years when the City issues a new general obligation bond, the service will cost $200 for each existing bond issue. If there is a year when no new bond is issued, or the City issues some type of bond other than general obligation, an additional $1,300 fee will be charged to cover the preparation of an annual report. Recommendation: I recommend that the City approve an agreement with Ehlers & Associates to prepare the 2004 TIF reports at an estimated cost of $1,200 and approve continuation of the existing contract with Springsted, Inc. for continuing disclosure services. Attached is Resolution 6511, which authorizes the services. Respectfully Submitted, Charles Hansen