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Mounds View City Council January 23, 1989 Regular Meeting Page Two -------------------------------------------------------------------------- • Mr. Phil Seipp, president of SYSCO/Continental stated he appreciated the help of the City and Staff in getting this project moving along. He also thanked the citizens who showed up at the meetings and after researching the project, put their support behind it. Jim Casserly, the attorney working with the developer, explained this was a very complicated project and he appreciated the help the City had provided. He stated there were two issues to be resolved yet, one being the use of the dedicated property. He stated he felt by specifying those uses as specified in the provisions of the existing code, and putting them right in the deed, would be sufficient. He stated the second item deals with the bond term, and is not a financial or legal impediment but solely a language issue. He explained a 14 year increment means a 15 year term, and the change in the time of the bond sale would cut one year of increment off. He explained they had always assumed 14 years of increment would be available in doing all their calculations, and the loss of one year would present a problem. Mayor Hankner asked if a 14 year increment had • been calculated from the beginning of the project. Mr. Cdsserly replied it had, and that is how they originally put together the schedule. Clerk/Administrator Pauley explained that to go beyond 15 years is a policy decision that would have to be made by the Council. He added the Council has clearly indicated to Staff that 15 years in the maximum they would go, and he questioned whether the Council meant 15 years for the term of the bond issue or 15 years cf receipt of the bond issue increments, which would add 10 months to the bond. Mayor Hankner stated it would still assume 14 years of increments with an almost 16 year bond. Mr. Casserly stated that as the available bond proceeds have come down, they have tried to keep the total capital at $1.8 million. Clerk/Administrator Pauley explained the 10 months would equal $50,000 to $60,000, and the developer is simply trying to make up the difference. Ms. Portwood stated the cost of the public improve- ments will not exceed $1.8 million, and the developer will not get the full amount, as costs will be taken out first. She stated the sum of the revenue note and proceeds of bonds to the developer will not exceed $1.8 million..