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Mounds View City Council February 26, 2001 <br />Regular Meeting Page 20 <br /> <br />concerns is the impact on cash flow so it is adjusted for cash flow as needed for capital <br />improvements. <br /> <br />Council Member Stigney noted the construction costs were $1.1 million and the total bond was <br />for $3.090 million. He then questioned where the rest of the money went. <br /> <br />Mr. Hammerschmidt explained there were significant land costs involved. <br /> <br />Finance Director Kessel explained if Council looked at the bond book there is a breakdown of <br />costs as to property, debt reserve, start up costs, and equipment. He then explained there was an <br />issue as the City incurred the debt and the course was not up and running for a year so interest <br />was accumulating before the course was even open. He then told Council he could get all the <br />numbers to them if they wished. <br /> <br />The Springsted Representative explained the numbers were in the study. <br /> <br />Mayor Sonterre thanked Springsted for coming to the meeting. <br /> <br />Mayor Sonterre asked that a cover to cover discussion of the feasibility study be scheduled for <br />the next Council workshop. <br /> <br />Council Member Marty told Springsted he is feeling more comfortable with them all the time and <br />thanked them for the information provided and the questions they were able to answer and <br />explain to Council. <br /> <br />The Springsted Representatives noted one of them would not be available for the March 5, 2001 <br />work session. <br /> <br />Consent was reached by Council to discuss the feasibility study at the March 12, 2001 Council <br />meeting. <br /> <br />C. Golf Course Internet Proposal. <br /> <br />MOTION/SECOND: Thomas/Stigney. To Table Item 10C to the Next Council Meeting. <br /> <br /> Ayes – 5 Nays – 0 Motion carried. <br /> <br />11. Next Council Work Session: Monday, March 5, 2001 <br /> <br /> Next Council Meeting: Monday, March 12, 2001