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Mounds View City Council June 14, 2021 <br />Regular Meeting Page 5 <br /> <br />these licenses and staff recommends approval. <br /> <br />MOTION/SECOND: Bergeron/Meehlhause. To Waive the Reading and Adopt Resolution 9431, <br />Approving the Renewal of Mounds View Liquor Licenses. <br /> <br />A roll call vote was taken. <br /> <br /> Ayes – 5 Nays – 0 Motion carried. <br /> <br />E. Resolution 9432, Approving a Conduit Bond for MWF Properties. <br /> <br />Assistant City Administrator Beeman requested the Council approve a conduit bond for MWF <br />Properties. He reported MWF was proposing to develop a senior housing development on the <br />Skyline Motel property. He explained MWF was also seeking TIF financing to complete this <br />project. He indicated the City would not be responsible for these bonds. Staff commented further <br />on the proposed conduit bonds and recommended approval of the request. <br /> <br />Jenny Bolton, Kennedy & Graven, reported with these bonds the City would act as the conduit to <br />provide lower cost financing for the developer. She stated the City has provided other non-profits <br />with conduit bonds in the past and noted these bonds could also be used for affordable housing <br />projects. She reiterated there would be no liability for the City for these bonds and noted the City <br />would be paid a small fee for administrating these bonds. <br /> <br />Mayor Mueller questioned what fee would be paid to the City for these bonds. Finance Director <br />Beer reported the City would receive 1/8 of 1% yearly on the balance of the outstanding <br />obligations. <br /> <br />Mayor Mueller asked how long the bonds would be issued for. Chris Stokka, MWF, indicated the <br />bonds would have a payback period of 17 years. <br /> <br />MOTION/SECOND: Meehlhause/Hull. To Waive the Reading and Adopt Resolution 9432, <br />Approving a Conduit Bond for MWF Properties. <br /> <br />Council Member Meehlhause thanked staff for the excellent staff report. <br /> <br />A roll call vote was taken. <br /> <br /> Ayes – 5 Nays – 0 Motion carried. <br /> <br />F. Resolution 9433, Approving the Final Plat of Belden River View. <br /> <br />Community Development Director Sevald requested the Council approve the Final Plat for Belden <br />River View. He reported this development was located on the southeast corner of County Road I <br />and Pleasant View Drive. He explained the Preliminary Plat had been approved. He discussed the <br />lots that were being created and noted three lots would receive water from the City of Fridley. The <br />other lot would continue to use its existing well, but will be required to connect to City of Mounds