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Mounds View City Council Page Five <br /> Regular Meeting November 8, 1993 <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 />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 />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 />C. Consideration of Resolution No. 4447 Establishing Procedures <br />RelatincL 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 />• <br />