Minutes - 2005/10/10 - Laserfiche WebLink

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Mounds View City Council October 10, 2005 Regular Meeting Page 19 • Mayor Marty inquired if the auctioneer had been informed this auction might not proceed as scheduled. City Administrator Ulrich replied he had. Councilmember Stigney stated as far as "being on the hook", they funded the golf course anyway and to him he believed they were exclusive measures and whether Medtronic came in or not, he believed they should get out of the golf course business, sell the land and be done with everything. Councilmember Thomas stated the timing was theirs to control and should this fall through and they not have the Medtronic development, they had the opportunity to continue the golf course in the Spring. She stated if they made this anon-revenue producing property, the bonds would be due whether somebody else owned it or not. Councilmember Stigney asked if they sell golf course equipment were the bonds due. City Attorney Riggs responded if they discontinued the golf course business, the bonds would become due and payable. Councilmember Stigney asked if they still had income coming in from the billboards wouldn't this pay the bond. City Attorney Riggs stated they needed to give the City Administrator the option to reschedule the auction and allow further time for staff to research the bond issue. • Councilmember Thomas stated the actual dollar amounts was not that important and the bonds were set up as the financing mechanism for the golf course and while they could probably find the money to continue the golf course, the bonds were tied to the financial mechamsm. Councilmember Stigney asked how much was required for the next few years for bond payments and requested the City Attorney to research this further. Councilmember Flaherty stated he agreed that if the assets of the golf course were gone, the bonds would be due. Mayor Marty also agreed. Councilmember Stigney stated they should get out of the golf course business and they had other money available in other funds to pay off the bonds which he believed they should do. Ayes-1 Nays-1 (Councilmember Stigney) Motion carried. MOTION/SECOND: Marty/Stigney. To postpone the Resolution until after the closing and have this be brought back to the Council. Councilmember Flaherty stated he did not believe this needed a motion. After further review, Mayor Marty agreed. Councilmember Stigney did not agree and believed they needed a motion. He indicated they • needed to postpone this to a specific time.