Agenda Packets - 1989/02/06 - Laserfiche WebLink

Home Browse Search

f�"� j" �f �� Januay 23a Council U .., ; . r Two � g_______________ KI $� 9 Mounds View City ,�� F-' � � �. !, E--------- Regular Meeting ________________________ SYSCo/Continental stated (� v Mr. Phil Seipp, President of help of the City and Staff in he appreciated the this project moving along. He also thanked after getting the citizens who showed up at the meetings and their support behind it. researching the project, put Jim Kasterly, the attorney working with the developer, complicated project and ne explained this was a very the City had provided. He appreciated the help were two issues to be resolved yetf one stated there being the use of the dedicated property. He stated as specified in the he felt by specifying those uses and putting them provi.sions of the existing code, be sufficient. He stated would right in the deed#and item deals with the bond rsolely as the second but not a financial or legal impedimentear increment a 14 y language issue. He explained ce in the loff- end theearaof means a 1.5 year term, would cut on;yearo increment of .'the bond sale d l4 years He explained they had alway all their in doing increment would be available loss of ore year would calculations#andthe present a problem. Mayor Hankner asked if a 14 year increment had beginning of the project- been calculated from the been thatule. is how they Kasterlyreplied it originally Put the,scnd xp lained that to go Clerk/Administrator Pedecision that would p,lic beyond 15 years is a Y be made by the Council. He added the ears 15y have to Counc*1 has clearly indicated to -taffuthat he in the maximum they would 90 and Council meant 15 ye the term of whether the receipt of the bond the bond issue or 15 years cf 10 months to the add1 issue increments, which would add bond. Mayor Hankner stated it would still assume 14 years 16 bond. of increments with an almost year Mr. Kasterly stated that as the available bond keep have tried proceeds have come down, they $1.6 million. the total capital at Clerk/Administrator Pauley explained the 10 months the developer would ea•ial e504000 to $60,000, and uo the difference. is simply trying to make improve— Ms. PortwuO6 stated the cost of the public and the developer ments will not exceed $1.8 million, amount, as costs will be taken wi.11 not get the full first. She stated the sum of the revenue note not out and proceeds of bonds to the developer will exceed $1.8 million.