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17 City Council Regular Meeting Minutes September 23, 2003 Page 17 1 Discussion: 2 3 Councilmember Faust noted it had been a long process to get to this point. He stated it had been 4 tedious and detail oriented; however, he felt the City had a good financial package and the 5 developers felt the situation was a win/win for them and the community. He added not many 6 redevelopments of this size happened in communities the size of St. Anthony Village. He 7 indicated there had been enough due diligence with the developers to be assured the project 8 would stand the test of time and was reasonable and prudent. 9 10 Councilmember Thuesen stated a lot of information had been received over the months and 11 years and he was comfortable with the results, as there were many knowledgeable people 12 working toward the same goal. He noted the process had been careful not to financially 13 compromise residents or future residents. 14 15 Motion carried unanimously. 16 17 Mr. Pratt came forward and stated he felt humbled once again that the City had selected him 18 some 18 months ago. He noted he knew things would need to be solved as the project moved 19 forward. He indicated he had kept three things in mind: the need to listen to residents and 20 consultants, the need to keep the resulting quality development in mind and the need to treat 21 change with respect. Mr. Pratt thanked those involved who had been helpful moving the project 22 to this point. 23 24 VII. GENERAL POLICY BUSINESS OF THE COUNCIL. 25 A. Resolution 03-083 re: $585,000 GO Refunding,Bonds Series 2003D, authorizing 26 issuance, awarding sale, fixing form, etc. 27 B. Resolution 03-084, re: $1,170,000 Taxable GO Tax Increment Refunding Bonds Series 28 2003E, authorizing issuance, awarding sale, fixing form, etc. 29 30 Mr. Inman stated the City was selling two refunding bonds. He explained these bonds were not 31 a new money issue and did not create any new obligation but were simply sold for the refunding. 32 33 Mr. Inman reviewed the bids received for the $1,170,000 Taxable General Obligation Tax 34 Increment Refunding Bonds Series 2003E and noted Cronin and Company, Inc., was the lowest 35 responsible bidder with a true interest rate of 4.4679%. He recommended Cronin and Company, 36 Inc.,be accepted as the successful bidder. 37 38 Motion by Councilmember Faust to adopt Resolution 03-084 approving Cronin and Company, 39 Inc., as the successful bidder for the $1,170,000 Taxable GO Tax Increment Refunding Bonds 40 Series 2003E with a true interest rate of 4.4679%. 41 42 Motion carried unanimously. 43 44 Mr. Inman reviewed the bids received for the $585,000 General Obligation Refunding Bonds 45 Series 2003D and noted UMB Bank, N.A., Kansas City, Missouri,was the lowest responsible 46 bidder with a true interest rate of 2.6436%. He recommended UMB Bank, N.A., Kansas City, 47 Missouri, be accepted as the successful bidder.