CC MINUTES 04021985 - Laserfiche WebLink

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CITY OF ST. ANTHONY SPECIAL COUNCIL MEETING MINUTES • April 2, 1985 The meeting was called to order by Mayor Sundland at 7:00 P.M. Present for roll call : Sundland, Marks, Ranallo, and Enrooth. Absent: Makowske. Also present: David Childs, City Manager. The Manager presented for Council consideration the March 28, 1985 Springsted Incorporated recommendations for the issuance of $545,000 General Obligation Tax Increment Bonds in support of Tax Increment Districts #1_ .and #2, for -which $165,000 would be issued for the Kenzie Terrace Kenzington and Walker on Kenzie Projects in District #1 , to be repaid with incremental tax revenues together with land sale revenues from the project and $380,000 would be issued for the 29 units of residential property being built in District #2 to be repaid from the incremental tax and land sale revenues from that project. The Council and representatives of the Bulletin and Northeaster had been provided copies of the finance advisors' recommendations as well as the Certification of Minutes and the proposed resolution authorizing the issuance of the bonds, which had been prepared by the City Attorney. A Springsted Vice President, Richard Treptow, covered the recommendation document, page by page, for the Council who • he indicated he perceived would be having their first experience with this type of bonding. Mr. Treptow affirmed the Mayor's assessment that it would be to the City's advantage to have either project completed ahead of schedule, as it appeared might happen with the townhome project, since the tax increments would start to flow sooner, enabling the bonds to be paid off quicker than projected. The Springsted executive told the Council members that his firm had intentionally given very conservative projections for the issue and he stated he would not anticipate there would ever be a need for a general levy to pay off the bonds. The Council accepted Mr. Treptow's suggestion that it might be wise to wait until there is a firm decision from the legislature regarding the state aids to munici- palities to make a presentation to Moodys for a better bond rating. When Councilman Ranallo indicated he would be unable to attend the May 7th opening of the bids, Mr. Treptow told him only a majority of the Council would need to be present. Motion by Councilman Ranallo and seconded by Councilman Marks to adopt Resolution 85-020 and to schedule a Special Council meeting for 4:30 P.M. , May 7, 1985, at which the City would receive the sealed bids for this issue. RESOLUTION 85-020 RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $545,000 GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 1985A -• Motion carried unanimously. r