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CC MINUTES 05301989
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CC MINUTES 05301989
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12/30/2015 5:40:48 PM
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12/30/2015 5:40:47 PM
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21
SP Folder Name
CC MINUTES AND AGENDAS 1989
SP Name
CC MINUTES 05301989
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• CITY OF ST. ANTHONY <br /> SPECIAL MEETING OF THE CITY COUNCIL <br /> MAY 30 , 1989 <br /> The meeting was called to order at 6 : 05 p.m. with the Pledge <br /> of Allegiance led by Mayor Sundland . <br /> ROLL CALL <br /> Present : Enrooth, Marks , Makowske , Ranallo, Sundland <br /> Also Present: Susan VandeirHeyden, Acting City Manager <br /> William-Soth, -City Attorney <br /> EVERGREEN TOWNHOUSES PROPOSAL <br /> Mayor Sundland led the discussion by requesting that Vern <br /> Hoium and Ursula Sheehy of Evergreen Development Corporation <br /> explain their current proposal . <br /> Mr . Hoium reviewed the fact that Evergreen has considered <br /> several financing options , including pay-as-you-go tax <br /> increment financing, which would have a payback of between <br /> • $250 , 000 and $270 , 000 to the developer and a reimbursement of <br /> $20 , 000 to the City for their out-of-pocket expenses . He <br /> stated that in working with the law firm of Dorsey and <br /> Whitney in attempting to draft appropriate documents , an <br /> impasse was reached when Dorsey and Whitney would not take a <br /> position as to whether or not such notes were tax exempt . He <br /> stated that counsel for Evergreen, Holmes and Graven, has <br /> stated that the notes can be made tax exempt, although some <br /> of the language in the documents drawn up by Dorsey and <br /> Whitney must be changed. Evergreen ' s impression is that <br /> Dorsey and Whitney feels that there is some exposure to the <br /> City if the notes are tax exempt, although Evergreen <br /> questions that assumption. <br /> Mr . Hoium summed up the City ' s alternatives as follows : <br /> 1 . pay-as-you-go tax increment financing; <br /> 2 . regular G.O. bonds; <br /> 3 . abandonment of the project by Evergreen. <br /> He speculated that the cost of floating regular G.O. bonds <br /> would be in the neighborhood of $450 , 000 , and that the City <br /> might save itself $170 , 000 to $180 , 000 with the pay-as-you-go <br /> tax increment financing proposal . He asked that the City <br /> decide whether or not they want to take any risk . <br /> • <br />
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