CC MINUTES 05141996 - Laserfiche WebLink

Home Browse Search

City Council Regular Meeting Minutes • May 14, 1996 Page 4 1 The City Council congratulated the fire department for their continued good service in 2 1995. 3 VIII. PUBLIC HEARING -None. 4 IX. NEW BUSINESS 5 A. Resolution 96-035, re: Calling for the Sale of Tax Increment Finance Bonds. 6 Mr. Bob Thistle, Springsted Incorporated, stated he was present tonight to receive 7 authorization for the-sale of$1,770,000.00 General-Obligation Tax Increment Bonds to 8 be used by the new CUB facility at Apache Plaza. This will be a 15 year bond with an 9 optional redemption in 10 years. The bonds will be taxable with an approximate interest 10 rate of 7.5% depending on the market. Consideration for the award of the Bonds will be 11 at the June 10, 1996 City Council meeting. 12 Faust asked what the interest rate was for the previous bond sale. Mr. Thistle stated he 13 believed it was approximately 5%. This bond will have an interest rate of approximately 14 2%higher because it is a taxable bond for private activity. Mr. Thistle explained the 15 change in Federal law regarding disclosure. T6 Motion by Marks, second by Wagner to approve Resolution 96-035, regarding the calling 17 for the sale of General Obligation Taxable Tax Increment Bonds, Series 1996A. 18 Motion carried unanimously. 19 B. Discussion of Possible Change Orders for Construction of New City Hall. 20 Jim O'Brien, Williams/O'Brien Associates, Inc. stated he had not yet received the cost 21 for the additional storage area on the north end of the new City Hall. He noted the 22 contractor had stated he would provide this figure within the next seven days. 23 Mr. O'Brien reported the original plans for City Hall call for a ground sign in front of the 24 building. After further consideration, it appears the sign on the building along Silver 25 Lake Road will be sufficient. The letters are large enough to be read from the street and 26 are above the canopy of the trees. 27 Faust asked if a sign was proposed for the south side to identify the police entrance. Mr. 28 O'Brien stated there was not. 29 Marks asked if there was a telephone available near the police entrance. Mr. O'Brien 30 stated there was a telephone located in the vestibule entrance that was accessible. is Mornson asked if funds were allocated in the original bid for the ground sign and the 32 building sign.