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City Council Regular Meeting Minutes February 8, 2000 • Page 7 1 Mr. Thistle responded that question would have to be answered by City Attorney William Soth, 2 but he initially would believe that the referendum would be placed on a regular Election Day 3 ballot. 4 Horst stated that he is curious about the time frame the Council is working with to present the 5 referendum concept to the public. His concern, he stated, is that the project's cost would con- 6 tinue to rise as funding decisions were made. 7 Mr. Thistle stated that Horst raised an excellent point and that timing become critical when re- 8 lated to funding. 9 Mr. Thistle wished to provide a recap of the funding for the public works building. He stated it 10 basically comes down to two options: referendum or lease revenue options. The referendum dis- t I tributes the taxes against the single-family home and there is the potential for the public not to 12 support such a proposal; but the lease revenue option is more expensive. For clarification, he di- 13 rected the Council's attention to page 41 of the Report. 14 Cavanaugh suggested that City Manager Michael Momson coordinate with Mr. Thistle and City Finance Director Roger Larson to develop a presentation on the infiltration funds and the issues 6 involved in restructuring, as well as a time frame in working through those issues. 17 In proceeding through the report, Mr. Thistle brought up the issue of a potential new fire station. 18 He suggested the possibility of putting the two projects (public works building and fire station) 19 together into a single issue (referendum or lease revenue bonds). 20 On an unrelated subject, Mr. Thistle spoke about the City's interest in the Salvation Army prop- 21 erty. To sum it up, Mr. Thistle stated, the property is too expensive and should not be considered 22 by the City for a potential purchase. 23 Mr. Thistle stated that the largest project the City is currently involved in is the flood mitigation 24 and street reconstruction. He directed the Council's attention to page 36 of the Springsted Report 25 which explained in detail the funding sources in place for the project. In short, based on the 26 information provided by Todd Hubmer of WSB & Associate,the City has plans to use a mix of 27 payment sources including: (1) intergovernmental sources such as Minnesota State Street Aid 28 (MSA funds); (2) Federal Emergency Management Assistance (FEMA); (3) Hennepin County 29 and Minnesota Department of Natural Resources (DNR); (4) grants; and (5) other sources such 30 as bonding, assessments, current balances, and storm water fees. 31 Mornson explained for the new Councilmembers that the page Mr. Thistle was referring to that set forth dollar figures for the fund sources would be revised to provide current figures. In that respect, Morrison specifically reviewed the funding sources and provided a background of infor-