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City Council Regular Meeting Minutes • June 13, 2000 Page 4 1 Motion by Hodson to approve and adopt Ordinance 2000-007, an Ordinance relating to rezoning; 2 permitting the City to designate property being rezoned as a planned unit development; amending 3 section 1665.03 of the City Code of Ordinances to add a new Subd. 5; and to waive the first and 4 second readings. 5 Motion carried unanimously. 6 IX. GENERAL POLICY BUSINESS OF THE COUNCIL. 7 A. Discuss moratorium on Salvation Army Property. 8 Cavanaugh explained that the moratorium expires on June 14, 2000, and as a result, the property 9 . would revert back to the present zoning, which is recreational. 10 Cavanaugh introduced Major Robert Thompson of the Salvation Army, and invited him to 11 address the Council. Mr. Thompson stated that the Salvation Army is encouraged by the 12 developments taking place. Additionally, the Planned Unit Development("PUD")proposals 13 have been reviewed with advisors and that response has been positive. 14 The Salvation Army continues to search for active participants in purchasing the land and would bear in mind the City's vision of the result of the property with the new owners. 16 Cavanaugh thanked Mr. Thompson and stated that the City is looking forward to the success of 17 the Salvation Army and the property. Cavanaugh confirmed that the moratorium would expire 18 as of June 14, 2000. 19 B. Resolution 00-048 re: Award Sale of General Obligation State Aid Street Bonds. 20 Cavanaugh introduced Jerry Shannon from Springsted, Public Financial Advisors, and invited 21 him to address the Council. 22 Mr. Shannon stated that Springsted had received confirmation of an A-1 rating from Moody's 23 Investment Services because of the City's trend of well-managed finances, favorable location, 24 management debt burden, and other fine qualities. 25 Mr. Shannon distributed a summary of bids that Springsted had received for both the $1,610,000 26 Series 2000A Bonds, as well as the $950,000 Series 2000B Bonds. The lowest bidder for the 27 $1,610,000 bonds was from Dain Rauscher in an amount of$774,689.45 at a true interest rate of 28' 5.42%; and the lowest bidder for the $950,000 bonds was from John G. Kinnard in an amount of 29 $411,331.25 at a true interest rate of 5.34%. 30 After a question and answer session, Mr. Shannon stated that the firm of Springsted would 31 recommend the Series A award to Dain Rauscher and the Series B award to John G. Kinnard. •