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• -5- bond, rather the intent is to aid in the financing of the $800 ,000 building and $200, 000 is for sundry expenses. By this method the actual amount of the bond could be less than $1, 000, 000, but the amount is to act as a safeguard against possible extra expenses . Mr. Soth reiterated that the City is not liable for the financing of the project and that the real effect of issuing the bond is to reduce the tax rate on the loan. In response to a question by Charlotte Olson regarding the amount of tax receipts there might be, Mr. Fornell responded that although it is difficult to estimate, off-hand he believes a figure of about $7,000 a year to be relatively accurate. There being no other comments , motion by Councilman Ranallo and seconded by Councilman Sundland to approve Resolution 79-045 , giving preliminary approval to the project. RESOLUTION 79-045 RESOLUTION GIVING PRELIMINARY APPROVAL TO A PROPOSED INDUSTRIAL DEVELOPMENT PROJECT BY SPECIAL PARTNERSHIP UNDER THE MUNICIPAL IN- DUSTRIAL DEVELOPMENT ACT, AUTHORIZING THE SUBMISSION OF AN APPLICATION TO THE COMMIS- SIONER OF SECURITIES FOR APPROVAL THEREOF AND AUTHORIZING THE PREPARATION OF DOCUMENTS AND MATERIALS IN CONNECTION WITH THE PROJECT. • Motion carried unanimously. The public hearing was closed at 9 :15 p.m. The Council once again turned their attention to the traffic, noise and vandalism problem on Skycroft Drive which had earlier been tabled. Motion by Councilman Sundland and seconded by Councilman Letourneau to direct the City Manager and City staff to contact Northern States Power and to work with the neighborhood on the installation of addi- tional street lighting on Skycroft Drive. Motion carried unanimously . Mayor Haik also asked that the City Manager also forward other information regarding traffic counts to the Skycroft residents. The Council next discussed the City Hall Alternatives and the tour of the Parkview building the previous evening with representatives of the- Council, Planning Board, and School District #282 . The ques- tions in point are: which is the best case for the City Hall; and also which is of the best economic value to the City. It was agreed that the Council would discuss the matter and return an informal proposal and comment to the School Board. It was noted that the last bond payment due by the School was in 1986 . At that time the School District could turn the building over to the City thus re- solving the question of discounting the payments and the matter of fairness to the residents of the School District in New Brighton.