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City Council Regular Meeting Minutes • January 23, 2001 Page 4 1 purchase and possible demolition, and indicates the City will purchase the property. The benefits 2 are that a tax increment district does not need to be established but allows the City to hold the 3 property for future development. 4 City Attorney Jerome Gilligan explained that it was not originally anticipated the City would 5 purchase this, thus the need for an amendment. Also, State Statute requires the building be 6 identified within the TIF Plan. 7 8 Mornson explained that while the City Council must hold the public hearing,the HRA must 9 adopt the resolution prior to the City Council considering Resolution 01-031. Because of that, he 10 recommended the Council stand in recess while the HRA meets to take that action. 11 Mayor Cavanaugh closed the public hearing at 7:31 p.m. 12 Mayor Cavanaugh stated the Council will return to this matter following adjournment of the 13 HRA meeting. IX. GENERAL POLICY BUSINESS OF THE COUNCIL. 16 - - 16 F. Resolution 01-030, re: Sale of Tax Abatement Bonds for Central Park Improvements 17 (Sprinested, Inc.). 18 Bob Thistle, Springsted, Inc., presented the bids that were received today for the Central Park 19 Improvement project. He advised that St. Anthony maintained a Moody Rating of Al. Mr. 20 Thistle stated they estimated a month ago that the interest rate would be about 5.50% to 5.60%. 21 However, the prime interest rate was lowered which resulted in significantly lower bids. He 22 advised that the low bid was received from Dain Raucher Incorporated at 4.5 62 1%. 23 24 Mayor Cavanaugh asked which tax statements will contain this levy. Mr. Thistle advised of an 25 amendment that was processed after the last Council meeting since Hennepin County will handle 26 the tax abatement rather than TIF. Since this is an abatement district, it will show up in the City 27 levy but it will be the same levy as if it had been TIF. If it were not an abatement, there would . 28 have been a slight drop in the levy. 29 30 Motion by Sparks to adopt Resolution 01-030, re: Sale of Tax Abatement Bonds for Central Park 31 Improvements. 32 Motion carried unanimously. 33 A. Set date for Board of Review. Motion by Sparks to schedule the local Board of Review for Tuesday, April 10, 2001, starting at 5 7:00 p.m.