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City Council Regular Meeting Minutes August 26, 2008 Page 3 Councilmember Roth inquired if the bond term would be reduced if the cost of the improvements were to come in significantly lower than the $1.5 million. Ms. Kvilvang replied the public hearing is being set in anticipation of issuing up to $1.5 million in abatement bonds. If the improvement costs come in lower there could be consideration of keeping the same term and reducing the bond size or restructuring the bond to a lower term. 8 Mayor Faust commented on the possibility of an early pay off if the bond size were to be reduced 9 from the $1.5 million. 10 1 I Ms. Kvilvang stated when the debt is structured there will be a call date which typically is eight 12 to ten years. Prepayment would not be allowed until that period of time; however, there could be 13 consideration of structuring the debt to be less on an annual basis. 14 15 Mr. Morrison reviewed the scheduled meetings in relation to financing for the Emerald Park 16 improvements. He noted there will be a savings in fiscal and attorney costs due to the bond sale 17 being conducted with the bond sale for the 2009 Street Project. 18 19 Motion by Councilmember Roth, seconded by Councilmember Stille, to adopt Resolution No. 20 08 -054; Relating to Tax Abatement by the City on Certain Property Located Within the City and 21 in Ramsey County; Calling for a Public Hearing. 22 Motion carried unanimously. 23 24 VII. REPORTS FROM CITY MANAGER AND COUNCIL MEMBERS. 25 26 City Manager Momson reported on the following: 27 ■ The September 9, 2008 City Council meeting is scheduled at 8:00 p.m. due to the primary 28 election 29 ■ The Silver Lake Road Project is moving along on schedule. November 25, 2008 is the 30 anticipated date for completion. 31 ■ The Water Reuse Project is anticipated for completion on October 30, 2008. The dirt will 32 be filled back in and the tanks should be completed at the end of September. 33 ■ The Police Department will be providing assistance at the Republican National 34 Convention next week as was agreed to in the Joint Powers Agreement with St. Paul. The 35 City will be reimbursed for assistance provided by the Police Department. The Fire Chief 36 is volunteering his time and will be observing at the Emergency Operating Center at the 37 Convention. 38 • Council has been provided with information distributed by the Commissioner of 39 Transportation on the new transportation tax. 40 ■ Council has been provided with information on trends in foreclosures. 41 42 Councilmember Stille reported on his attendance at the Single Garbage Hauler Task Force 43 meeting on August l81h. He stated there was a good discussion and a lot of issues to research. 44 Assistant City Manager Moore -Sykes will be reporting back to the Task Force on items as 45 directed. 46