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9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />29 <br />30 <br />31 <br />32 <br />33 <br />34 <br />35 <br />36 <br />37 <br />38 <br />39 <br />40 <br />41 <br />42 <br />43 <br />44 <br />45 <br />46 <br />City Council Regular Meeting Minutes <br />March 13, 2007 <br />Page 14 <br />City Attorney Gilligan replied that typically the amortization would be about 22 years. He stated <br />conservative modeling is done based on the existing market value and if there is increment <br />greater than what is needed to pay the debt service would be used to pay down the bonds. <br />Councilmember Stille clarified the more value created, the faster the note is paid off and the <br />faster the increment would come back to the City. <br />City Attorney Gilligan replied the more increment the faster the bonds are repaid. <br />Councilmember Stille stated if tax rates do not hold up, bond holders would be paid off later, but <br />the City would not have to pay off the debits. <br />City Attorney Gilligan replied that was correct as the City did not pledge this. He stated the <br />detail would be available at next meeting. <br />Motion by Councilmember Gray, Seconded by Councilmember Thuesen, to Approve Resolution <br />07 -031, a Resolution Approving Issuance of Tax Increment Revenue Bonds (Silver Lake <br />Village Phase IA Housing), Series 2007 by the Housing and Redevelopment Authority of the <br />City of St. Anthony. <br />Motion carried unanimously. <br />VII. REPORTS FROM CITY MANAGER AND COUNCILMEMBERS. <br />City Manager Mornson thanked the department heads for the great reports, the energy, the <br />synergy, enthusiasm, and the inter department cooperation s unbelievable. He stated the <br />department head all have five different strengths that they bring together to make the City <br />succeed. <br />City Manager Mornson reminded Council of the joint with the Planning Commission on March <br />20, 2007. <br />City Manager Mornson reported the next regular Council meeting will be on March 27, 2007. <br />City Manager Mornson stated he and four members of the Council would attend a meeting at the <br />Capital on March 29, 2007 for the Legislative meeting with the League of Minnesota Cities. <br />City Manager Mornson reported he started his Junior Achievement program with the second <br />graders and mentioned they are very good listeners. He stated he plan to bring the students to a <br />Council meeting and present them with certificates at that time. <br />City Manager Mornson stated he would be part of a focus group for the League of Minnesota <br />Cities insurance trust fund. He stated one of the things they are considering is providing flood <br />protection for City buildings, which they currently do not have. He stated they are looking for <br />ten to fifteen cites who have had experience with flooding. <br />