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City Council Regular Meeting Minutes March 14, 2006 Page 2 1 Stacie Kvilvang, Ehlers & Associates, Inc., stated the City and the HRA have been working on a 2 Master Financial Plan for future City development and redevelopment activities. In order to 3 utilize tax increment from the Chandler Place TIF District and TIF District 3 -5, the City is 4 required to approve the modification to the City's Project area boundaries and modification to 5 the existing TIF budgets for each district. She added in the year 2003 the area was valued at $3 6 million and is currently planned at $173 million. 7 8 There was no one wishing to speak. 9 10 Acting Mayor Gray closed the public hearing at 7:25 p.m. 11 12 Motion by Councilmember Stille, seconded by Councilmember Thuesen, to adopt H.R.A. 13 Resolution 06 -027, re: modification for redevelopment project area no. 3, the modification of 14 the Chandler Place Tax Increment Financing District and the modification of Tax Increment 15 Financing District No. 3 -5. 16 17 Motion carried unanimously. 18 19 V. REPORTS FROM COMMISSION AND STAFF. 20 None. 21 22 VI. GENERAL POLICY BUSINESS OF THE COUNCIL. 23 A. Consider Resolution 06 -028 re: sale of G.O. Improvement Bonds Series 2006A 24 Stacie Kvilvang, Ehlers & Associates, Inc., stated this resolution authorizes the issuance, 25 awarding of sale, fixing the form and details, and providing for the execution, delivery, security, 26 and levying of taxes for the payment of G.O. Improvement Bonds. She added seven bids were 27 received with the lowest bidder being Piper Jaffrey at 4 %, and recommended the sale be awarded 28 to them. 29 30 Councilmember Stille asked approximately what were the rates last year. Ms. Kvilvang replied 31 she believes rates were slightly higher last year and added she would verify and provide those 32 numbers to Council. 33 34 Mr. Morrison asked for a discussion of ratings. Ms. Kvilvang replied a rating is done on every 35 bond sale. Currently, the City has an Al rating, which Moody's reaffirmed. There is some 36 holdbacks to upgrading this rating which includes the fact that the City is under a billion and that 37 the median household income is on the lower side; however, the City is geographically located in 38 a good area and has an overall healthy community. 39 40 Motion by Councilmember Stille, seconded by Councilmember Thuesen, to adopt Resolution 06- 41 028, re: sale of G.O. Improvement Bonds, Series 2006A. 42 43 Motion carried unanimously. 44 45 B. Consider Resolution 06 -029, re: approve the sale of TIF revenue bonds for Silver Lake 46 Village.