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City Council Regular Meeting Minutes March 23, 2021 Page 6 2 Mayor Stille stated many times in his work, he sees terms of 25 years. Ms. Kvilvang stated they 3 see a majority of agreements 15 years and under. Mayor Stille stated this would generate 4 $338,000 of increment a year for 9 years. 6 Councilmember Webster thanked Ms. Kvilvang for walking Council through this process. 7 Councilmember Webster asked Mr. Yunker for the process on doing the checking of 8 affordability reports. Ms. Kvilvang stated staff receives the report and the report is forwarded to 9 Ms. Kvilvang for review. 10 11 Councilmember Randle thanked Ms. Kvilvang for her explanation of the process. 12 13 Motion by Councilmember Jenson, seconded by Councilmember Walker, to adopt Resolution 14 21-027; a Resolution authorizing the execution of a Redevelopment Agreement. 15 16 Motion carried 5-0. 17 18 B. Resolution 21-028; a Resolution Providing for the sale of $3,100.000 General Obligation 19 Bonds Series 2021A. 20 21 Ms. Stacie Kvilvang, Ehlers & Associates, reviewed the pre -sale report for City of St. Anthony, 22 Minnesota $3,100,000 General Obligation Bonds, Series 2021 A. There is a new money portion 23 and a refunding portion. The new money portion is $2,615,000 for 2021 Road Reconstruction 24 Project and Mill and Overlay Projects. $543,000 will be done through special assessments to the 25 affected residents. The 20% threshold is being met so no referendum is needed. Banks can bid on 26 these bonds. The City has a AA rating currently and this rating should be upheld. 27 28 Councilmember Jenson asked about the assessments and the number of years to be paying back 29 the assessments. Ms. Kvilvang stated the number of years is determined by ordinance. 30 31 Councilmember Webster asked if Moody's changed how they are determining credit ratings. Ms. 32 Kvilvang stated Standard and Poors determines the rating. There has not been a change in a 33 number of years. The size of the City limits the rating. Some of the development projects could 34 raise the credit score. 35 36 Motion by Councilmember Webster, seconded by Councilmember Randle, to adopt Resolution 37 21-028; a Resolution Providing for the sale of $3,100,000 General Obligation Bonds, Series 38 2021A. 39 40 Motion carried 5-0. 41 42 C. Resolution 21-029: a Resolution calling for a hearing for the 2021 Street and Utility 43 Improvement project. 44 45 City Engineer Justin Messner provided a power point reviewing the 2021 Street and Utility 46 Improvement Project. The resolution sets a public hearing to be held on April 27, 2021, at 7:00