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City Council Regular Meeting Minutes <br />April 12, 2022 <br />Page 3 <br />1 The Planning Commission conducted a public hearing on the proposed fence at its regular <br />2 meeting of March 15, 2022. No members of the public spoke at the hearing. Two members of the <br />3 public provided written comments, both of which encouraged approval of the fence proposal <br />4 based on the need to replace the aging existing fence and the better ability of the newer fence to <br />5 screen the adjoining residential properties from the commercial use. The original request was for <br />6 a variance for the fence from 6 to 8 feet high. Staff found a conditional use permit was <br />7 appropriate for this request. Both the Planning Commission and City Staff recommend approval <br />8 of the conditional use permit. <br />9 <br />10 Councilmember Jenson asked if the next door neighbor was contacted. Mr. Grittman noted the <br />11 neighbors were in support of the request. <br />12 <br />13 Motion by Councilmember Randle, seconded by Councilmember Webster, to approve <br />14 Resolution 22-036 – Approving a Request for a Conditional Use Permit for a Fence Exceeding <br />15 the Required 6 Foot Height Maximum in the Front Yard Setback Area at 2812 27th Avenue NE <br />16 in the “C” Commercial Zoning District. <br />17 <br />18 Motion carried 5-0. <br />19 <br />20 VI.GENERAL BUSINESS OF COUNCIL. <br />21 <br />22 A.Resolution 22-033 – Providing for the Sale of $2,390,000 General Obligation Bonds <br />23 Series, 2022A. <br />24 <br />25 Ms. Stacie Kvilvang, Senior Municipal Advisor at Ehlers Public Finance Advisors, reviewed the <br />26 proposed issue is for $2,390,000 General Obligation Bonds Series 2022A. The proposed, tax- <br />27 exempt issue will finance the 2022 street reconstruction and mill and overlay projects within the <br />28 City. Including the estimated financing costs, the anticipated Bonds are allocated between the <br />29 following purposes: <br />30 $410,000 Mill and Overlay Portion. This portion of the Bonds is being issued for a 10- <br />31 year period. The City intends to levy a total of $253,412 in special assessments to <br />32 benefitting property owners, of which approximately $84,438 (33%) is anticipated to be <br />33 collected in pre-paid assessment. <br />34 $1,980,000 Road Reconstruction Portion. This portion of the Bonds is being issued for a <br />35 15-year period. The City intends to levy a total of $239,200 in special assessments to <br />36 benefitting property owners, of which $104,512 (44%) is anticipated to be collected in <br />37 pre-paid assessment. <br />38 <br />39 The City’s most recent bond issues were rated by S&P Global Ratings. The current ratings on <br />40 those bonds are “AA”. The City will request a new rating for the Bonds. Ms. Kvilvang reviewed <br />41 the proposed debt issuance schedule. <br />42 <br />43 Mayor Stille asked Ms. Kvilvang to discuss rates which have gone up significantly. Ms. <br />44 Kvilvang stated they could go up from 5 to 20 basis points per week. There is a true interest cost <br />45 of 2.9%. Mayor Stille stated we have had a bond issue for street projects every year. 2.9% is <br />46 pretty good. Even if rates are a little higher it will have a 9 year call date. <br />7