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