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June 25, 2024 St. Anthony Council Work Session - 2 <br />Charts showing the Phase II projected results and updated figures for the transition Debt Levy to <br />Infrastructure Levy, along with the use of the infrastructure levy to reduce or replace bond financing <br />were provided for Council review. <br />Ms. Maloney provided the specific items for discussion and feedback: <br />Does the Council support the 2025 scheduled Street Improvements and 2025 Debt levy as <br />proposed? <br />Any other aspects of the Street program/financing Staff should consider? <br />Also provided for Council consideration were the Current Street Improvement Plan, Phase II Debt Levy <br />Plan – extending street project schedule and 2025A Bond projected issue summary. <br />Councilmember Randle asked if we are still in the 2 years on 1 year off mode and Ms. Maloney stated <br />that is correct. That allows for the infrastructure fund to grow. <br />Mayor Webster noted that monies were levied in the 3rd year to build the infrastructure account. When <br />doing a project we would be bonding less money. Ms. Maloney stated that plan is advantageous to St. <br />Anthony. Mayor Webster asked when the debt will expire. Ms. Maloney stated some of the debt will <br />expire but she does not know the percentage expiring. <br />Councilmember Jenson referred to the statement in the memo. He asked how we can begin to see how <br />all our road improvements can be covered by the debt levy. Ms. Maloney stated this would still rely on <br />bonding and assessments. Councilmember Jenson ask how road projects can be planned to cover in the <br />future. Councilmember Jenson asked about the net savings that would cover a bonding. Ms. Maloney <br />stated those numbers came from the debt levy to infrastructure page. If bonding is delayed, we will <br />know more about the actual costs for projects. Councilmember Jenson noted for 2025 $2.5Million is flat <br />across and includes road work. Ms. Maloney stated the infrastructure levy of $447,000 will be earning <br />interest rather than paying interest. <br />Councilmember Doolan noted over the long term this is a wise strategy. She appreciates the financial <br />benefit of this. It is good we are not having to borrow such a heavy load in today’s market. <br />Councilmember Doolan asked if the Hennepin County Kenzie Terrace is included and Ms. Maloney <br />stated engineering didn’t have any estimates for that. <br />Mayor Webster asked the question does the Council support the 2025 scheduled Street Improvements <br />and 2025 Debt levy as proposed? <br />Councilmember Jenson stated he supports the schedule shown. Councilmember Randle stated he is in <br />favor of the plan. Councilmember Doolan stated she is also in favor and the schedule we have are the <br />streets that need to be targeted this year. Councilmember Stephens stated she is in favor. The <br />consensus of the Council was in support of the 2025 scheduled Street Improvements and 2025 Debt levy <br />as proposed. <br />Ms. Maloney suggested Staff could put together some scenarios that would show what it would look like <br />with and without assessments. She would like to see the TIF retirements and how that would look. <br />Mayor Webster asked the question if there are any other aspects of the Street program/financing Staff <br />should consider?