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October 8, 2024 St. Anthony Council Work Session - 8 <br />received this year they noted 44%. There are many factors, and we must be cautious about how much is <br />used. <br />Councilmember Jenson stated isn’t the higher bond rating advantageous and Ms. Maloney stated in <br />order to obtain lower interest rates. <br />Councilmember Elnagdy asked what the “normal” is. Mr. Yunker stated we always want some excess to <br />be conservative. There is not a typical year. <br />Mr. Yunker stated the additional netting cost would be shared with the school district. This will be <br />planned to be done. When upgrading to LED a 50% energy savings is anticipated based on information <br />from the vendor. The pickleball courts have been discussed for several years. The PEC recommends the <br />best location as Central Park in the ice rink. This does not include any sound mitigation. Putting ice on <br />top of pavement would make the courts wear out sooner. The suggestion was to put them south of the <br />pavilion. The PEC wants to continue discussing location. The cost would be about the same if it was the <br />wellhouse area. <br />FUNDING OPTION FOR PARKS REQUESTS <br />The existing Parks Improvement Levy was established only recently and is primarily utilized to service an <br />interfund loan established to fund the replacement of the tennis courts in Water Tower Park. While <br />staff has proposed an increase to that levy to support small amenity replacements and small <br />enhancements, there is no existing funding for large amenity replacements. The City has a number of <br />funding options: <br />Increase the Parks Improvement Levy significantly to build funds over time. <br />Utilize debt financing, as utilized in the past. <br />Secure “one-time” funding sources. <br />Ms. Maloney continued over the past three years the City Council has expressed the commitment to <br />reduce dependency on debt financing for capital improvement (i.e. street reconstruction) and minimize <br />the overall levy increases each year. The Council also discussed options to close out decertified TIF <br />districts in the Silver Lake Village area with Ehlers at the April 9, 2024 Work Session. No specific plan was <br />identified but closing the decertified districts was identified as the best overall option for utilizing the <br />funds. <br />Given the Parks requests from the Parks & Environmental Commission and Staff, Finance Staff asked <br />Ehlers to prepare a memo to describe how a close out of the districts would work, and the funds that <br />would be made available for Council’s consideration. Ehlers memo was provided, and a summary of the <br />end result is the City will receive approximately $976,424. Once these dollars are received from the <br />County they are no longer considered TIF and the City can deposit them into any City fund, including the <br />General Fund to use at its discretion. It is important to note that this would be one-time funds, and use <br />should be carefully considered. <br />Ms. Malone reviewed the specific items for discussion and feedback: <br />Comments on the information presented and work completed to date. <br />Prioritization of Parks requests from Parks and Environmental Commission and Staff comments <br />on the funding options for the Parks requests. <br />Also provided for Council consideration are CIP Spreadsheets and Ehlers TIF Memo. <br />10