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I 2 3 4 5 6 7 8 9 10 II 12 13 14 15 16 17 18 19 20 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 City Council Regular Meeting Minutes February 26, 2013 Page 5 Federal government level , there will likely be some volatility in the market and the sale may be pulled ; if that happens, this bond sale will come back to the City Council. Mayor Pro Tern Stille indicated the $1.8 million is predicated on current rates plus 25 basis points and asked if the bonds will be reduced if the current rate stays stagnant. Ms. Kvilvang replied if interest rates come in lower the amount of the bonds will be reduced and added the City Council is not authorizing more than $1.8 million so if rates increase, the sale would not be authorized and the matter would come back to the City Council for action. Motion by Councilmember Jenson , seconded by Councilmember Roth , to approve Resolution 13-031; a Resolution Providing for the Sale of $1 ,81 0 ,000 General Obligation Improvement Bonds, Series 20138. Motion carried 3-0. D. Approving a Wine & Beer Combination license for Wine and Canvas located at 2900 Pentagon Drive. Mark Casey. City Manager, presenting. Mayor Pro Tern Stille introduced Mr. Erik Swanson, owner of Wine and Canvas. Mr. Swanson appeared before the City Council and explained that Wine and Canvas currently offers paint instruction and art entertainment throughout the metro area and will be offering 40- 50 events throughout the metro area during March . He stated they plan to open a studio location in the St. Anthony Village Shopping Center next to Subway with the goal to offer art classes and to serve light food and wine and beer to their customers. He pointed out that the food sales and winelbeer sales are not available to anyone walking into the studio and are available only to registered guests during prescheduled events generally from 6:00-9:00 p.m. He added they hope to open the studio in May once the build out of the space is completed and the space will include two painting areas with one space reserved for public events for 50-60 people and a smaller space with seating for 15-20 people during private events. He stated they do a large number of corporate events during the day as well as offering a children's art class on Saturday afternoons. Mayor Pro Tern Stille requested information regarding training of staff serving alcohol. Mr. Swanson stated he has a business partnership with the Culinary Institute and one of the chefs with experience training bartenders has offered her services to make sure they have a fully trained staff. City Manager Casey stated that no less than 50% of the business revenue must come from food and non-alcoholic beverage sales and City staff will monitor these sales to make sure the business is meeting the City's threshold. He added that Mr. Swanson passed the background check that is part of the license application . Mayor Pro Tern Stille stated the City Attorney was asked to provide a legal opinion regarding whether this business is a restaurant and the City Attorney has provided an opinion advising that