HomeMy WebLinkAboutCC PACKET 11082011CITY OF ST. ANTHONY VILLAGE
CITY COUNCIL MEETING AGENDA
November 8, 2011
8:00 p.m..
Call to Order.
Pledge of Allegiance.
Roll Call.
Consideration, Discussion, and Possible Action on All of the foNowrngitems:
I. Approval of the November 8, 2011, City Council Meeting Agenda. (action requested.)
IL Proclamations and Recognitions. (no actionrequested.)
A. Presentation from Ramsey County AttorneyJohn Choi.
III. Consent Agenda.
These items are considered routine and will be enacted by one motion. There will be no separate discussion of these items unless a
Coundimember or d i.Zen so r-equests, in which event the item will be removed firm the Consent Agenda and placed elsewhere on the agenda.
A. Approval of October 25, 2011, Council Meeting Minutes. (pp. 1 -- 9)
B. Licenses and Permits. (p. 10)
C. Claims. (pp. 11 —13)
D. Amending Resolution 11-069; Approve a Request to Keep Four (4) Female Chickens in an R-1 Zoning
District. (pp. 14 —15)
IV. Public Hearing. Stacie Kvilvang, Ehlers & Associates is presenting.
A. Resolution 11-070; Giving Preliminary Approval to the Issuance of General Obligation Capital Improvement
Plan Bonds in an Amount Not to Exceed $4,000,000 and Adopting the City of St. Anthony, Minnesota, Capital
Improvement Plan for the Years 2011 through 2015. (pp. 16 — 40)
B. Resolution 11-071; Resolution Providing for the Sale of $2,215,000 G.O. Refunding Bonds, Series 2011B.
(pp. 41 — 46)
V. Reports from Commission and Staff.
VI. General Business of Council.
VII. Reports from City Manager and Council members.
VIII. Community Forum.
Individuals may address the Cid Council about any item not included on the regular agenda. Speakers are requested to come to the podium,
sign their name and address on the form at the podium, state their name and address for the Clerk's record, and limit their remarks to five
minutes. Generally, the City Council will not take ofcial action on items discussed at this time, but may opicalyrefer the matter to staff for
a future report or direct the matter to be scheduled on an upcoming agerrdcz
IX. Information and Announcements.
X. Adjournment.
Our Mission is to be a progressive and livable community, a walkable village, which is safe and secure.
FACouncil Meetings12011\1108201 Ngendapgkdoo
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CITY OF ST. ANTHONY
CITY COUNCIL REGULAR MEETING MINUTES
OCTOBER 25, 2011
CALL TO ORDER.
Mayor Faust called the meeting to order at 7:00 p.m.
PLEDGE OF ALLEGIANCE.
Mayor Faust invited the Council and audience to join him in the Pledge of Allegiance.
ROLL CALL.
Present: Mayor Faust; Councilmembers Gray, Jenson, Roth, and Stille.
Absent: None.
Also Present: Interim City Manager Jay Hartman
CONSIDERATION, DISCUSSION, AND POSSIBLE ACTION ON ALL OF THE FOLLOWING
ITEMS.
L APPROVAL OF OCTOBER 25, 2011, CITY COUNCIL MEETING AGENDA.
Motion by Councilmember Gray, seconded by Councilmember Jenson, to approve the City
Council Meeting Agenda of October 25, 2011.
Motion carried unanimously.
II. PROCLAMATIONS AND RECOGNITIONS.
None.
1II. CONSENT AGENDA.
A. Consider October 11, 2011, Council meeting minutes
B. Consider licenses and permits;
C. Consider payment of claims; and
D. Consider Resolution 11-062; Calling for a Special Meeting of the St. Anthon
Canvassing Board to Canvass the 2011 Municipal Election Results for November 16
2011.
Motion by Councilmember Roth, seconded by Councilmember Jenson, to approve the Consent
Agenda items, as presented.
IV. PUBLIC HEARING.
None.
Motion carried unanimousiv.
11
City Council Regular Meeting Minutes
October 25, 2011
Page 2
V. REPORTS FROM COMMISSION AND STAFF.
A. Resolution 11-063; To Approve a Conditional Use Permit for Mountain of Fire Miracle
Ministry of Minnesota 2824 — 2828 Anthony Lane S
6 Planning Commissioner Don Jensen presented the proposed Conditional Use Permit (CUP)
7 requested by KW Commercial and the applicant to use this Light Industrial zoned property as an
8 assembly place for members of the Mountain of Fire Miracles Ministry, a Christian
9 denomination based in Houston, Texas. The building would be used mostly on Sundays and
10 some week nights at times that would not impact the surrounding properties as they are not
11 generally open for business on Sundays or week nights. Planning Commissioner Jensen noted
12 the location on a drawing and presented a copy of the staff report. No comments were received
13 during the public hearing. The numbers of seats were adjusted to align with the number of
14 parking spots. He stated the Planning Commission recommended approval of the request and
15 that the Pastor met with neighboring properties to secure an agreement to use adjacent parking
16 areas as overflow.
17
18 Councilmember Stille questioned if the parking was for 84 spaces. Planning Commissioner
19 Jensen stated that was the preliminary request. The resolution includes that there would be no
20 more than 175 people at any given time and their 70 parking spaces are adequate.
21
22 Mayor Faust noted generally the number of parking spots is determined by the size of the
23 building instead of the anticipated number of attendees.
24
25 Councilmember Jenson questioned the building sprinklers. Mayor Faust stated he recalls the
26 Fire Inspector stating the building had recently been sprinkled.
27
28 Mr. Tom Baker, KW Commercial, appeared before the City Council on behalf of the applicant
29 and stated he represents Mountains of Fire Miracles Ministry.
30
31 Councilmember Roth asked if more people attended would they be turned away. Mr. Baker
32 stated he does not believe this would be a problem and if other arrangements were needed for
33 larger crowds, they would speak to their neighbors.
34
35 Motion by Councilmember Jenson, seconded by Councilmember Gray, to approve Resolution
36 11-063; to approve a Conditional Use Permit for Mountain of Fire Miracle Ministry of
37 Minnesota 2824 — 2828 Anthony Lane S.
38
39 Councilmember Roth stated he has a problem supporting a church in a light industrial area. As a
40 City it was defined where businesses would be and what they would do. He is struggling to
41 support the resolution.
42
43 Councilmember Stille stated he does not like to be on the other side of a church but he also does
44 not feel a light industrial area is a good place for a church. A residential area would be more
45 appropriate and if the economy turns a light industrial business may go into that area. He also
2
City Council Regular Meeting Minutes
October 25, 2011
Page 3
has concerns about the parking and believes it should be set according to the size of the building,
noting the City would have difficulty policing the parking.
Mayor Faust stated this is not an appropriate space for a church.
Councilmember Jenson stated the light industrial zoning could involve assemblies or a
convention hall and he believes a church would meet the criteria.
9 Mayor Faust stated it would not be a compatible use for future planning.
10
11 Councilmember Stille stated he does not believe a church would fit with the zoning.
12
13 Councilmember Gray felt putting a church in there for a short temporary time would be better.
14
15 Councilmember Stille agreed a lease situation for a temporary period would be more desirable.
16
17 Ayes —1, Nays — 4 (Roth, Stille, Faust, Gray) Motion failed.
18
19 B. Resolution 11-064; Approval of the Request for a Variance to Encroach into the Front
20 Yard Setback at 3701 Chandler Drive.
21
22 Planning Commissioner Jensen presented the proposed front yard encroachment variance and
23 stated the property owners would like to construct a porte coehere to provide a canopy over the
24 drop-off area at the main entrance to the facility for the safety and convenience of its residents
25 and visitors. He stated the Planning Commission recommended approval for the variance
26 application to encroach into the front yard setback. A public hearing was held and no one
27 appeared to address the Commission.
28
29 Mr. Alan Plutowski, 'rrossen Wright Plutowski Architects, PA, appeared before the City Council
30 on behalf of the applicant and stated he is the architect for Chandler Place. Mr. Plutowski
31 showed a picture depicting the existing condition of the building and indicated the current drop
32 off area. The proposal includes an entry canopy that would replace the current drop off area.
33 This new proposal would also provide easier auto movement. He noted the grade drop which
34 will be corrected at the same time and advised that no occupancy is being added to the building.
35 He provided a drawing of the front of the building.
36
37 Mayor Faust referred to the existing site plan and questioned if the area was currently marked for
38 no parking. Mr. Plutowski stated it is not. Mayor Faust asked if people park there now. Mr.
39 Plutowski stated people do park in that location.
40
41 Motion by Councilmember Stille, seconded by Councilmember Roth, to approve Resolution 1I-
42 064; Approval of the Request for a Variance to Encroach into the Front Yard Setback at 3701
43 Chandler Drive.
44
45 Motion carried unanimously.
46
3
City Council Regular Meeting Minutes
October 25, 2011
Page 4
C. Resolution 11-065; Approval of the Request for a Garage Setback Permit for 3205 — 36°i
Avenue NE.
4 Planning Commissioner Jensen presented the proposed setback permit and stated the property
5 owners would like to construct a six-foot addition to an existing attached single car garage to
6 convert it to a more usable double car garage. If allowed, the addition will be two feet into the
7 five-foot side yard setback. The addition also increases the size of the existing garage to 528 sq.
8 ft., the maximum size allowed in the rear yard setback and side yard setback. The Planning
9 Commission recommended approval subject to them providing the provided sketches and
10 photographs. A sketch was provided of the planned garage addition. The drawing was modified
11 to a 6 -inch overhang. Photographs of the current property showing the lot lines were provided.
12 He indicated a public hearing was held and no one appeared to address the Commission.
13
14 Councilmember Roth asked about the 6 -inch overhang and questioned the size of overhang on
15 the other side of the house overhang. Planning Commissioner Jensen stated it is 24 inches.
16 Councilmember Roth summarized that one side of the garage would have a 24 -inch overhang
17 and the other a 6 -inch overhang.
18
19 Councilmember Stille asked what kind of aesthetic implications would there be. Planning
20 Commissioner Jensen stated the Planning Commission saw no problem with the aesthetics of the
21 house.
22
23 Councilmember Jenson asked what the code was for the size of the garage. Planning
24 Commissioner Jensen stated as an attached garage there was no code. Currently the garage is
25 528 sq. ft.
26
27 Mayor Faust stated the overhang needs to be 6 inches to allow for easements, if necessary.
28
29 Mr. Donald Pavelka, appeared before the City Council as the applicant and stated their daughter
30 and son-in-law currently live in the house and they would like a double garage.
31
32 Motion by Councilmember Stille, seconded by Councilmember Jenson, to approve Resolution
33 11-065; Approval of the Request for a Garage Setback Permit for 3205 — 361x' Avenue NE.
34
35 Motion carried unanimously.
36
37 D. Resolution 11-066; Approval of a Garage Setback Permit and Variance Request for
38 Garage Size at 3219 Stinson Boulevard.
39
40 Planning Commissioner Jensen presented the proposed setback permit and 308 sq. ft. variance
41 and stated the property owners would like to rebuild their garage that was severely damaged in a
42 storm. However, it was found previous owner had built a 396 sq. ft. garage addition to an
43 existing garage so the applicant was advised she could not rebuild the size of garage she
44 previously had, as it had been built illegally. A public hearing was held and no comments were
45 received. He noted this is in a unique area of the City. The Planning Commission recommended
46 approval.
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City Council Regular Meeting Minutes
October 25, 2011
Page 5
Mayor Faust referenced the Planning Commission report 2A and 2B and questioned if the
Planning Commission was made aware the applicant could build up to 1000 sq. ft. keeping
within the rear setback.
6 Councilmember Stille asked if the garage was to be built within Code. Planning Commissioner
7 Jensen explained if the garage had not existed, it would need to be built 528 sq. ft. and there
8 would have to be a 5 -foot setback. Planning Commissioner Jensen stated it did make sense to
9 build on the existing slab.
10
I I Councilmember Jenson stated the Code is very clear to allow an oversize garage if you adhere to
12 the setbacks. Ile asked if that was discussed. Planning Commissioner Jensen stated it was not
13 discussed because this was a unique situation.
14
15 Ms. Rachel Sanzone, appeared before the City Council as the applicant and stated her goal was
16 to replace the garage in its current size and position. She was not aware at the time of purchase
17 that the garage was illegally built and stated that the garage was the reason that she bought the
18 property. She stated had it not been for the storm, she would be still using her garage. She parks
19 two cars in the garage and uses a portion of the garage as a potting shed and storage. Ms.
20 Sanzone stated other properties have garages that seem to be as large as hers so she feels she is
21 not altering the essential characteristic of the neighborhood; that she did not cause the unique
22 circumstances that destroyed her garage and economic reasons are not the basis of the practical
23 difficulties.
24
25 Mr. Mark Dahlke, Integrity Restoration, stated the original garage was built in two parts. Had
26 the portion of the garage been built properly it could have remained as it was not damaged by the
27 tree. Two slabs would need to be removed and additional landscaping will be necessary. The
28 plan would be to rebuild as it was before the storm. Mr. Dahlke stated it would be a facelift for
29 the neighborhood and the garage would be up to City Codes, noting the 2 -foot setback has been
30 there since the 1950's.
31
32 Councilmember Stille asked about construction the garage so a variance is not required. Mr.
33 Dahlke stated if it were constructed in another location many factors would need to be modified.
34
35 Mayor Faust asked if the only thing remaining is the concrete slab. Mr. Dahlke stated the two
36 garage portions are still tied together in the back.
37
38 Ms. Sanzone stated the rear portion of the garage would be in the rear setback. Mayor Faust
39 asked if a 2 -foot slab couldn't be added, noting a 60 -year-old slab would probably need to be
40 removed to do the job correctly.
41
42 Councilmember Stille stated Assistant City Manager Moore -Sykes told him the rear setback was
43 not an issue.
44
45 Councilmember Roth asked if the back addition was 5 feet. The back slab was inspected by the
46 City, Ms. Sanzone stated the lot coverage is currently at 37%.
5
City Council Regular Meeting Minutes
October 25, 2011
Page 6
2 Mayor Faust stated Council does not want to exacerbate an already bad situation with the
3 "illegal" garage, noting the Council has an opportunity to rectify the situation and follow the
4 standards.
Councilmember Roth asked if Mr. Dahlke builds garages. Mr. Dahlke stated he is a licensed
contractor in the City of St. Anthony. Councilmember Roth asked if the slab was built according
to standards. Mr. Dahlke stated he does not know.
10 Councilmember Roth stated he did not spend a lot of time on Planning Commission prior to
1 I being on Council. He asked if a garage was needed to be replaced, would the slab need to be
12 replaced. Mayor Faust stated it was a non -conforming use and it can be rebuilt in a conforming
13 use.
14
15 Councilmember Stille stated the City has an opportunity to get code compliance and economic
16 considerations cannot be the reason for approving a variance.
17
18 Councilmember Jenson noted on page 61 the setback is corrected to be 5 feet. Mr. Dale stated he
19 has been doing insurance repairs and contracting for 40 years in Minnesota. This job could be
20 considered a replacement or repair since all the applicant is asking for is to replace the garage as
21 it was.
22
23 Mr. Dare asked if the neighbor will need to move his fence. Mayor Faust stated the Council will
24 follow code to the best of their ability and the Council has an obligation to treat all residents
25 fairly.
26
27 Motion by Councilmember Stille, seconded by Councilmember Jenson, to deny Resolution 1I-
28 066; approval of a Garage Setback Permit and Variance Request for Garage Size at 3219 Stinson
29 Boulevard.
30
31 Councilmember Roth stated he built a garage ten years ago and the concrete cost $10,000. He is
32 familiar with the Code and will not support the denial of this request since the homeowner is
33 trying to improve the situation at hand. He believes what most likely will happen is the front
34 will be repaired and the back will remain as is in substandard condition.
35
36 Councilmember Stille stated this is difficult and he would like to accommodate. He noted there
37 has not been a lot of compromise on the part of the applicant and the Council needs to follow the
38 Code.
39
40 Ayes — 4, Nays —1 (Roth) Motion carried.
41
42 E. Resolution 11-067;A roval of the Request from Greg Cotulla, Cotulla & Associates for
43 an Amendment to the St. Anthony Shopping Center PUD to Allow for Planned
44 Renovations and the Sian Plan to Allow for the Modification of Existing Wall Signs.
M
0
City Council Regular Meeting Minutes
October 25, 2011
Page 7
1 Planning Commissioner Jensen presented the proposed request for an amendment to the St.
2 Anthony Shopping Center PUD to allow for updates and renovation. Planning Commissioner
3 Jensen provided the staff report along with letters from the applicant. The elevations are
4 accurate. Planning Commissioner Jensen provided a sketch. A public hearing was held and no
5 one appeared to address the Commission. The Planning Commission recommended approval of
6 the amendments to the St. Anthony Shopping Center PUD to allow for planned renovations and
7 the sign plan to allow for the modification of existing wall signs.
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Mayor Faust asked if the monument signs were discussed. Planning Commissioner Jensen stated
the sign at Kensington was discussed and there was not a request to put it in a non -conforming
condition.
Councilmember Jenson asked exactly what are they requesting. Mr. Greg Cotulla, Cotulla &
Associates, appeared before the City Council on behalf of the applicant. Mr. Cotulla stated they
are attempting to get larger signage visible from County Road 88. They are requesting to
increase the size from 2 square feet to 3 square feet.
Mayor Faust asked about the monument. Mr. Cotulla stated they would like to consider a second
sign to the property, possibly a ground sign. The sign has not yet been designed and it is not the
owner's intent to construct one that this time.
Councilmember Stille asked why the owner wouldn't be putting the sign in now. Mr. Cotulla
stated it is not part of the current plan.
Councilmember Roth questioned the awning. Mr. Cotulla stated they are proposing to remove
the canopy and replace with an awning that provides more daylight in the retail stores. The
awning is more current architecturally, would be canvas, and would last approximately 10 years.
Councilmember Roth asked if they were permanent canvas or rolled up. Mr. Cotulla stated they
would be permanent. Councilmember Roth asked if the current tenants are in favor of new
signage. Mr. Cotulla stated the current tenants have the option of putting up new signage at that
time and new tenants would be required to put up a backlit sign.
Mayor Faust asked if streetlights along the sidewalks would be installed. Mr. Cotulla stated they
are currently bidding streetlights and the parking lot lights would be replaced with LED fixtures.
Councilmember Roth asked if the location of the pergolas was determined. Mr. Kozulla stated
they have presented the drawings to as many tenants as possible and none mentioned not wanting
a pergola in front of their store.
Councilmember Stille asked what made them go with the acorn streetlights rather than the domus
style. Mr. Kozulla answered it was the architectural preference.
Mayor Faust referred to the monument proposed for the future and indicated he is somewhat
resistant, not knowing what it would be. Mr. Kozulla stated the monument would need to
comply with the zoning code. Mayor Faust expressed concern related to sight lines and because
a large sign may impede sight at the intersection.
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City Council Regular Meeting Minutes
October 25, 2011
Page 8
Councilmember Stille stated he would prefer to see the monument go in now.
Motion by Councilmember Roth, seconded by Councilmember Stille, to approve Resolution 11-
067; approval of the Request from Greg Kozulla, Kozulla & Associates for an Amendment to the
St. Anthony Shopping Center PUD to Allow for Planned Renovations and the Sign Plan to
Allow for the Modification of Existing Wall Signs, revising the sixth Whereas to strike the
following wording: "and requesting an opportunity to put a monument sign at the Kenzie Terrace
at some time in the future, submitting design, size and placement information at that time;".
Motion carried unanimousiy.
VI. GENERAL BUSINESS OF COUNCIL.
A. Resolution 11-068; Calling for Public Hearing on the Capital Improvement Plan and the
Issuance of Capital Improvement Plan Bonds to Refund the 2003 HRA Lease Revenue
Bonds. Stacie Kvilvang, Ehlers & Associates presenting.
Ms. Stacie Kvilvang, Ehlers & Associates, explained that in 2003, the City issued $5,530,000 in
lease revenue bonds to finance the construction of the Fire Station and Public Works Facility.
The date on which these bonds can be refinanced/paid off is February 1, 2013. However, the
City has the ability to complete an advance refunding on any bond issue, meaning it can
refinance prior to the call date. She recommended moving forward with an advance refunding
on this bond issue due to the very favorable interest rates within the market. She also
recommended refunding these bonds as general obligation bonds to further reduce interest costs
and increase savings to the City. The process calls for a capital improvement fund.
Councilmember Stille asked what the melded rate would be. Ms. Kvilvang stated 1-2 percent. A
public hearing would be recommended for November 8, 2011.
Motion by Councilmember Gray, seconded by Councilmember Jenson, to approve Resolution
11-068; Calling for Public Hearing on the Capital Improvement Plan and the Issuance of Capital
Improvement Plan Bonds to Refund the 2003 HRA Lease Revenue Bonds.
Motion carried unanimously.
B. Resolution 11-069; To Approve a Request to Keen Chickens in an R-1 Zoning District.
Interim City Manager Hartman reported staff received a call from Ms. Kay Steffenson of 2816
Coolidge Street NE, asking what she needed to do in order to have chickens. Ms. Steffenson was
provided with City ordinance information about the approval process; however, Subsection
91.56 indicates: "whereby no person may keep swine, ..., or fowl, within the City nearer than
500 feet to any human habitation or platted land, without approval of City Council.
Ms. Kay Steffenson, 2816 Coolidge Street NE., appeared before the Council and requested
permission to raise chickens in her backyard. The plan would be to build a coop attached to the
City Council Regular Meeting Minutes
October 25, 2011
Page 9
1 existing shed, large enough to house 4 laying hens. They would not keep a rooster and their
2 desire is to have fresh eggs and in this small way be close to their food source.
3
4 Motion by Councilmember Roth, seconded by Councilmember Gray, to approve Resolution 11-
5 069; To Approve a Request to Keep 3 Female Chickens in an R-1 Zoning District.
6
7 Motion carried unanimously.
8
9 VII. REPORTS FROM CITY MANAGER AND COUNCIL MEMBERS.
10
11 Councilmember Jensen reported he is liaison to the St. Anthony Historical Society and they have
12 sold over 639 books.
13
14 Councilmember Stille reported stated he attended a seminar put on by MN Real Estate Journal
15 regarding senior housing.
16
17 Mayor Faust reported he met yesterday with community members on the Veterans Memorial,
18 advising it will be turned over to the City on November 11, 2011, at 1 la.m. He also reported on
19 his meeting with the Executive Board of the Metropolitan Council water management, noting St.
20 Anthony is receiving recognition.
21
22 VIII. COMMUNPI'Y FORUM.
23
24 Mayor Faust invited residents to come forward at this time and address the Council on items that
25 are not on the regular agenda.
26
27 Hearing none, Mayor Faust moved forward with the agenda
28
29 IX. INFORMATION AND ANNOUNCEMENTS.
30
31 None.
32
33 X. ADJOURNMENT.
34
35 Mayor Faust adjourned the meeting at 8:55 p.m.
36
37 Respectfully submitted,
38 Debbie Wolfe
39 TimeSaver Off Site Secretarial, Inc.
40
41
42 Mayor
43 ATTEST:
44 City Clerk
45
.0
Saint Anthony Village
DATE: November 8, 2011 Approved:
TO: Mayor and Councilmembers
FROM: License Clerk
ITEM: License and Permits for Approval:
JF Tree Care, Holdingford, MN
Legacy Tree Care, Maple Grove, MN
Sign Art, Mendota Heights, MN
TDB Builders, White Bear Lake, MN
r Mechanical, Ham Lake, MN
1 Appliance Installation Plus, Cambridge, MN
Jessica Medearis
4008 Foss Rd #202
10
US BANK
ST. ANTHONY VILLAGE
CHECK REGISTER
VENDOR #
PAYEE
CHECK #
DATE
AMOUNT
8964
ACCLAIM BENEFITS
16201
11/9/2011
$49.00
9761
AMERICAN BOTTLING COMPANY
16202
11/9/2011
$103.80
9250
AMERICAN MESSAGING
16203
11/9/2011
$310.84
9577
ARTHOUSE
16204
11/9/2011
$603.99
8939
BEARCOM
16205
11/9/2011
$31.15
4293
BELLBOY CORP.
16206
11/9/2011
$11,844.50
9778
BERNICK'S
16207
11/9/2011
$763.96
8555
BIFFS,INC.
16208
11/9/2011
$192.00
9648
BOUND TREE MEDICAL LLC
16209
11/9/2011
$527.25
4662
BOURGET IMPORTS
16210
11/9/2011
$342.00
7253
BRAKE & EQUIPMENT WAREHOUSE
16211
11/9/2011
$84.74
4231
CAPITOL BEVERAGE SALES
16212
11/9/2011
$12,869.20
8652
CARTRIDGE CARE
16213
11/9/2011
$282.50
610
CATCO
16214
11/9/2011
$13.82
4080
CHISAGO LAKES DISTRIBUTING
16215
11/9/2011
$2,139.04
8814
CITY WIDE WINDOW SERVICE
16216
11/9/2011
$69.47
9209
CLOSE LANDSCAPE ARCHITEC
16217
11/9/2011
$350.55
4095
COCA COLA BOTTLING COMPANY
16218
11/9/2011
$577.88
9321
COMMERCIAL TRUCK & TRAIL
16219
11/9/2011
$835.96
4107
COMPTON'S COMMERCIAL CLN
16220
11/9/2011
$3,823.99
8736
CREATIVE FORMS & CONCEPT
16221
11/9/2011
$222.89
9820
CRYSTAL SPRINGS ICE
16222
11/9/2011
$442.79
7178
D -ROCK CENTER & SMALL ENGINES
16223
11/9/2011
$27.73
8557
DAILEY DATA & ASSOCIATES
16224
11/9/2011
$474.49
820
DORSEY & WHITNEY
16225
11/9/2011
$1,804.75
4135
ELECTRO WATCHMAN INC
16226
11/9/2011
$97.73
9061
EMERGENCY AUTOMOTIVE TEC
16227
11/9/2011
$153.19
8001
EMERGENCY MEDICAL PRODUCTS
16228
11/9/2011
$1,301.37
8697
EXTREME BEVERAGE
16229
11/9/2011
$341.50
9667
FLAT EARTH BREWING CO
16230
11/9/2011
$143.96
8238
FULLER/CHRIS
16231
11/9/2011
$53.56
1030
G & K SERVICES INC
16232
11/9/2011
$915.90
7335
GCR
16233
11/9/2011
$457.94
4172
GRAPE BEGINNINGS, INC.
16234
11/9/2011
$86.25
8221
HEDBACK, ARENDT, KOHL
16235
11/9/2011
$3,500.00
1505
HENNEPIN COUNTY SHERIFF
16236
11/9/2011
$446.83
9344
HENNEPIN TECHNICAL COLLEGE
16237
11/9/2011
$322.72
4207
HOHENSTEIN'S, INC
16238
11/9/2011
$3,796.35
8252
HOME DEPOT CREDIT SERVICE
16239
11/9/2011
$1,270.39
9865
HOSTWAY GLOBAL WEB SOLUT
16240
11/9/2011
$65.85
9225
HSBC BUSINESS SOLUTIONS
16241
11/9/2011
$192.35
8707
J. SPANJERS CO., INC.
16242
11/9/2011
$1,384.50
9048
JEFFERSON FIRE & SAFETY,
16243
11/9/2011
$3,889.46
4125
JJ TAYLOR DISTRIBUTING
16244
11/9/2011
$31,105.12
4220
JOHNSON BROTHERS LIQUOR
16245
11/9/2011
$17,023.86
11
US BANK
ST. ANTHONY VILLAGE
CHECK REGISTER
12
VENDOR #
PAYEE
CHECK #
DATE
AMOUNT
9926
KAHNKE BROTHERS TREE FARM
16246
11/9/2011
$262.91
9755
L.T.G. POWER EQUIPMENT
16247
11/9/2011
$134.40
9851
LAW ENFORCEMENT TECHNOLO
16248
11/9/2011
$264.77
2040
LILLIE SUBURBAN NEWSPAPER
16249
11/9/2011
$360.00
2100
MACQUEEN EQUIPMENT CO
16250
11/9/2011
$1,049.32
9823
MAILFINANCE
16251
11/9/2011
$80.16
2125
MALENICK/JOHN
16252
11/9/2011
$52.63
2240
METROPOLITAN COUNCIL
16253
11/9/2011
$43,541.89
8467
MIDWAY FORD
16254
11/9/2011
$52.97
9752
MINNEAPOLIS SAW COMPANY,
16255
11/9/2011
$74.63
9113
MINNESOTA CROWN DISTRIBU
16256
11/9/2011
$202.50
9927
MINNESOTA DEPT OF COMMER
16257
11/9/2011
$103.76
2360
MN CONWAY FIRE & SAFETY
16258
11/9/2011
$51.24
9517
MORRELL ENTERPRISES, LP
16259
11/9/2011
$595.20
2395
MTI DISTRIBUTING, INC
16260
11/9/2011
$76.81
9507
NEOPOST (SUPPLIES)
16261
11/9/2011
$229.77
8883
NEW FRANCE WINE COMPANY
16262
11/9/2011
$292.50
9812
NODLAND CONSTRUCTION CO
16263
11/9/2011
$1,000.00
8519
NORTHDALE CONSTRUCTION C
16264
11/9/2011
$208,267.89
9272
NORTHERN FACTORY SALES 1
16265
11/9/2011
$131.95
9523
NORTHSTAR INSPECTION SER
16266
11/9/2011
$8,668.73
45
OFFICE DEPOT
16267
11/9/2011
$448.49
8528
PACE ANALYTICAL SERVICES
16268
11/9/2011
$285.00
9615
PAETEC
16269
11/9/2011
$141.19
4354
PAUSTIS & SONS
16270
11/9/2011
$1,674.45
4360
PHILLIPS WINE & SPIRITS
16271
11/9/2011
$14,208.81
4372
PLUNKETT'S
16272
11/9/2011
$72.52
7057
PRAXAIR
16273
11/9/2011
$17.90
9139
PROPERTY KEY, INC.
16274
11/9/2011
$50.00
4385
QUALITY WINE CO
16275
11/9/2011
$14,856.34
3100
ROSEDALE CHEVROLET
16276
11/9/2011
$175.90
9680
SENSUS METERING SYSTEMS
16277
11/9/2011
$724.16
8725
SITARZ/MARK
16278
11/9/2011
$129.46
9843
SOUTHERN WINE & SPIRITS
16279
11/9/2011
$2,173.43
9259
SPRINT
16280
11/9/2011
$260.00
4782
ST ANTHONY VILLAGE CENTE
16281
11/9/2011
$1,644.33
9083
ST. ANTHONY RETAIL DEVEL
16282
11/9/2011
$1,708.45
3490
STREICHER'S
16283
11/9/2011
$387.95
4780
SURLY BREWING CO
16284
11/9/2011
$4,602.00
7337
TIMESAVER OFF SITE SECRE
16285
11/9/2011
$126.25
3560
TRACY PRINTING
16286
11/9/2011
$385.82
4490
VAL-PAK OF MINNESOTA
16287
11/9/2011
$800.00
8227
VERIZON WIRELESS
16288
11/9/2011
$879.85
4451
VINOCOPIA
16289
11/9/2011
$728.23
9702
W.D. LARSON COMPANIES LT
16290
11/9/2011
$121.05
8316
WINE COMPANY/THE
16291
11/9/2011
$694.10
US BANK ST. ANTHONY VILLAGE
CHECK REGISTER 13
VENDOR# PAYEE
8310 WINE MERCHANTS INC
4175 WIRTZ BEVERAGE - (GRIGGS
9734 WIRTZ BEVERAGE MINNESOTA
8273 WSB & ASSOCIATES, INC.
2680 XCELENERGY
CHECK #
DATE
AMOUNT
16292
11/9/2011
$2,415.09
16293
11/9/2011
$9,457.88
16294
11/9/2011
$12,413.62
16295
11/9/2011
$47,730.05
16296
11/9/2011
$12,782.72
TOTAL
$502,926.19
i[!
Em
Report Date:
Meeting Date:
RF6Q- FSTEOR 00kNO7L 001\157DE77Z477ON
November 8, 2011
November 8, 2011
Agenda Section: III. D.
ITEM DESCRIPTION: Amending Resolution 11-069; Resolution to Approve A
Request to Keep Four (4) Female Chickens in an R-1 Zoning
District
MANAGER'S REVIEW:
'This is an amendment to Resolution 11-069 that was
approved at the October 25, 2011 City Council meeting.
The original request from the resident was for four (4)
female chickens.
Also, note there has been additional language to not allow
the keeping of male roosters.
Jay Hartman
Interim City Manager
Attachments:
• Resolution 11-069; Approve a Request to Keep Four (4) Female Chickens in an R-1 Zoning District.
PAComtcil Meetings\2011A11082011Astaff chicken request amendment.doc
CITY OF ST. ANTHONY
STATE OF MINNESOTA
RESOLUTION 11-069
RESOLUTION TO APPROVE A REQUF,ST TO KEEP
FOUR (4) FEMALE CHICKENS IN AN R-1 ZONING DISTRICT
WHEREAS, Staff received a request for information from Ms. Kay Steffenson, 2816 Coolidge Street
NE, about whether or not the City allows chickens in the residential zoning district; and
WHEREAS, The City of St. Anthony Code of Ordinances, Section 91.56,Keeping of Certain Animals,
specifies that livestock, including chickens, require approval from the City Council; and
WHEREAS, Ms. Steffenson has submitted a written request for approval from the City Council, as
outlined in Subsection 91.56, to approve her request to keep chickens; and
WHEREAS, Ms. Steffenson also stated that she has spoken with her neighbors and advised Staff that
they are not opposed to her family keeping chickens; and
WHEREAS, Ms. Steffenson described the enclosure that will house the chickens and that it will be
kept in the fenced back yard; and
WHEREAS, Hennepin County Environmental Health Division has stated that this matter is within the
City's jurisdiction and authority; and
WHEREAS, at the October 25, 2011 City Council meeting, the City Council approved Ms. Kay
Steffenson to have three (3) female chickens; and
WHEREAS, Ms. Kay Steffenson's original request was for four (4) female chickens.
NOW, THEREFORE, BE IT RESOLVED, that the City of St. Anthony has reconsidered the request for
approval to keep four (4) female chickens in an R-1 Zoning District with the stipulation the homeowner
would not keep male roosters and do hereby approve this request from Ms. Kay Steffenson, dated
November 8, 2011.
Adopted this 8th day of November 2011.
ATTEST:
Mayor
City Clerk
Reviewed for administration:
Interim City Manager
15
To: Jay Hartman — Interim City Manager
Roger Larson — Finance Director
From: Stacie Kvilvang
Date: November 8, 201 I
Subject: Refinancing of Public Facilities Lease Revenue Bonds, Series 2003
In 2003, the City issued $5,530,000 in lease revenue bonds to finance the construction of the Fire
Station and Public Works Facility. The date on which these bonds can be called (refinanced or paid
off) is February 1, 2013. However, the City has the ability to complete what is called an advance
refunding on any bond issue, meaning you can refinance it prior to the call date, once in the life of the
bond.
We are recommending that these bonds be refinanced at some point in 2012 to allow the City to
benefit from interest savings from converting the bonds from lease revenue bonds to GO bonds. In
order to complete the refinancing at some future date, the City has to prepare a 5 -Year Capital
Improvement Plan (CIP) for the refinancing and hold a public hearing to solicit comment and
feedback from the community. Upon conclusion of the public hearing, the Council must approve the
CIP via a 3/5th vote.
At the October 25, 2011 City Council meeting, the Council set the public hearing date for November
8, 2011. Upon conclusion of the public hearing process, the City will be situated to refinance these
bonds at any time in the future. At the time of refinancing, Ehlers will prepare a full pre -sale report
outlining the terms of the financing and the estimated savings the City can expect.
Please contact me at 651-697-8506 with any questions.
E H L E RS 3060 Centre Pointe Drive
_ Roseville, MN 55113-1105
LEADERS IN PUBLIC FINANCE Phone: 651-697-8506
Fax: 651-697-8555
skvilvang@ehlers-inc.com
2011 through 2015
Five -Year Capital Improvement Plan
City of St. Anthony, Minnesota
to E_HLE RS
LEADERS IN PUBLIC FINANCE
November 8, 2011
Prepared by: EHLERS & ASSOCIATES, INC.
3060 Centre Pointe Drive, Roseville, Minnesota 55113-1105
651-697-8500 FAX: 651-697-8555 WWW.EHLERS-INC.COM
Table of Contents
I. INI'RODUCTION.............................................................................
ILPURPOSE..........................................................................................
III. THE CAPITAL IMPROVEMENT PLANNING PROCESS............
IV. PROJECT SUMMARY.....................................................................
V. FINANCING THE CAPITAL IMPROVEMENT PLAN .................
PROPOSED CIP BOND ISSUES ...................
PRE -SALE SCHEDULE .................................
3
4
5
7
...... 10
... APPENDIX A
... APPENDIX B
City of St. Anthony 2011-2015 Capital Improvement Plan Page 1
19
City of St. Anthony
Five -Year Capital Improvement Plan
2011 through 2015
I. INTRODUCTION
In 2003, the Minnesota State Legislature adopted a statute (Section 475.521, referred to
herein as the "CIP Act") that allows cities to issue municipal bonds under a capital
improvement plan without the usual referendum requirement (except for the "reverse
referendum" provision described below). The CIP Act applies to capital improvements
consisting of city halls, public works, and public safety facilities. The 2005 Legislature
added towns to the meaning of a municipality and town halls and libraries to the
meaning of a capital improvement under the CIP Act.
Throughout this plan, the term "capital improvement" refers only to those improvements
identified in the CIP Act, as summarized above. Capital expenditures for other public
improvements in the City will be financed through other means, and are not governed
by this plan.
IL PURPOSE
A capital improvement is a major expenditure of municipal funds for the acquisition or
betterment to public lands, buildings, or other improvements used as a city hall, town
hall, library, public safety, or public works facility, which has a useful life of 5 years or
more. For the purposes of the CIP Act, capital improvements do not include light rail
transit or related activities, parks, road/bridges, administrative buildings other than city
or town hall, or land for those facilities. A Capital Improvement Plan ("CIP") is a
document designed to anticipate capital improvement expenditures and schedule them
over a five-year period so that they may be purchased in the most efficient and cost
effective method possible. A CIP allows the matching of expenditures with anticipated
income. As potential expenditures are reviewed, the municipality considers the benefits,
costs, alternatives and impact on operating expenditures.
The City of St. Anthony, Minnesota (the "City") believes the capital improvement
process is an important element of responsible fiscal management. Major capital
expenditures can be anticipated and coordinated so as to minimize potentially adverse
financial impacts caused by the timing and magnitude of capital outlays. This
City of St. Anthony 2011-2015 Capital Improvement Plan Page 2
0"
coordination of capital expenditures is important to the City in achieving its goals of
adequate physical assets and sound fiscal management. In these financially difficult
times good planning is essential for the wise use of limited financial resources.
The Capital Improvement Plan is designed to be updated on an annual basis. In this
manner, it becomes an ongoing fiscal planning tool that continually anticipated future
capital expenditures and funding sources.
III. THE CAPITAL IMPROVEMENT PLANNING PROCESS
The process begins with analysis of the City's five-year capital improvement needs and
funding sources. The City may solicit input from citizens and other governmental units
at an early stage, if desired.
The City Council then directs staff or consultants to prepare a plan that sets forth the
estimated schedule, timing and details of specific capital improvements by year,
together with the estimated cost, the need for the improvement, and the sources of
revenue for the improvement. The City Council then holds a public hearing on the CIP,
with notice published not more than 30 days and not less than seven days for the hearing
(except as described below). The Council may either approve the CIP immediately after
the hearing, or based on input may make revisions and approve the CIP at a later
meeting.
If the CIP calls for general obligation bonds to finance certain improvements, the City
Council must follow an additional set of procedures. The Council must hold a public
hearing regarding issuance of the bonds. Notice of such hearing must be published in
the official newspaper of the municipality at least 14, but not more than 28 days prior to
the date of the public hearing. In addition, the notice may be posted on the City's
official web site. ("The public hearings on the CIP and the bonds may be combined into
a single hearing, in which case the notice requirements for bonds must be followed.)
The Council must approve the sale of CIP bonds by a 3/5ths vote of its membership.
However, the bonds are subject to the "reverse referendum" provision: if a petition
signed by voters equal to at least five percent of the votes cast in the City in last general
election is filed with the City Clerk within 30 days after the public hearing regarding the
bonds, the bonds may not be issued unless approved by the voters (by a majority of
those voting on the question). Further, the maximum debt service in any year on all
outstanding CIP Bonds is .16% of the taxable market value of property in the City,
using the market value for the taxes -payable year in which the bonds are issued.
After the CIP has been approved and bonds have been authorized, the City works with
its financial advisor to prepare a bond sale and repayment schedule. Assuming no
petition for a referendum is filed, the bonds are sold, and when proceeds from the sale of
the bonds (and any other identified revenue sources) become available, the expenditures
for specified capital improvements can be made.
City of St. Anthony 2011-2015 Capital Improvement Plan Page 3
21
In subsequent years, the process is repeated as expenditures are completed and as new
needs arise. Capital improvement planning looks five or more years into the future from
the date of the CIP.
IV. PROJECT SUMMARY
The only capital improvement contemplated in the five-year period of this plan (2011
through 2015) is acquisition of the City's existing Public Works Facility and Fire
Station (the "Buildings"), through issuance of refunding bonds (referred to as the "CIP
Bonds"). The St. Anthony Housing and Redevelopment Authority ("I -IRA") issued its
$5,530,000 Public Facilities Lease Revenue Bonds, Series 2003 (the "Series 2003
Bonds") to finance construction of the Public Works Facility and Fire Station. The City
leases the Building from the HRA, paying lease payments equal to debt service on the
Series 2003 Bonds.
The City has now determined to exercise its purchase option under the lease agreement
with the HRA in order to acquire fee title to the Building and refund the Public Facilities
Lease Revenue Bonds, Series 2003. The City proposes to finance the acquisition
through issuance of CIP Bonds under the CIP Act and this CIP. The proposed CIP
Bonds would be issued in 2011 or in a later year depending on market conditions, in a
principal amount not to exceed $4,000,000.
The expenditures to be undertaken with this CIP are limited to those listed below. All
other foreseeable capital expenditures within the municipal government will come
through other means. The following expenditures have been submitted for inclusion in
this CIP:
The CIP Act requires the City Council to consider eight factors in preparing the CIP
1. Condition of the City's existing infrastructure, including projected need for
repair or replacement
2. Likely demand for the improvement
3. Estimated cost of the improvement
4. Available public resources
5. Level of overlapping debt in the City
6. Relative benefits and costs of alternative uses of funds
7. Operating costs of the proposed improvements
8. Alternatives for providing services most efficiently through shared facilities with
other cities or local governments
City of St. Anthony 2011-2015 Capital Improvement Plan Page 4
22
The City has considered the eight points as they relate to the Refunding of the Series
2003 Bonds through the issuance of CIP Bonds. The findings are as follows:
Conditions of City Infrastructure and Need for the Project
The Building currently exists, but the City has determined that it is financially prudent
to acquire that facility from the HRA. Other than such acquisition, the City does not
anticipate further repair or replacement of the Building in the 2011 through 2015 period.
Demand for Project
As noted above, the Building currently exists. Acquisition of the existing leased facility
is prudent in order reduce City borrowing costs.
Estimated Cost of the Project
By issuing CIP Bonds that will refund the Series 2003 Bonds, the City expects to have a
net present value savings of approximately $118,655 if they are issued as an advance
refunding (in advance of the 2-1-13 call date). If they are issued as a current refunding
(fall of 2012), then the City could expect to have a net present value savings of
approximately $151,000. Either way, by issuing these as CIP Bonds, the need for a debt
service reserve fund (DSR)will be eliminated. The original DSR was funded internally
by the Water Filtration Fund and not through bond proceeds, thereby unrestricting these
funds for other City needs.
Availability of Public Resource
The CIP Bonds for acquisition of the Building would be paid with ad valorem taxes, as
are the lease payments that currently secure the Series 2003 Bonds. However, the CIP
Bonds will be additionally secured by the City's full faith and credit, which is expected
to produce lower interest rates on the CIP Bonds compared to the Series 2003 Bonds.
Level of Overlapping Debt
Issuance of the CIP Bonds is not expected to affect the City's overall debt in any
significant way, other than through lowering debt service costs.
City of St. Anthony 2011-2015 Capital Improvement Plan Page 5
Taxing District
Hennepin County
Not
$
rTaxable
Tax Capacity
1,476,968,856 i
% in City
0.4031%
Total GO Debt
$ 674,430,000
Proportionate
Share
$ 2,718,646
Pamsey County
$
513,488,368 1
0.45610/o
$ 192,770,000
1 $
879,171
ISD No. 282
$
9,825,497
84,4291%
$ 24,680,000
$
20,837,108
Metropolitan Council
$
3,312,665,183
0.2372%
$ 213,645,000
$
506,766
ThreeRiversPark District
$
1,082,056,515
0.5502%
$ 71,045,000
1 $
390,904
City's Share Total of Overlapping
Debt $
25,332,E
Issuance of the CIP Bonds is not expected to affect the City's overall debt in any
significant way, other than through lowering debt service costs.
City of St. Anthony 2011-2015 Capital Improvement Plan Page 5
23
Relative Costs and Benefits of Alternative Uses of the Funds
Refunding of the Series 2003 Bonds is expected to produce cost savings, which may
free up revenues for alternative uses.
Operating Costs of the Proposed Improvements
The proposed refunding of the Series 2003 Bonds would reduce operating costs of the
Building, to the extent current lease payments are converted to lower CIP Bond debt
service payments. In other respects, no changes to operating costs are expected under
this CIP.
Options for Shared Facilities with Other Cities or Local Government
Sharing either the public works facility or the fire station with another community is not
an option. For the fire station, the provision of fire services relies on immediate
response times in emergencies and having a shared facility outside of the community
would seriously jeopardize response times and public safety. For the public works
facility, the City needs adequate space to store their trucks and vehicles as well as have
a facility to complete maintenance on them. In addition, all of the surrounding
communities have their own facilities for both fire and public works.
V. FINANCING THE CAPITAL IMPROVEMENT PLAN
The total principal amount of requested expenditures under this Capital Improvement
Plan is up to $4,000,000. This amount represents the maximum principal amount of
CIP Bonds that may be issued to refund the Series 2003 Bonds. Principal and interest
on the CIP Bonds will be paid through a tax levy over the term of the CIP Bonds,
further described in Appendix A.
In the financing of the Capital Improvement Plan, two significant statutory limitations
apply.
1. Under Chapter 475, with few exceptions, municipalities cannot incur debt in
excess of 3% of the assessor's taxable market value for the municipality. In the
City, the taxable market value is $777,784,100. Therefore, the total amount of
outstanding debt cannot exceed $23,333,523. These values are for 2010/11 tax
year. As of October 31, 2011, the City has $7,195,000 subject to the legal debt
limit (this amount includes the 2003 Bonds that are being refunded). As such,
issuance of the CIP Bonds will be within the overall statutory debt limit for the
City, whether the Bonds are issued as a current or advanced refunding.
2. A separate limitation under the CIP Act is that, without referendum, the total
amount of principal and interest in any one year on all CIP Bonds issued by the
City debt cannot exceed 0.16% of the total taxable market value in the
municipality. In the City, that maximum annual debt service amount is
City of St. Anthony 2011-2015 Capital Improvement Plan Page 6
24
$1,244,455 for the 2010/11 tax year ($777,784,100 x .0016). The annual
principal and interest payments on the CIP Bonds proposed to be issued under
this CIP will average approximately $428,488. As such, debt service on the CIP
Bonds will be well within the annual limits under the CIP Act.
Details regarding the proposed terms of the CIP Bonds under this CIP are shown in
Appendix A. A schedule of events for approval of the CIP and issuance of the CIP
Bonds is shown in Appendix B.
Continuation of the Capital Improvement Plan
This Capital Improvement Plan should be reviewed annually by the City Council using
the process outlined in this Plan. It should review proposed expenditures, make priority
decisions, and seek funding for those expenditures it deems necessary for the City. If
deemed appropriate, the Council should prepare an update to this Plan.
City of St. Anthony 2011-2015 Capital Improvement Plan Page 7
25
APPENDIX A
PROPOSED CIP BOND ISSUE
Sources & Uses
Dated 12129120111 Delivered 12129/2011
ParAmount
'Total Sources
$3,810,000.00
Uses Of Funds
Interest
Total Underwriter's Discount (1250%) _ _
47,625.00
Costs of issuance .. �..
.. _._ 45,000.00
Deposit to Crossover lscrow Pwrd
3,714,893.81
I2oundmg Amount
2,481.19
'fetal Uses
.. _... _.. __ .. .... _. _ ..$3,810,000.00
Debt Service Schedule
Date
Principal
Coupon
Interest
Total P+I
Fiscal Total
12/29/2011
08/01/2012
-
-
48,303.61
48,303.61
-
02/01/2013
-
-
41,012.50
41,012.50
89,31611
08/01/2013
-
-
41,012,50
41,012,50
02/01/2014
300,00000
0750%
41,01250
341,012.50
382,025.00
08/01/201439,88750
39,887.50
-
02/01/2015
305,000.00
1,100%
39,887.50
344,887.50
384,775,00
08/01/2015
-
-
38,210.00
38,210.00
02/01/2016
310,000.00
1.400%
38,210.00
348,210.00
386,420.00
08/01/2016
-
36,040.00
36,010.00
-
/Ol/20
02i7
320,000.00
1.600%
36,040.00
.___.
356,04000 .
_.
392,080.00
08/01/2017
-
-
33,480.00
33,480.00
-
02/01/2018
330,000.00
1.850%
33,480.00
363,480.00
396,960.00
08/01/2018
-
-
30,427.50
30,427.50
-
02/01/2019
34000000
2100%
30,427.50
370,427.50
400,855.00
08/01/2019
-
-
26,85750
26,857.50
02/01/2020
350,000.00
2.350%
26,857.50
376,857.50
403,715.00
08/01/2020
-
-
22,745.00
22,745.00
-
02/01/2021
365,000.00
2550%
22,745.00
387,745.00
410,490.00
08/01/2021
-
-
18,091.25
18,091.25-
02/OI/2022
380,000.00
2.750%
18091.25
398,09125
416182.50
08/01/2022
-
-
12,866.25
12,866.25
-
02/01/2023
395,000.00
3.1000/.
12,866.25
407,866.25
420,732.50
08/01/2023
-
-
6,743.75
6,743.75
-
02/01/2024415,000.00
3,250% ,------ ,...._._,____
-------6,743.75421,743.75
428,487.50
Total
$3,810,000.00
-
$702,038.61
$4,512,038.61
-
City of St. Anthony 2011-2015 Capital Improvement Plan Page 8
OW
APPENDIX B
Pre -Sale Schedule dated November 8, 2011
5- Year City Capital Improvement Plan Bond Issuance
City of St. Anthony, Minnesota
The City Council must take the following actions before Bonds can be issued:
• City Council directs completion of the 5 -Year Capital Improvement Plan.
• City Council conducts a Public Hearing on issuance of Bonds and Capital Improvement Plan.
• City Council approves CIP Bonds and Capital Improvement Plan by at least a 3/5ths vote of the governing
body membership .
The table below lists the steps in the issuing process:
10/25/2011
City Council adopts Resolution calling for Public Hearing on the Capital Improvement Plan and the
Annual Levy Limit
issuance of Capital Improvement Plan Bonds to refund the 2003 HRA Lease Revenue Bonds.
10/14/2011
Close date to get Notice of Public Hearing on issuance of Bonds and on Capital Improvement Plan to
official newspaper for publication.
10/20/2011
Publish Notice of Public Hearing on issuance of CIP Bonds and on Capital Improvement Plat
(publication no more than 28 days and no less than 14 days prior to hearing date). Additionally, notice
may be posted on the City's official web site, if any (Ehlers and Dorsey to coordinate).
Multiply by 3%
0.03Multiply
11/08/2011
City Council holds Public Hearing at 8:00 p.m. on CIP Bonds and on Capital Improvement Plan and
adopts Resolution giving preliminary approval for their issuance and approving Capital Improvement
Plan by at least a 3/5ths vote of the governing body membership.
12/08/2011
Reverse referendum period ends to issue CIP Bonds (within 30 days of the public hearing).
Statutory Levy Limit
1,244,455
Net Debt Limit
Annual Levy Limit
Assessor's Taxable Market Value
777,784,100
1Assessors Taxable Market Value
777,784,100
Multiply by 3%
0.03Multiply
by .16%
0.0016
Statutory Debt Limit
23,333,523
Statutory Levy Limit
1,244,455
Less: Debt Paid Solely from Taxes
(7,195,000)
Less: Annual Levy under CIP
(428,488)
Unused Debt Limit
16,138,523
Unused Levy Limit
815,967
City of St. Anthony 2011-2015 Capital Improvement Plan Page 9
27
City of St Anthony MN
$2,215,000 G.O. Refunding Bonds, Series 2011 Dated: December 29, 2011
Proposed Current Refunding of Series 2004A & 2005A
Hennepin Cty Rates from 11/1/11 sale + 10 Basis Points
Total Issue Sources And Uses
Dated 12/2912011 i Delivered 1212912011
PropOsed Current Relundin I Issue Summary 1 11112011 1 11:31 AM
FREERS
LEADERS IN PUIIL IC FINANCE
Proposed
Proposed
Current
Current
Refunding of
Refunding of
Issue
—
Series 2004A
Series 2005A
Summary
Sources Of Funds
Par Amount of -Bonds ,_ _
$1,065,00000.
$1,150,00000
_ _ $2,215,000.00_
Total Soirees
$1,065,000.00
$1,150,000.00
$2,215,000,00.
Uses Of Funds
'Total Underwriter's. Discount (0.800%)
8,520 00
9,200,00
17,720.00
Costs of Issuance
16,82844
18,17156
35,000.00
Deposit to Current Refunding Fund
1,035,000 00
1,125,000 00
2,160,000.00
Rounding Amount_ _..
4,65156
_. (2,37156).
2,280.00.
Total Uses __. _..
_S1,065,000.00__.
$1,150,000.00
_...._ $2,215,000.00_
PropOsed Current Relundin I Issue Summary 1 11112011 1 11:31 AM
FREERS
LEADERS IN PUIIL IC FINANCE
City of St Anthony, MN
$2,215,000 G.O. Refunding Bonds, Series 2011 Dated: December 29, 2011
Proposed Current Refunding of Series 2004A & 2005A
Hennepin Cty Rates from 11/1/11 sale + 10 Basis Points
Debt Service Schedule
Date
Principal
Coupon
Interest
Total P+I
fiscal Total
12/29/2011
2,0201227%
Prue Interest Cos S
I TIC
__
2,0197121%_
Bond Yieldfor Arbitrage Put poses
18466797%
All Inclusive Cost(AIC) __ _. _.
08/01/2012
-
-
20,100.25
20,100.25
,Weighted Average.Maturity
-
02/01/2013
250,000.00
0.550%
17,066.25
267,066.25
287,166.50
08/01/2013
-
-
16,378.75
16,378.75
-
02/01/2014
25.5,00000
07.50%.
_16,37875
287,757.50
08/01/2014
-
-
15,422.50
.271,37875
15,422.50
02/01/2015
260,000.00
1.100%
15,422.50
275,422.50
290,845.00
08/01/2015
-
-
13,992.50
13,992.50
-
02/01/2016
255,000.00
1.400%
13,992.50
268,992.50
282,985.00
08/01/2016
-
12,207 50
12,207 50
-
02/01/2017
260,00000
1.600%.
12,207.50
272,207.50
284,415.00
08/01/2017
-
-
10,12250
10,127.50
-
02/01/2018
265,000.00
1.850%
10,127.50
275,127.50
285,255.00
08/01/2018
-
-
7,676.25
7,676.25
-
02/01/2019
265,00000
2100%
7,67625272,67625
280,352.50
08/01/2019
-
-
4,893 75.
4,893.75
-
02/01/2020
270,000.00
2.350%
4,893.75
274,893.75
279,787.50
08/01/2020
-
-
1,721.25
1,721.25
-
02/01/2021
135,000.00
2.550%
1,721.25
136,721.25
138,442
50
'total
$2,215,000.00
-
$202,006.50
$2,417,006.50
-
Yield Statistics
Bond Year Dollars,. ,... _,.,.. _
$19,876,89
Average Coe
4911 Years
Average Coupon._. ....__
._.. 1.8572085%
e_t merest Cost (NIC) _ - — —
2,0201227%
Prue Interest Cos S
I TIC
__
2,0197121%_
Bond Yieldfor Arbitrage Put poses
18466797%
All Inclusive Cost(AIC) __ _. _.
23672237%
IRS Form 8038
Net Interest Cost
1.5572085%_
,Weighted Average.Maturity
4.911 Years
Prorated Current Refundin I Issue Summary 1 11/ 1/2011 1 11'81 AM
,EHLERS
LEADERS IN PUBLIC -INANU
City of St Anthony, MN
$2,215,000 G.O. Refunding Bonds, Series 2011 Dated: December 29, 2011
Proposed Current Refunding of Series 2004A & 2005A
Hennepin Cty Rates from 11/1/11 sale + 10 Basis Points
Debt Service Comparison
Date
Total P+1
Net New D/S
Old Net DIS
Savings
02/01/2012
-
(2,280.00)
-
2,280.00
02/01/2013
287,166.50
287,166.50
308,312.50
21,146.00
02/01/2014
287,757.50
287,757.50
309,985.00
22,227.50
02/01/2015
290,845.00
290,845.00
311,170.00
20,325.00
02/01/2016 _
.. 282,985 00
282,985.00
306,732.50
23,747.50
02/01/2017
284,415,00
284,415.00
306,862.50
22,447.50
02/01/2018
285,255.00
285,255.00
306,335.00
21,080.00
02/01/2019
280,352.50
280,352.50
305,195.00
24,842.50
02/01/2020
279,787.50
279,787.50
303,427.50
23,640.00
02/01/2021
138,442 50
138,442 50
151,017.50
12,575,00
Total
$2,417,006.50
$2,414,726.50
$2,609,037.50
$194,311.00
PV Analysis Summary (Net to Net)
Gross PV Debt Service Savings...._ _..._
176,515.27
Net PV Cashltow Savings (n} 1.847%(Bond Yield) __.
176,515.27
Contingency or Rounding Amount,.
2,280.00
Net Present Value Benefit ,., _..
,,.., $178,795.27
Net PV Benet t / $2,391,515 27 PV Refunded Debt Service
Net PV Benefit /.$2,160,000 Refunded Principal, -
Ne( PV Benefit / $2,215,000 Refunding Principal..
Refunding Bond Information
Refunding Dated Date
Refunding Delivery Date
Proposer! Current Refundin I Issue Summary 1 11/ 112011 1 11:31 AM
EHLERS
LEADERS IN PUBLIC FINANCE
7.476
8.278%
8.072%
12/29/2011
12/29/2011
29
City of St Anthony. MN
$2,215,000 G.O. Refunding Bonds, Series 2011 Dated: December 29, 2011
Proposed Current Refunding of Series 2004A & 2005A
Hennepin Cty Rates from 11/1/11 sale + 10 Basis Points
Current Refunding Escrow
Date Principal Rate Receipts Cash
Disbursements Balance
12/29/2011
02/01/2012 2,160,000.00 - 2,160,000.00 2,160,000.00 _
'fatal $2,160,000.00 - $2,160,000.00 $2,160,000.00 _
Investment Parameters
Investment Model jPy, GIC, or Sccuuhesl
Default nrvesnnent yield target____
. Securities
Unrestricted
Cost of Invesnnents Purchased with Bond Proceeds
'total
2,160,000 00
Cost of lnveshncnls
$2,160,000.00
Target Cost of lnveslntents at bond yield ..___ .
$2,156,473.53
Actual positive or(neganve) arbitrage
(3,526A7),
Yield to Receipt
-- -
Yield for Arbitrage Purposes _ ,...,,..
1.8466797%
State and Local Government Series (SLGS) )ales for
Proposed Current Refun0in I Issue Summary 1 11112011 1 11:31 AM
EHLERS
LEADERS IN PUBLIC FlNANCE
_._ _... 11/01/2011
30
St Anthony, MN
$1,065,000
Proposed Current Refunding of Series 2004A
Debt Service Schedule
Date
Principal
Coupon
Interest
Total P+I
Fiscal Total
12/29/2011
-
-
08/01/2012
-
-
9,196.97
9,196.97
-
02/01/2013
130,000.00
0.550%
7,808.75
137,808.75
147,005.72
08/01/2013
-
-
7,451.25
7,451.25
-
02/01/2014
135,00000
_.. 0750%
7,45125
142,45125
149,902.50
08/01/2014
-
-
6,945.00
6,945.00
-
02/01/2015
135,000.00
1.100%
6,945.00
141,945,00
148,890.00
08/01/2015
-
-
6,202.50
6,202.50
-
02/01/2016
130,000.00
1.400%
6,202.50
136,202.50
142,405.00
08/01/2016
-
5,29250
5,29250
02/01/2017
130,000.00
1.600%
5,292.50
135,292.50
140,585.00
08/01/2017
-
-
4,252.50
4,252.50
-
02/01/2018
135,000.00
1.850%
4,252.50
139,252.50
143,505.00
08/01/2018
-
-
3,003.75
3,003.75
-
02/01/2019
135,00000
2100%_...
...3,00375
138,00375
141,007.50..
08/01/2019
-
-
1,586.25
1,586.25
_. _.,.
-
02/01/2020
135,000.00
2.350%
1,586.25
136,586.25
138,172.50
Total
$1,065,000.00
-
$86,473.22
51,151,473.22
-
Yield Statistics
Bond Year Dollars_
Average Life
Average Coupon
Net Interest Cost (NIC)
Prue Interest Cost (TIC) _
BondYield Tor Arbitrage Purposes.
All Inclusive Cost (AIC)
IRS Form 8038
Weighted Average_ Maturity
Proposed Current Refundin I Proposed Current Refundin I 1111120111 11:31 AM
EHLERS
LEADERS IN PUBLIC FINANCE
4.605 Years
1.7630805%
1.9367926%
....... ---- .- 1.8466797%
2.3061.23 1%
31
32
St Anthonv. MN
$1,790,000 G.O. Improvement Bonds, Series 2004A
Prior Original Debt Service
Date Principal
Coupon
Interest
Total P+I
Fiscal Total
02/01/2012 -
-
08/01/2012 -
-
22,137.50
22,137.50
-
02/01/2013 115,000.00
4.000%
22,137.50
137,137.50
159,27500
08/01/2013 -
-
19,837.50
19,83250
-
02/01/2014 120,000004000%
,19,83750
139,83750
159,675.00
08/01/2014 -
-
17,437.50
17,437.50
-
02/01/2015 125,000.00
4.100%
17,437.50
142,437.50
159,875.00
08/01/2015 -
-
14,875.00
14,875.00
-
02/01/2016 125,000.00
4200%
14,875.00
139,875.00
154,750,00
08/01/2016 -
-
_12,25000
_12,25000
-
02/01/2017 130,000.00
4.300%
12,250.00
142,250.00
154,500.00
08/01/2017 -
-
9,455.00
9,455.00
-
02/01/2018 135,000.00
4.400%
9,455.00
144,455.00
153,910.00
08/01/2018 -
-
6,485.00
6,485.00
-
02/01/2019 140,000 00
4 500%_ _
_ _ _ 6,485 00 _
146,485 00 _.
_ 152,970.00.
08/01/2019 -
-
3,335.00
3,335.00
02/01/2020 145,000.00
4.600%
3,335.00
148,335.00
151,670.00
Total $1,035,000.00
-
S211,625.00
51,246,625.00
-
Yield Statistics
ase date for Avg. Life & Avg.. Coupon Calculation
_
12/29/2011
Average Life..... _. _.
4.756 Years
Average Coupon _.,...,,,
.._ _ _
4.2995733%
Weighted Average Maturity(Parltasls)
..,_._
_..._.
4.756 Years.
Refunding Bond Information
Refunding Dated Date
12/29/2011
Refunding Delivery Date _... _.
12/29/2011..
Ser04A$1.79MGOImp B4$ 1 SINGLEPURPOSE 1 11/1/2011 111:31AM
EHLERS
LCADCRS IN PUBLIC FINANCE
33
St Anthony, MN
$1,065,000
Proposed Current Refunding of Series 2004A
Debt Service Comparison
Date
Total P+I
Net New D/S
Old Net DIS
Savings
02/01/2012
-
(4,651.56)
-
4,651.56
02/01/2013
147,005.72
147,005.72
159,275.00
12,269.28
02/01/2014
149,902.50
149,902.50
159,675.00
9,772.50
02/01/2015
148,890.00
148, 890.00
159,875.00
10,985.00
02/01/2016
142,40500
142,405.00
_ 154,75000
12,345.00
02/01/2017
140,585.00
140,585.00
154,500.00
13,915.00
02101/2018
143,505.00
143,505.00
153,910.00
10,405.00
02101/2019
141,007.50
141, 007.50
152,970, 00
11,962.50
02/01/2020
138,172.50
138,172,50
151,670.00
13,49T50
50
Total
$1,151,473.22
$1,146,821.66
$1,246,625.00
$9980334
PV Analysis Summary (Net to Net)
Gross PV Debt Service Savings .,..................
,.,.. „ ,,. ,..... 87,906.05.
Net PV Cashnow Savings n, 1.847%(Bond Yield) _
_ _ __. 87,906.05
Confingency to Rounding Amount.. _....
4,651.56
Net Present Value Benefit _...
$92,557.61
Net PV 13cnefil /,$1,148,600 92 PV Refunded Debt Service 8.058%
Net PV Benefit S1,0315,000 Refunded Principal.... ._... _.... 8.943%
Net PV Benefit $1,065,000 Refunding Principal. - 8.691%
Refunding Bond Information
Refunding Dated Date _..,_ __. ,,.. _. 12/29/2011
Refunding Delivery Date - 12/29/2011
Proposed Current Refundin I Proposed Current Refundin 1 11/ 1/2011 1 11: 31 AM
EHLERS
LEADERS IN PUBLIC FlNNNCf.
34
St Anthony, MN
$1,790,000 G.O. Improvement Bonds, Series 2004A
Debt Service To Maturity And To Call
Yield Statistics
Base date for Avp._Life & Avg, Coupon Calculation
Average Life
Average Coupon
Weighted Average Matunty (Par BasS)
12/29/2011
4.756 Years
4.756 Years
Refunding Bond Information
Refunding Dated Date _. ,. _.... ,. . ,,. 12/29/2011
Refunding Delivery Date 12/29/2011
Ser 09A $1.79M GO Imp Res I SINGLE PURPOSE 1 1111/2011 1 11:31 AM
EHLERS
LEADERS IN PUBLIC FINANCE
Refunded
Refunded
Date
Bonds
D/S To Call
Principal
Coupon
Interest
D/S
Fiscal Total
12/29/2011
02/01/2012
1,035,000.00
1,035,000.00
-
-
_
_
08/01/2012
-
-
-
-
22,137.50
22,137.50
-
02/01/2013
-
-
115,000,00
4.000%
22,137.50
137,137.50
159,275.00
08/01/2013 1
__ -_._
,.
19,837 50
19,837.50
-
02/01/2014
-
-
120,000.00
4.000%
19,837.50
139,837.50
159,675.00
08/01/2014
-
-
-
-
17,437.50
17,437.50
-
02/01/2015
-
-
125,000.00
4.100%
17,437.50
142,437.50
159,875.00
08/01/2015
-
-
-
-
14,875.00
14,875.00
-
02/01/20I6
-
-
125,000
00
4.200%
14,875 00
139,875.00
154,750.00
08/01/2016
-
-
-
-
12,250.00
12,250.00
-
02/01/2017
-
-
130,000.00
4.300%
12,250.00
142,250.00
154,500.00
08/01/2017
-
-
-
-
9,455.00
9,455,00
-
02/01/2018
-
-
135,000.00
4.400%
9,455.00
144,455.00
153,910.00
08/01/2018 _
_.. -_.
,.
6,48500
6,485.00
-
02/01/2019
-
-
140,000.00
4.500%
,.
6,485.00
__.
146,485.00
152,970.00
08/01/2019
-
-
-
-
3,335.00
3,335.00
-
02/01/2020
-
-
145,000.00
4.600%
3,335.00
148,335.00
151,670.00
Total
$1,035,000.00
$1,035,000.00
$1,035,000.00
-
$211,625.00
$1,246,625.00
-
Yield Statistics
Base date for Avp._Life & Avg, Coupon Calculation
Average Life
Average Coupon
Weighted Average Matunty (Par BasS)
12/29/2011
4.756 Years
4.756 Years
Refunding Bond Information
Refunding Dated Date _. ,. _.... ,. . ,,. 12/29/2011
Refunding Delivery Date 12/29/2011
Ser 09A $1.79M GO Imp Res I SINGLE PURPOSE 1 1111/2011 1 11:31 AM
EHLERS
LEADERS IN PUBLIC FINANCE
St Anthony, MN
$1,150,000
Proposed Current Refunding of Series 2005A
Debt Service Schedule
Date
Principal
Coupon
Interest
Total P+I
Fiscal Total
12/29/2011
08/01/2012
-
-
10,903.28
10,903.28
-
02/01/2013
120,000.00
0.550%
9,257.50
129,257.50
140,160.78
08/01/2013
-
-
8,927.50
8,927.50
-
02/01/2014
120,000 00
_ 0,750% _
_ 8,927 50
128,927 50
137,855.00
08/01/2014
8,477.50 -
8,477.50.--
02/01/2015
125,000.00
1.100%
8,477.50
133,477.50
141,955.00
08/01/2015
-
-
7,790.00
7,790.00
-
02/01/2016
125,000.00
1.400%
7,790.00
132,790.00
140,580.00
08/01/2016 _
- _,...,..
6,915 00
6,915.00
-
02/01/2017
130,000.00
1.600%
6,915.00
136,915.00
_
143,830.00
08/01/2017
-
-
5,875.00
5,875.00
-
02/01/2018
130,000.00
1.850%
5,875.00
135,875.00
141,750.00
08/01/2018
-
-
4,672.50
4,672.50
02/01/2019
130,00000
2100%
4,67250
_. .3,307.50
134,67250
139,34500
08/01/2019
-
......
..3,30750 .......
_.__._.
02/01/2020
135,000,00
2.350%
3,307.50
138,307.50
141,615.00
08/01/2020
-
-
1,721.25
1,721.25
-
02/01/2021
135,000.00
2.550%
1,721.25
136,721.25
50
138,44150
Total
81,150,000.00
-
$115,533.28
$1,265,533.28
-
Yield Statistics
IRS Form 8038
Weighted. Average Maturity_
Proposed Current Refund in I Proposed Current Refund in 1 11/112011 1 1131 AM
EHLERS
t EAURS IN PUBLIC fINANCE
$5,97222
5.193 Years
2.0885572%
2.0874878%
1.8466797
5.193 Years
35
St Anthony, MN
$1,695,000 G.O. Improvement Bonds, Series 2005A
Prior Original Debt Service
Date
Principal
coupon
Interest
Total P+I
Fiscal Total
02/01/2012
-
_
_
-
08/01/2012
-
-
22,018.75
22,018.75
-
02/01/2013
105,000.00
3.550%
22,018.75
127,018.75
149,037.50
08/01/2013
-
-
20,155.00
20,155.00
-
02/01/2014
110,000 00
3.650% _20,155
00 _
130,155 00
150,310:00
08/01/2014
-
-
18,14750
18,14750
-
02/01/2015
115,000.00
3.750%
18,147.50
133,147.50
151,295,00
08/01/2015
-
-
15,991.25
15,991.25
-
02/01/2016
120,000.00
3.850%
15,991.25
135,991.25
151,982.50
08/01/2016 __.
-
13,68125
13,68125
-
02/01/2017
125,000.00
3950%
13,681,25
138,681,25
152,362.50
08/01/2017
-
-
11,212.50
11,212.50
-
02/01/2018
130,000.00
4.000%
11,212.50
141,212,50
152,425.00
08/01/2018
-
-
8,612.50
8,612.50
02/01/2019
135,000.00
4.050% _
_ 8,612 50
143,612 50
152,225.00
08/01/2019
-
-
5,878 75
5,87835
02/01/2020
140,000.00
4.100%
5,878.75
145,878.75
151,757.50
08/01/2020
-
-
3,008.75
3,008.75
-
02/01/2021
145,000.00
4.150%
3,008,75
148,008.75
151,017.50
Total
51,125,000.00
-
S237,412.50
$1,362,412.50
-
Yield Statistics
Base date for Avg._ Life & Avg Coupon Calculation
Average Life ___
Average Coupon, _
Weighted Average Maturity (Par Basis)
Refunding Bond Information
Refunding Dated Date
]Refunding Delivery Date
Ser 05A $1.695M GO IMP &1 1 SINGLE PURPOSE 1 11/112011 1 11:31 AM
EHLERS
LMERS IN PUBIC FINANCE:
12/29/2011
_
5.356 Years
39404564%_
5.356 Years
12/29/2011
...... 12/29/2011
Iry
37
St Anthony, MN
$1,150,000
Proposed Current Refunding of Series 2005A
Debt Service Comparison
Date
Total P+I
Net New DIS
Old Net D/S
Savings
02/01/2012
-
2,371.56
_
(2,371.56)
02/01/2013
140,160.78
140,160.78
149,037.50
8,876.72
02/01/2014
137,855.00
137,855.00
150,310.00
12,455.00
02/01/2015
141,955.00
141,955.00
151,295.00
9,340.00
02/01/2016
140,580l. 00
140,580.00
151,982.50
11,402.50_
02/01/2017
143,830.00
143,830.00
152,362.50
8,532.50
02/01/2018
141,750.00
141,750.00
152,425.00
10,675.00
02/01/2019
139,345.00
139,345.00
152,225.00
12,880.00
02/01/2020
141,615.00
141, 615.00
151,757.50
10,142.50
02/01/2021 _
138,442 50
138,442.50
151,017.50
12,575
00
Total
$1,265,533.28
$1,267,904.84
$1,362,412.50
$94,507.66
PV Analysis Summary (Net to Net
Gross PV Debt Service Savings...._ _- -. _.. -...- ... - _-... -.,-. 88,609.23_.
Net PV Caslilow Savings 1.847%(Bond Yield) __.. _., - -._-..-....,_ -. -... -.88,609.23
Contingency or Rounding Amount,. _..-.. (2,371.56).
Net Present Value Benefit _., _... _... -..-.. _,.. $86,237,67
Net PV Benefit / $1,242,914.35 PV Refunded Debt Service 6.938%
Net PVBenefit/$1,125,OOORefunded Principal,.. -_ --- - 7.666%
Net.PV13cnefit/$1,150,00ORefunduig Principal,. _.. _..,... -.... 7.499%
Refunding Bond Information
Refunding Dated Date 12/29/2011
Refunding Delivery Date -. _. __.. _.. _ _ 12/29/201.1
Proposed Current Refundin I Proposed Current Refundin I i t/ 112011111:31 AM
EHLERS
If AO[NS IN PUBLIC FINANCE
St Anthony, MN
$1,695,000 G.O. Improvement Bonds, Series 2005A
Debt Service To Maturity And To Call
Yield Statistics
Base date for Avg Lite & Avg. Coupon Calculation --__-
Refunded
Average Life
5.356 Years
Average Coupon_....
39404564%0
-
Refunded
-
5 356 Years
Date
Bonds
DIS To Call
Principal
Coupon
Interest
D/S
Fiscal Total
12/29/2011
02/01/2012
1,125,000.00
1,125,000.00
-
-
_
_
_
08/01/2012
-
-
-
-
22,018.75
22,018.75
-
02/01/2013
-
-
105,000.00
3.550%
22,018.75
127,018.75
149,037.50
OR/Ol/20t3
-
-
201155.00
20,155.00
-
02/01/2014
-
-
110,000.00
3.650°%
2,155.00
130,155.00
150,310.00
08/01/2014
-
-
-
-
18,147.50
18,147.50
-
02/01/2015
-
-
115,000.00
3.750%
18,147.50
133,147.50
151,295.00
08/01/2015
-
-
_
15,99125
15,991.25
-
02/01/2016
-
---
- 120,00000
-- 3850%
- 15,99125
135,991_,25
151,982.50
08/01/2016
-
13,681.25-
13,681.25
--
02/01/2017
-
-
125,000.00
3.950%
13,681.25
138,681,25
152,362.50
08/01/2017
-
-
-
-
11212.50
11,212.50
-
02/01/2018
-
-
130,000.00
4.000%
11,212.50
141,212.50
152,425.00
08/01/2018
-
-.-..
-..
_..., 8,61250
8,612,50
-
02/01/2019
-
-
135,000.00
4,050%
8,612.50
143,612.50
152,225.00
08/01/2019
-
-
-
-
5,878.75
.5,878.75
-
02/01/2020
-
-
140,000.00
4.100%
5,878.75
145,878.75
151,757.50
08/01/2020
-
-
-
-
3,008.75
3,008.75
-
02/01/2021
-
145,00000
4150%
3,00875
148,008.75
151,017.50
Total
$1,125,000.00
$1,125,000.00
$1,125,000.00
-
$237,412.50
$19362,412.50
-
Yield Statistics
Base date for Avg Lite & Avg. Coupon Calculation --__-
12/29/2011
Average Life
5.356 Years
Average Coupon_....
39404564%0
-
Wcighted Average Ma uvuy (Par I3as1s)
-
5 356 Years
Refunding Bond Information
Refunding Delivery Date
Ser 05A $1.695M GO Imp en 1 SINGLE PURPOSE 1 11/ 112011 1 11:31 AM
EHLERS____
LEADERS IN PUBLIC fINANCIf
12/29/2011
1.
IN
39
CITY OF ST. ANTHONY
STATE OF MINNESOTA
RESOLUTION 11-070
RESOLUTION GIVING PRELIMINARY APPROVAL, TO THE ISSUANCE OF
GENERAL OBLIGATION CAPITAL IMPROVEMENT PLAN BONDS IN AN
AMOUNT NOT TO EXCEED $4,000,000 AND ADOPTING THE CITY OF ST.
ANTHONY, MINNESOTA, CAPITAL IMPROVEMENT PLAN FOR THE YEARS
2011 THROUGH 2015
WHEREAS, the City Council of the City of St. Anthony, Minnesota (the "City")
proposes to issue its general obligation capital improvement plan bonds (the "Bonds") and
adopt the City of St. Anthony, Minnesota, Capital Improvement Plan for the Years 2011
Through 2015 (the "Plan"); and
WHEREAS, the City has caused notice of the public hearing on the intention to
issue the Bonds and on the proposed adoption of the Plan to be published pursuant to and
in accordance with Minnesota Statutes, Section 475.521; and
WHEREAS, a public hearing on the intention to issue the Bonds and on the
proposed Plan has been held on this date, following published notice of the public hearing
as required by law; and
WHEREAS, in approving the Plan, the City Council considered for each project
and for the overall Plan:
The condition of the City's existing infrastructure, including the projected need
for repair and replacement;
The likely demand for the improvement;
The estimated cost of the improvement;
The available public resources;
The level of overlapping debt in the City;
The relative benefits and costs of alternative uses of the funds;
Operating costs of the proposed improvements; and
Alternatives for providing services more efficiently through shared facilities
with other local governmental units; and
WIIEREAS, the City Council has determined that the issuance of general
obligation capital improvement plan bonds in the aggregate principal amount of up to
$4,000,000 is the best way to finance the capital improvements identified in the Plan.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of St.
Anthony, Minnesota, that the City hereby adopts the Plan and authorizes the issuance of up
to $4,000,000 aggregate principal amount of general obligation capital improvement plan
bonds.
Adopted this 8th day of November, 2011.
ATTEST:
City Clerk
Reviewed for administration:
Mayor
Interim City Manager
,s
EHLERS
LEADERS IN PUBLIC FINANCE
November 8, 2011
Pre -Sale •ofor
$2,215,000 General Obligation
Refunding Bonds,eies 2011 B
City of Anthony,- •
Debt Issuance Servicen
www,ehlers-inc,com
Minnesota phone 651-697-8500 3060 Centre Pointe Drive
Offices also in Wisconsin and Illinois fax 651-697-8555 Roseville, MN 55113-1122
Debt Issuance ServicE9
Details of Proposed Debt
Proposed Issue: $2,215,000 General Obligation Refunding I3onds, Series 2011B
Purpose: The 2011B GO Improvement Bonds are a current refunding of the 2004A and
2005A GO hnprovement Bonds, both of which are callable on February 1,
2012.
The 2004A Bonds were originally issued in the amount of $1,790,000 with
remaining coupon rates ranging from 4.00% to 4.60%. The refunding
principal amount will be $1,065,000 with the same term (ending on February
1, 2020) and the new rates are estimated to be .55% to 2.35%.
The 2005A Bonds were originally issued in the amount of $1,695,000 with
remaining coupon rates ranging from 3.55% to 4.15%. The refunding
principal amount will be $1,150,000 with the same term (ending on February
1, 202 1) and the new rates are estimated to be .55% to 2.55%.
Authority: The Bonds are being issued pursuant to Minnesota Statues, Chapter 429
and 475.
Funding Source(s): These Bonds will be paid from the same source of payment originally pledged
to them (special assessments and tax levy).
Risk Factors: We have not assumed any pre -paid special assessments. If the City
receives a significant amount of pre -paid assessments, it may need to
increase the levy portion of the debt service to make up for lower interest
earnings than the expected assessment interest rate on the prior bonds.
Arbitrage Monitoring: The IRS is becoming more active in surveying municipal issuers.
Therefore, IRS rules regarding the amount of interest that the City may
earn on bond proceeds is more of a concern. Because the City is issuing
less than $5,000,000 in this calendar year (GO Improvement Portion of the
Bonds), the proceeds can earn interest without restriction for three years.
The City will also need to keep its debt service funds within IRS
parameters to avoid penalties on carrying too high of a balance during the
life of the issue.
It should be noted that pre -paid special assessments may cause the Debt
Service Fund to be higher than IRS parameters.
Rating: It is anticipated that Standard and Poor's will rate the Bonds a "AA".
Presale Report November 8, 2011
Page 2
Debt Issuance Servicm
[__f..�..— ---- – ..........-- -- — - -----–---
---------
Bank Qualification: Because the City is issuing less than $10,000,000 in the calendar year, the
City will be able to designate the I3onds as "bank qualified" obligations.
Bank qualified status broadens the market for the Bonds, which can result
in lower interest rates.
Term/Call Feature: The 2011B Bonds are being issued for a 9 -year period. Interest is
payable each six months. Principal on the 2011B Bonds will be due on
February 1 in the years 2013 through 2021 (2004A will be paid off in
2020). The Bonds maturing February 1, 2020, and thereafter will be
subject to prepayment at the discretion of the City on February 1, 2019.
Other Based on current coupon rates, the estimated cash flow savings as a result
Considerations: of this current refunding of the Bonds is approximately $194,311 which is
a $178,795 (7.476%) Net Present Value after all fees and expenses.
2004A GO Improvement Bonds - $92,557 or 8.058% Net Present Value
after all fees and expenses (annual savings of approximately $12,500).
2005A GO Improvement Bonds - $86,237 or 6.938% Net Present Value
after all fees and expenses (annual savings of approximately $10,500).
The projected interest rates are based on current market rates. Rates higher or
lower on the day of the sale will change the actual savings. GFOA
recommends issuers have at least a 3% Net Present Value Savings,
Presale Report November 8, 2011
Page 3
Proposed Debt Issuance Schedule
Pre -Sale Review by Council:
Distribute Official Statement:
Conference with Rating Agency:
City Council Meeting to Award Sale of the Bonds:
Estimated Closing Date:
Debt Issuance Services
November 8, 2011
Week of November 28, 2011
Week of December 5, 2011
December 13, 2011
December 30, 2011
Attachments
Proposed Debt Service Schedules
Resolution Authorizing Ehlers to Proceed With Bond Sale
Ehlers Contacts:
Financial Advisors
Bond Analysts:
Bond Sale Coordinator:
Stacie Kvilvang
Shelly Eldridge
Wendy Lundberg
Alicia Aulwes
(651)697-8506
(651)697-8504
(651)697-8540
(651)697-8523
The Official Statement for this financing will be e-mailed or mailed to the Council Members at their
home address for review prior to the sale date.
aA, Presale Report
.,tr.
November 8, 2011
Page 4
Council Member
Debt Issuance Servica5
Resolution No. 11- 071
introduced the following resolution and moved its adoption:
Resolution Providing for the Sale of
$2,215,000 G.O. Refunding Bonds, Series 2011B
A. WHEREAS, the City Council of the City of St. Anthony, Minnesota, has heretofore determined that it
is necessary and expedient to issue the City's $2,215,000 G.O. Refunding Bonds, Series 20118 (the
"Bonds"), to refinance the 2004A and 2005A Bonds in the City; and
I3. WHEREAS, the City has retained Ehlers & Associates, Inc., in Roseville, Minnesota ("Ehlers"), as its
independent financial advisor for the Bonds and is therefore authorized to solicit proposals in
accordance with Minnesota Statutes, Section 475.60, Subdivision 2(9);
NOW, THEREFORE, BE Pr RESOLVED by the City Council of the City of St. Anthony, Minnesota, as
follows:
1. Authorization: Findines. The City Council hereby authorizes Ehlers to solicit proposals for the sale
of the Bonds.
2. Meetin, Proposal Opening. The City Council shall meet at 7:00 p.m. on December 13, 2011, for the
purpose of considering sealed proposals for and awarding the sale of the Bonds.
3. Official Statement. In connection with said sale, the officers or employees of the City are hereby
authorized to cooperate with Ehlers and participate in the preparation of an official statement for the
Bonds and to execute and deliver it on behalf of the City upon its completion.
The motion for the adoption of the foregoing resolution was duly seconded by Council Member
_ and, after full discussion thereof and upon a vote being taken thereon, the
following Council Members voted in favor thereof:
and the following voted against the same:
Whereupon said resolution was declared duly passed and adopted.
Dated this 8th day of November, 2011.
City Clerk
CITY OF ST. ANTHONY
STATE OF MINNESOTA
RESOLUTION 11-071
Resolution Providing for the Sale of $2,215,000 G.O. Refunding Bonds, Series 2011B
A. WHEREAS, the City Council of the City of St. Anthony, Minnesota, has heretofore
determined that it is necessary and expedient to issue the City's $2,215,000 G.O. Refunding
Bonds, Series 2011E (the "Bonds"), to refinance the 2004A and 2005A Bonds in the City; and
B. WHEREAS, the City has retained Ehlers & Associates, Inc., in Roseville, Minnesota
("Ehlers"), as its independent financial advisor for the Bonds and is therefore authorized to
solicit proposals in accordance with Minnesota Statutes, Section 475.60, Subdivision 2(9);
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of St. Anthony,
Minnesota, as follows:
I . Authorization; Finding. The City Council hereby authorizes Ehlers to solicit proposals for the
sale of the I3onds.
2. Meetin ; 'Proposal O ening. The City Council shall meet at 7:00 p.m. on December 13, 2011,
for the purpose of considering sealed proposals for and awarding the sale of the Bonds.
3. Official Statement. In connection with said sale, the officers or employees of the City are
hereby authorized to cooperate with Ehlers and participate in the preparation of an official
statement for the Bonds and to execute and deliver it on behalf of the City upon its completion.
Dated this 8th day of November. 2011.
AT'rBST:
City Clerk
Reviewed for administration:
Mayor
Interim City Manager
M
FUTURE COUNCIL AGENDA ITEMS
November R, 2011
Meeting
Meeting
Items/Issues
Staff present
Date
Type
Special
City Council
November 16
Canvassing of 2011 Election Results
Interim City Manager
5:30 pm
City Clerk
Swearing In of Police Officer Jeronimo Yanez
City Council
Planning Items from November 15
Interim City Manager
November 22
Regular
Adopt GASB 54 Standards
Finance Director
Plans & Specifications & Order Advertisement for Bids for the
City Auditor
2012 Street & Utility Improvement Project
City Engineer
Special
City Council
November 29
Joint Meeting with School Board
City Manager
r
�:3o pm
School Board
Fire Prevention Poster Contest Winners
City Council
December 13
Regular
Adopting the 2012 Tax Levy and Budget
City Manager
Appointments to Parks & Planning Commission
Department Ileads
Accept Offer for Bonds and Approve Sale of Bonds
Stacie Kvilvang
2012
IIousekeepinp;Issues
Designation of Mayor Pro Tem
Financial Transactions regarding City Financial Accounts
Official Depository for City Funds
City Council
January 10
Regular
Legal Newspaper
City Manager
Mayor -Outside organizations
Council members - Outside organizations
Rules of Conduct for City Council meetings
Elected Official Travel Policy
January 24,
Regular
Planning Items from January 17
City Council
City Manager