2008.10.06 CC Minutes - Laserfiche WebLink

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Hugo City Council Minutes October 6, 2008 Page 6 of 9 Development Bryan Bear explained how progress has been made in all areas. The only amendment to the SUP is the change to the site plan. Staff has inspected the site and the property is in compliance. Barb Connolly, 13475 Goodview Avenue North, said BESA has made tremendous improvements. Council encouraged a open house event at BESA for the neighbors to attend and directed staff to keep Kevin notified of progress on the site. Haas made motion, Granger seconded, to approve RESOLUTION 2008-44 APPROVING A SPECIAL USE PERMIT AMENDMENT AND REVIEW OF THE SPECIAL USE PERMIT FOR BALD EAGLE SPORTSMAN'S ASSOCIATION LOCATED AT 6557 125TH STREET NORTH. Upon roll call voting Aye: Granger, Petryk, Haas, Miron Abstain: Puleo Motion carried. Award of Sale of General Obligation Taxable Tax Increment Refunding Bond — Kathy Aho, President of Springsted, Inc. In November of 2000, the City issued Taxable G.O. Tax Increment Bonds in the amount of $1,885,000 which were used to finance what has become the Bald Eagle Industrial Park. The Finance Department requested a review of the current issue by the City's finance consultants, Springsted, Inc. who determined the interest rate on the bonds could be lowered to between 4%-5%. Since that time staff, in conjunction with Springsted, prepared an official statement for dissemination to potential bidders and arranged for the bonds to be rated by Moody's Investor Service. Proposals were opened at 10:30 a.m. on Monday, October 6, 2008. Three bids were received with the best net interest of 5.95%. Finance Director Ron Otkin and Kathy Aho, President of Springsted, presented the bid tabulation to Council and recommended Council reject all bids at this time. Also discussed was the Moody Bond Rating of Al that was issued to the City as a result of well managed financial operations. Haas made motion, Granger seconded, to reject all bids for the sale of G.O. tax increment refunding bonds. All Ayes. Motion carried. Finance Director Ron Otkin will continue to monitor market conditions. Report from Washington County on Request to State for Property Tax Relief At its August 4, 2008 meeting, Council adopted a resolution supporting a joint effort with Washington County to submit an application for property tax relief to the State of Minnesota for the residents and their homes affected by the May 25, 2008 tornado disaster. Washington County staff and Kevin Corbid, Director of Property Records and Tax Assessments, have received notification from the State of Minnesota that they have approved the joint application for the County and the City's efforts to see a property tax relief for those affected Hugo Residents. Community Development Director Bryan Bear and City Assessor Frank Langer explained that 2008 tax abatements would affect properties damaged over 50%, and 2009 tax credits were due to market value reductions. Mayor Miron thanked City Assessor Frank Langer for donating his time in assessing the damaged homes. Commissioner Hegberg advised those who receive these benefits to monitor their mortgages if these taxes were part of their escrow accounts.