2015.11.02 CC Minutes - Laserfiche WebLink

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Hugo City Council Meeting Minutes for November 2,2015 Page 3 of 7 Approve Resolution Approving Application for Met Council Water Efficiency Grant The Metropolitan Council is accepting applications for their Water Efficiency Grant, and Washington County is offering additional financial support for cities who apply for it. This grant is being offered from the Clean Water Legacy Fund for programs that reduce water demand from customers(residential or commercial)that are connected to a municipal water supply,and for those who replace specific appliances or devices with new devices that use substantially less water. The City will use these funds for the purpose of implementing a program to provide rebates to residents and businesses who purchase water efficient appliances. Adoption of the Consent Agenda approved RESOLUTION 2015-54 AUTHORIZING THE APPLICATION FOR THE MET COUNCIL WATER EFFICIENCY GRANT AND ADDITIONAL COUNTY FUNDS. Approve Reduction in the Letter of Credit for Meridian Land Company LLC,Fox Meadows Development Meridian Land Company has requested the City reduce their letter of credit for the Fox Meadows Development,and reduce their escrow amount held for site grading. Senior Engineering Technician Steve Duff had inspected the work and recommended approval. Adoption of the Consent Agenda approved the reduction of the letter of credit being held for the constructed improvements in the Fox Meadows Development be reduced to $154,900.00 of the original letter of credit$1,479,000.00, and reduce the amount held in escrow for the purpose of site grading to $7,000.00 original escrow amount held was$30,274.00. Public Hearing on the Issuance of Educational Facilities Revenue Bonds—Minnesota Autism Center Project At the October 5,2015,City Council meeting,the Council adopted a resolution calling for a public hearing on a proposal to issue Educational Facilities Revenue Bonds,in an amount of no more than$8.8 million,on behalf of the Autism Opportunities Foundation(the"Borrower"),a Minnesota nonprofit corporation doing business as the Minnesota Autism Center.The bond proceeds will be used to(i)refund the Borrower's existing taxable debt related to the acquisition of land and the purchase of an existing structure in 2014 acquired for the purpose of establishing a private school to service students grades 4-12 diagnosed with autism spectrum disorder ("ASD")and(ii)finance the acquisition,construction,and equipping of an approximately 48,000 square foot two-story school building,to be joined with an existing facility,which will serve primarily high school students with ASD. The project will be located at 2020 Silver Bell Road in Eagan,Minnesota. The Borrower has agreed to pay the City of Hugo an issuer's administrative fee of of 1%of the principal amount of the bonds in consideration for the City of Hugo acting as issuer. Although this will preclude the City from issuing additional bonds in 2015,the City has no further plans to borrow this year. Briggs and Morgan,the City's bond counsel,has reviewed this request and finds it to be a proper use of the City's bonding authority. The City is only serving as the bond issuer and will have no obligations for repaying investors. Staff recommends adoption of a Resolution Approving Issuance and Sale of Educational Facilities Revenue Bonds(Minnesota Autism Center Project) Series 2015. Mary Ippel of Briggs and Morgan was in attendance to answer any questions the public or City Council may have