Minutes-06/27/2012

F e q New Business P 8th: A. ` Setting Date for Public Hearing on Financing— Phase' I Bond Issues— August Jeff Heil- and Mike Hart with Northland Securities gave a detailed financial plan to go forward on all the projects. The public hearing is just for setting a max amount, of funds; we may or may not use on all of them, of$ 10, 000, 000. The yearly bond payments will be around= 800, 000 and the TIF amount yearly is a"round $ 800, 000-, to balance out. The City should get Rated— like with Standard & Poor' s„(" S & P"), this will decrease ourrAPR up,to around Y2 a percent or more Costs for-rating is around $ 7, 500 and included in the costs of the financing. The Bond rating is good only for that current bonding & until another bond issue comes. In 2027/ 2028 some the City' s TIFF is expiring. Councilperson Ryan wants to make sure that the older part' of town can still get funds to do projects, when we are looking at financing Phase II.: Councilperson Upton asked if there are advantages between financing of just Phase I alone or putting both phases together. Jeff Heil responded that each phase will be individually financed either way but costs of financing is historically low right now and we can- lock in the lowest rate. Motion by Ryan,. 2ndeby Weipert to set public hearing on August 8, 2012 for Phase One and refinancing of the City' s current SRF loans. Roll call vote: Upton= aye, Bartels= aye, Weipert= aye, Ball= aye, - 2nd Ryan= aye. Motion passes unanimously.,, Motion by Weipert, by Bartels to' move forward to get bond rating from S & P. Roll call vote: Upton= aye, Bartels= aye, Weipert= aye, Ball= aye, Ryan= aye. Motion passes unanimously. B. Review Locker quote: City Hall received a quote from Woodruff Construction for 320, 000 to completely-gut-and restore the Locker to utilize as a new location for City Hall. Council would also like a new construction quote, so they have a comparison. C: Resolution 2012- 33 Design Standards amendmeht— Storm Water Management Facilities: Motion by Upton; 2nd by Weipert to table this item until the August 8th meeting. D. Ordinance 2012- 212 Post Construction Storm Water Runoff Control: Motion by Upton, by. Weipert to table this item until the August 2nd 8th meeting. v 2nd E. Resolution 2012- 32 Storm Water BMP Maintenance Agreement: Motion by Upton, 8th by Weipert to table this item until the August meeting.- 2nd F. Ordinance 2012- 314 Neighborhood Open Space Requirements: Motion by Upton, by 8th Weipert to table this item until the August meeting. G. Lot 48 Timber Ridge Purchase Offer- Counter offer of purchase Lot 48 for$ 28, 000 and combine lots 3 and 4 with an R- 2 zoning. The City will be responsible to contact the 2nd realtor to set up closing and set pins. Motion by Ball, by Ryan to accept purchase offer of$ 28, 000 for Lot 48 in Timber Ridge: Roll call vote: Upton= aye, Bartels= aye, Weipert= aye, Ball= aye, Ryan=aye. Motion passes unanimously., 25th H. July meetings— the City Administrator and Mayor will not be available for the July Council meeting. Only the July 11th Council meeting next- month. 2nd Motion made by Ryan, and by Weipert to adjourn- at 7: 53 p. m. Carried Unanimously. a 1 k