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Page 3 -April 24, 2007 New Brighton Council Minutes Council Business 1. Consideration of Resalution Providing for the Issuance and Sale of $455,000 General Obligation Improvement Bonds, Series 2007A. Report No. 07-086. Resolution No. 07-029. Finance Director, Dan Maiers explained the issuance and sale of these bonds would be used to finance the 2007 street reconstruction projects in the City. The Feasibility study has been previously approved. Bids are anticipated to be opened in May. The bond is structured to be paid with special assessments from benefiting properties. Kathy Aho; representing Springstead Financial Advisors, gave a brief explanation of the details associated with the bond items. Motion by Council Member Hoffman, seconded by Council Member Bauman to waive the reading and adopt the resolution providing for the issuance and sale of $455,000.00 General Obligation Improvement Bonds, series 2007A. 3 Ayes - 0 Nays, Motion Carried. 2. Consideration of Resolution Providing for the Issuance and Sale of $15,100,000 General Obligation Tax Increment Bonds, Series 2007B. ,, ... _ , :., , , .Report No. 07-087. Resolution No. 07-030. ~~ _ .. , ., Finance Director, Dan Maiers explained in December of 2006, the City Council issued notes as part of a mediated settlement. The holders of the bands requested the bonds be called, they are payable June 15, 2007, these bonds would be used to payoff those notes. Kathy Aho explained this is the last, expected large public offering related to the Northwest Quadrant Ms. Aho reviewed the financial report provided to the council. Councilmember Bauman questioned if there would be additional bonding. Ms. Aho stated there were possibly two additional, only for remediation. Motion by Council Member Hoffman, seconded by Council Member Bauman to approve the resolution providing far the issuance and sale of approximately $15,100,000 in tax increment bonds series 2007B. 3 Ayes - 0 Nays, Motion Carried. 3. Champp's Restaurant, Site Plan Review (LP2007-002) and • Special Use Permit (SP2007-001), 2397 Palmer Drive, B-3 General Business District, to permit construction of an outdoor patio area at the north end of the building. Report No. 07-088. Resolution No. 07-031. *Continue to Thursday April 26, 2007 1. Consideration of Resolutior Providing for the Issuance and Sale of X455,000 General Obligition Improvement Bonds, Series 2007A Report No. 07-086. Resolution No. 07-029. 2..Consideration of Resolution Providing for the Issuance and Sale of $15,100,000 General ,.Obligation Tax Increment. . ....Bonds, Series 20078. Report No. 07-087. Resolution N0.07-030. 3. Champps Restauran Site Plan Review (1,P200 002) and Special U: Permit (sp2007-001), 239 Palmer Dr., B3 Genera Business District to perm construction of an outdoc patio area at the north en of the building. Report No. 07-088. Resolution No. 07-031.