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Page 3 — April 24, 2007 New Brighton Council Minutes Council Business Council Business 1. Consideration of Resolution Providing for the Issuance and Sale of 1 Consideration Resolution Providing for the Isssuance and $455,000 General Obligation Improvement Bonds, Series 2007A. Sale of $455,000 General Report No. 07 -086. Resolution No. 07 -029. Obligation Improvement linance Bonds, Series 2007A. Director, Dan Maiers explained the issuance and sale of these bonds Report No. 07 -086. Resolution No. 07 -029, 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 2- Consideration of Resolution $15,100,000 General Obligation Tax Increment Bonds, Series 2007B. Providing for the Issuance and Sale of $15,100,000 General Report No. 07 -087. Resolution No. 07 -030. 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 bonds 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 for the issuance and sale of approximately $15,100,000 in tax increment bonds series 2007B. 3 Ayes - 0 Nays, Motion Carried. 3. Champps Restauran 3. Champp's Restaurant, Site Plan Review LP2007 -•002 and ( ) Site Plan Review (al U 002) and Special UE Special Use Permit (SP2007 -001), 2397 Palmer Drive, B -3 Permit (sp2007 -001), 239 General Business District, to permit construction of an Palmer Dr., B3 Genen Business District to perm outdoor patio area at the north end of the building. Report No• construction of an outdoc 07 -088. patio area at the north en Resolution No. 07 -031, of the building. Report 07 -088. *Continue to Thursday April 26, 2007 n No. 07 -031. Resolution