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• April 28 , 2009 Page 3 of 5 Public Hearin;` None Council Business 1. Consideration of Resolution Providing for the Sale of $970,000 General Obligation Bonds, Series 2009A and $1,375,000 Taxable General Obligation Tax Increment Refunding Bonds, Series 2009B. Report No. 09-114. Resolution No. 09-026. Finance Director Dan Maiers explained a portion of the 2009A ($390,000) will be used to finance the 2008 street reconstruction project. That portion of the bond will be paid for through a special assessment (251/o), and an annual citywide tax levy for the remaining 75%. The annual future tax levies are structured to pay the debt off in ten years. The City has two existing bond issues that are candidates to be refinance this would result in a total net savings of approximately $50,000. Councilmember Bauman questioned if the costs associated with issuing the bonds are included in the cost savings. Mr. Maiers confirmed that all fees are included, and the savings are a net value. Motion by Councilmember Phillips, seconded by Councilmember Burg to waive the reading and adopt the resolution providing for the sale of $970,000 General Obligation Bonds, Series 2009A and $1,375,000 Taxable General Obligation Tax Increment Refunding Bonds, Series 2009B. 5 Ayes, 0 Nays, Motion Carried 2. Consideration of support for Highway 96/ US 10 Grade Separation and Highway Improvement Project Report No. 09-115. City Manager Lotter reported this item was discussed at a prior worksession, where the option of a roundabout or signalized intersection was presented. Director of Public Works, Grant Wyffels explained Ramsey County requests a motion of support for either the signalized alternative or roundabouts for traffic control at the intersections along Highway 96 for completion of the Environmental Assessment and Preliminary Layout. James Tolaas a representative from Ramsey County presented information pertaining to both scenarios. [Also indicated was Old Highway 8 at County 96 is a congestion point, and future NWQ development would likely push that area to define a regional solution; a separate project entirely.] Mayor Larson asked what the Arden Hills City Council supported. Mr. Tolaas replied Arden Hills has a couple of issues that they have not been able to resolve related to the Highway 10 and Highway 96 intersection. Councilmember Phillips stated he would not support option number 2, as it only affects the Arden Hills portion of the road, and nothing in New Brighton. Councilmember Bauman questioned the timeline for the New Brighton side of Highway 96. Mr. Tolaas replied construction would begin in 2011-2012, using temporary signals at Old Highway 8 & Highway 96. The benefits of roundabouts were explained. Councilmember Phillips expressed concern with any sort of temporary signals. Mr. Tolaas stated Old Highway 8 and Highway 96 could be a permanent signal. Councilmernber Doffing requested clarification on the phases of the proposed project. Mr. Tolaas replied development will likely be the key to driving this project. Councilmember Burg asked if consideration was given to pedestrians, trails and bike lanes? Mr. Tolaas reported Highway 96 east of Highway 10 has sidewalks and Public Hearing None Council Business 1. Consideration of Resohmon Providing for the Sale of$970,000 General Obligation Bods, Series 2009A and $1,375,000 Taxable General Obligation Tax Increment R&nding Bonds, Series 2009B. Rcpt No. 09-114. Resolution No. 09-026. 2. Consideration ofsLWm for Highway 96/ US 10 Grade Separation and Highway Improvement Prom -t RelxxtNo.09-115