05-26-2009 - Laserfiche WebLink

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May 26, 2009 Page 5 of 7 revenues increased from 2007; which was reported as a reverse trend Mr. Wiscbmann expressed his appreciation to the Finance Department and the Council, Motion by Councilmember Bauman, seconded by Councilmember Burg to accept the Comprehensive Annual Financial Report for the year ending December 31, 2008, and the auditors' Management Letter and their Reports on Compliance with Government Auditing Standards and Legal compliance - 4 Ayes, 0 Nays - Motion Carried 3. Consideration of Resolution Awarding the Sale of $980,000 General Obligation Bonds, Series 2009A and $1,375,000 Taxable General Obligation Tax. Increment Refimding Bonds, Series 2009B. Report No. 09-136. Resolution Nos. 09-034 and 09-035. Finance Director Dan Maiers reported Council authorized the sale of these bonds at the April 28, 2009 City Council meeting. Mark Ruff representing Ehlers & Associates gave a brief explanation of the process associated with the sale ofbonds. The City requested a bond rating from Standards & Poor's instead of Moody's Investor Service this year; New Brighton received a bond rating upgrade to a solid AA. This bond rating will result in improved interest rates and a reduction in overall costs.. Mr. Ruffpresented the Council with a plaque displaying the AA Rating. Four bids were received for the general obligation bond; the winning bid was from Wells Fargo, with a true interest cost of 2.8932%. The taxable bond issue received eight bids; the winning bid was from United Bankers Bank, with a true interest cost of 2.3376%. The overall savings for both bond issues are anticipated to be $120,000. Motion by Councilmember Phillips, seconded by Councilmember Burg to waive the reading and adopt resolutions awarding the sale of $945,000 general obligation bonds, series 2009A to Wells Fargo Bank and $1,350,000 taxable general obligation tax increment refunding bonds, series 2009B to United Bankers Bank fixing their form and specifications; directing their execution and delivery; and providing for their payment. 4 Ayes, 0 Nays - Motion Carried 4. Consideration of a Site Plan and Planned Residential Development Amendment by Brightondale Assisted Living to allow construction of a dining room expansion and related improvements at 2700 Rice Creek Road. Report No. 09-137. Resolution No. 09-036. City Planner Janice Gundlach reported that the applicant is requesting a 1200 square foot dining room expansion, patio construction at the north and of the addition, expanded infiltration area, mechanical improvements, landscape removals and interior remodeling. The Planning Commission held a Public Hearing on May 19'h. An overview of the proposed addition was displayed. The applicant held a neighborhood meeting May 5, 2009. The following concerns were noted: Noise from the medbanical equipment in the outdoor courtyard area. 3. Censor of Resohiban Awarding die Sale of $W,000 General Obligation Bard% Series 2009A and $1,375,000 Taxable General Obligwioi Tax hmment Refunding Bonds, Series 2009B. Repat Na 09-136. Resohrtiarn Nos. 09-034 and 09-035. 4. ConsidaWm ofa Site Plan and Planned Residential Dmi mcx►t Amendmentby BriewndaleAssisted livingtoallowc nftctia of a dining roam oquisior and related hproverrrents at 2700 Rice Geek Road. RepartNo,0}137. Resohndan No. 09-036.