CCP 01-26-2010 - Laserfiche WebLink

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January 12, Finance Director Maiers explained the procedure required to refinance the CIP bonds. The estimated savings associated with the proposed CIP plan would be approximately $370,000. Dave Callister representing Ehlers and Associates reviewed the CIP; stating this is an tpportunity allowing a substantial savings in the future, for a variety of reasons including wer rates, and the City's AA credit rating through Standards & Poor's. The only capital improvement contemplated in the five-year period of this plan (2010 through 2014) is acquisition of the existing public safety building through the issuance of refunding bonds. The New Brighton Economic Development Authority (EDA) issued its $10,590,000 Public Facility Lease Revenue Bonds, Series 2002A to finance construction of the Public Safety Center (PSC). The City leases the PSC from the EDA, paying lease payments equal to debt service on the bonds. Mayor Jacobsen opened the Public Hearing at 7:49 pm. Mayor Jacobsen asked if there were any additional comments, there were none. Motion by Councilmember Bauman, seconded by Councilmember Samuelson to close the Public Hearing. Motion by Councilmember Phillips, seconded by Councilmember Burg to Conduct public hearing on the Five -Year Capital Improvement Plan (CIP), 2010 through 2014; approve the issuance of General Obligation Capital Improvement Bonds, Series 2010A, in an amount not to exceed $5,000,000; and adopt the Capital Improvement Plan for 2010 through 2014 in order to refinance the outstanding Public Facilities Lease Revenue Bonds, Series 2002A. 5 Ayes, 0 Nays -Motion Carried 2. Public Hearing on Application for a Wine License for Hilton Homewood Suites. Report No. 10-020. Director of Pubic Safety Bob Jacobson explained this wine license is being requested to be able to provide wine in conjunction with their Welcome Home reception which will feature a light meal and beverages Monday through Thursday evenings including beer, wine and other Aftverages. (A 3.2 beer license was previously approved at the October 27, 2009, Council eting.) 2010 Page 4 of 6 Public Hearin 1. Public Hearing on Capital Improvement Plan (CIP). Report No. 10-019. Resolution No, 10-006. 2. Public Henning on Applici fora Wine License for Hilton Hornewood Suites. Report No. 10-020.