01-12-2010 - 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 opportunity allowing a substantial savings in the future, for a variety of reasons including lower 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 continents, there were none. Motion by Councilmember Bauman, seconded by Councilmember Samuelson to close the Public Hearing. 5 Ayes, 0 Nays - Motion Carried 'The Public Hearing was closed at 7:50 pm. 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 beverages. (A 3.2 beer license was previously approved at the October 27, 2009, Council meeting.) MO Page of 1. PubficHemmgonCapiml impown%1Plan(Cfl'. Report No. 10 -019. Resolution No. 10 -006. 2. Pubicflemmgan Appfi®don fra Wme license farH*w 1- mvwoodsums ReportNo, MOM.