2015.10.27 CC Minutes - Laserfiche WebLink

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October 27. 2015 remain outstanding. The remainder would be refunded or refinanced at a later time. In this structure, the new Bonds will be sold in November 2015 and closed in early 2016. This timing enables the City to stay under $10,000,000 in principal of bonds issued in calendar year 2016 and receive slightly lower interest rates by designating them "bank qualified". The proceeds of the new Bonds are invested in government securities and held in escrow. The money in the escrow is used to pay interest on the new Bonds until the 2017 call date. The City continues to make payments on refunded portion of the 2007B Bonds until the call date. After the call date, the City begins making payments on the new Bonds and continues to pay debt service on the un -refunded portion of the 2007B Bonds. In other words, savings will not be experienced until after August 1, 2017. We are not proposing to change the term or amortization schedule of the 2007B Bonds with the refunding. A Parameters Resolution will help to execute and deliver a purchase agreement with the approved purchaser of the Bonds if sold on a non -council meeting date. This resolution may identify members of a "Pricing Committee" to authorize and accept offers for the purchase of the Bonds and to negotiate the final terms of the sale within parameters set forth and approved by the Council. Mark Ruff, Ehlers & Associates, discussed how the declining interest rates would benefit the City tl7rough the refunding process of its bonds. He anticipated that the bond sale would occur on November 18tH Councilmember Burg appreciated staff's efforts to enhance the City's financial position by reducing the amount of debt the City had by reducing interest rates. Mayor Jacobsen was proud of the fact the City had an AA bond rating from Standard & Poor's. Councilmember Jacobsen and Councilmember Bauman thanked staff for their efforts. Motion by Councilmember Jacobsen, seconded by Councilmember Burg to adopt a Resolution Providing for the Sale of $9,000,000 G.O. Tax Increment Refunding Bonds, Series 2016A, for Partial Crossover Refunding of the 2007B G.O. Tax Increment Bonds and to authorize City staff, Ehlers & Associates, and Kennedy & Graven to prepare documents for a Parameters Resolution. 5 Ayes, 0 Nays -Motion Carried 2. Consideration of a Site Plan to permit construction of a 24' x 42' attached garage addition to the existing office building at 388 Cleveland AVE SW. City Manager Lotter indicated Assistant Director of Community Assets & Development/Planning Director Gundlach would be presenting this item to the Council. Assistant Director of Community Assets & Development/Planning Director Gundlach reported the applicant is requesting Site Plan approval in order to permit construction of a 24' x 42' attached garage addition to the existing office building at 388 Cleveland AVE SW. The purpose of the attached garage addition is to provide indoor car storage so the existing garage space can be converted to office space. The proposed garage addition will be located partially on top of existing parking lot. The proposed addition meets all standards of the B — 1, Limited Business zoning district. The site at 388 Cleveland AVE SW was originally approved in 2002 and was to be a phased development, with a nearly identical office building mirrored on the vacant lot to the north, which is in partial common ownership still today. The second building was never constructed, but the access and parking area for the second building was partially built to be used as shared access and parking and appropriate easements have been filed and are in force. The 2002 approval for that second building, and any other improvement that was proposed but not implemented, has since expired. Staff provided a full Site Plan analysis within the attached Planning Report dated October 15, 2015. Staff finds all criteria have been met, subject to the eight conditions noted in the Resolution. These conditions include incorporation of additional landscaping, parking improvements, additional grading details, and Page 3 of 6 2. Consideration ofa Site Plan to pent construction ofa24' x42' attached garage addition to the existing office building at 388 CleNcland AVE SW.