2017.08.08 WS Minutes - Laserfiche WebLink

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�NEOW BMI rR)IN the city that works for you Council Worksession August 08, 2017 5:00 pm Present: Mayor Valerie Johnson Councilmember Gina Bauman Councilmember Brian Strub Councilmember Paul Jacobsen Councilmember Mary Burg Absent: Staff in Attendance: Dean Lotter, Brenda Davitt, Janice Gundlach, Tony Paetznick Guests in Attendance: Jason Aarsvold-Ehlers & Associates, Jim Malooney-Wells Fargo, Ryan O'Neil - Ramsey County Violent Crime Enforcement Team Commander Lotter stated the City Attorney has requested the Council consider acquiring property at 701 8`h Avenue NW and to add to the worksession agenda under a Closed Session the discussion of the Korean Church. Motion by Councilmember Jacobsen, seconded by Councilmember Burg to consider acquiring property at 701 8`h Avenue NW. 5 Ayes, 0 Nays -Motion Carried ?007B Refinancinc Davitt reviewed the outstanding debt the City had as of December 31" and requested the Council consider refinancing the 2007B bonds. Jason Aarsvold, Ehlers & Associates, discussed the 2007B bonds in further detail noting the bonds had been partially refunded in 2016. He reported the bonds were callable as of August 15` and discussed the options available for the refinancing. He noted the City could save $405,000 through the Wells Fargo option, or $421,000 through the bank placement option. He requested feedback from the Council on how to proceed. Councilmember Bauman requested further information on the "Other Fees" that were included within the bond sale. Mr. Aarsvold reviewed the fees that were associated with the bank placement option and reviewed how the corporate tax rate could impact the bond sale. Jim Malooney, Wells Fargo, provided further comment on the corporate tax rate noting this rate would not take effect for another year. Mayor Johnson thanked staff for bringing this low risk, cost saving measure before the Council Council consensus was to proceed with staff's recommendation. hanisey County Violew Crime Enforcement Team Lotter explained Public Safety Director Paetznick had requested he be allowed to provide the City Council with information regarding the Ramsey County Violent Crime Enforcement Team.