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Council Worksession <br />August 08, 2017 <br />5:00 pm <br />Present: Mayor Valerie Johnson <br />Councilmember Gina Bauman <br />Councilmember Brian Strub <br />Councilmember Paul Jacobsen <br />Councilmember Mary Burg <br />Absent: <br />Staff in Attendance: Dean Lotter, Brenda Davitt, Janice Gundlach, Tony Paetznick <br />Guests in Attendance: Jason Aarsvold-Ehlers & Associates, Jim Malooney-Wells Fargo, Ryan O’Neil- <br />Ramsey County Violent Crime Enforcement Team Commander <br />Lotter stated the City Attorney has requested the Council consider acquiring property at 701 8th Avenue NW <br />and to add to the worksession agenda under a Closed Session the discussion of the Korean Church. <br />Motion by Councilmember Jacobsen, seconded by Councilmember Burg to consider acquiring property at 701 <br />8th Avenue NW. <br />5 Ayes, 0 Nays-Motion Carried <br />2007B Refinancing <br />Davitt reviewed the outstanding debt the City had as of December 31st and requested the Council consider <br />refinancing the 2007B bonds. <br />Jason Aarsvold, Ehlers & Associates, discussed the 2007B bonds in further detail noting the bonds had been <br />partially refunded in 2016. He reported the bonds were callable as of August 1st and discussed the options <br />available for the refinancing. He noted the City could save $405,000 through the Wells Fargo option, or <br />$421,000 through the bank placement option. He requested feedback from the Council on how to proceed. <br />Councilmember Bauman requested further information on the “Other Fees” that were included within the bond <br />sale. Mr. Aarsvold reviewed the fees that were associated with the bank placement option and reviewed how <br />the corporate tax rate could impact the bond sale. Jim Malooney, Wells Fargo, provided further comment on <br />the corporate tax rate noting this rate would not take effect for another year. <br />Mayor Johnson thanked staff for bringing this low risk, cost saving measure before the Council. <br />Council consensus was to proceed with staff’s recommendation. <br />Ramsey County Violent Crime Enforcement Team <br />Lotter explained Public Safety Director Paetznick had requested he be allowed to provide the City Council <br />with information regarding the Ramsey County Violent Crime Enforcement Team.