2019.07.23 CC Packet - Laserfiche WebLink

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July 9, 2019 Page 3 of 6 report later in the meeting. She noted the New Brighton Elementary School was slated for demolition and noted residents on the email list would be notified prior to this occurring. 4 Ayes, 0 Nays - Motion Carried Public Hearing None. Council Business 1. Consideration of Resolution Awarding the Sale of $3,075,000 General Obligation Improvement Bonds, Series 2019A. Motion by Councilmember Dunsworth, seconded by Councilmember Burg to Approve a Resolution Awarding the Sale of $3,075,000 General Obligation Improvement Bonds, Series 2019A; Fixing Their Form and Specifications; Directing Their Execution and Delivery; and Providing for Their Payment. City Manager Lotter indicated Finance Director Davitt would be presenting this item to the Council. Finance Director Davitt explained the proposed bonds would be sold on a competitive basis and considered general obligations of the City, secured by our full faith and credit and taxing powers. She commented on the resolution prepared by Kennedy & Graven, the City’s bond attorney, awarding the sale of the bonds, fixing their form and specifications, directing their execution and delivery, and providing for their payment. She noted a representative from Baker Tilley, the City’s financial advisors, was in attendance to give a short presentation on the bids received, give their recommendations, and answer any questions the Council may have. Terri Heaton, Baker Tilley, reviewed the bond bid tabulation with the Council reporting the City received seven bids. She explained the recommended bid came in with a favorable interest rate of 1.81%, noting this was due to the City’s bond rating upgrade to AA+. She commended the Council and the City’s management staff for its strong financial planning. Mayor Johnson thanked Ms. Heaton for her assistance with the bond sale and for being a good partner to the City of New Brighton. She stated she was very proud of the City for its financial accomplishments and for receiving an AA+ bond rating. She thanked City Manager Lotter and his entire team for their strong leadership. Councilmember Allen commented on how the financial decisions the Council has been making over the years were paying off and was strengthening the financial vitality of the City. City Manager Lotter thanked Finance Director Davitt for her vision to achieve debt free streets. He explained this was a great way to improve the City’s bond rating. He also acknowledged the Council’s role in improving the City’s bond rating by making tough financial decisions to better the City. Councilmember Burg stated she was so proud of the Council’s efforts and for working in the best interests of the community. She reported New Brighton was a strong financial community and was managing its debt well. She thanked City Manager Lotter, Finance Director Davitt and the entire City staff for their great efforts. Councilmember Dunsworth explained she appreciated the creative efforts and initiative staff took to move this City forward in a positive manner. She believed staff were incredible stewards of the City’s finances and were truly working to better the community. 4 Ayes, 0 Nays-Motion Carried 2. Consider Resolutions Approving and Authorizing the Execution of TIF Assistance Agreements and Approval of Contracts for Private Redevelopment at Midtown Village. Public Hearing Council Business 1. Consideration of Resolution Awarding the Sale of $3,075,000 General Obligation Improvement Bonds, Series 2019A. 2. Consider Resolutions Approving and Authorizing the Execution of TIF Assistance