2019.11.12 CC Packet - Laserfiche WebLink

Home Browse Search

October 22, 2019 Page 4 of 7 the acquisition and rehabilitation of an existing building and site for providing a multifamily housing development. Furthermore, State Statutes also provides that such programs for multifamily housing developments may be financed by revenue bonds or obligations issued by the City. Jenny Bolton, Kennedy & Graven, introduced herself to the Council. She discussed the proposed conduit revenue bonds that were being issued for the senior housing portion of the Midtown Village. She explained a public hearing was required for the proposed tax-exempt bonds. Motion by Councilmember Jacobsen, seconded by Councilmember Dunsworth to open the Public Hearing. 5 Ayes, 0 Nays - Motion Carried The Public Hearing was opened at 7:12 p.m. Mayor Johnson asked for additional comments, there were none. Motion by Councilmember Jacobsen, seconded by Councilmember Allen to close the Public Hearing. 5 Ayes, 0 Nays - Motion Carried The Public Hearing was closed at 7:13 p.m. Motion by Councilmember Jacobsen, seconded by Councilmember Burg to authorize the issuance, Sale, and Delivery of its Multifamily Housing Revenue Note (Old Highway 8 Senior Housing Project), Series 2019A; Approving the Form of and Authorizing the Execution and Delivery of the Note and Related Documents; Approving a Housing Program Pursuant to Minnesota Statutes, Chapter 462C; Providing for the Security, Rights, and Remedies with Respect to the Note; and Granting Approval for Certain Other Actions with Respect Thereto. 5 Ayes, 0 Nays-Motion Carried Council Business 1. Consider Third Quarter 2019 Interim Financial Statements. Motion by Councilmember Dunsworth, seconded by Councilmember Jacobsen to accept the Third Quarter 2019 Interim Financial Statements. City Manager Lotter indicated Finance Director Davitt would be presenting this item to the Council. Finance Director Davitt stated in an effort to keep the Council informed on the City’s fiscal condition, a comparison of the 2019 revenues and expenditures for the period ending September 30, 2019 (unaudited) was reviewed with the Council. The comparison shown includes those programs and services that constitute the City’s core functions for which changes in financial trends can have a near-term impact on the ability to maintain current service levels. Programs such as debt service and tax increment financing which are governed by pre-existing obligations and restricted revenues are not shown. In addition, expenditures in the City’s Fleet and Non-Fleet programs are not shown as these expenditures are specifically tied to pre-funded asset replacement funds. These replacement funds are not susceptible to year-to-year fluctuations and therefore annual reviews are considered sufficient. Finance Director Davitt explained the information is presented on a modified cash basis accounting method, which measures only the actual revenues that become available and measurable, and expenditures are recognized in the period the liability is incurred. It should be noted that many of the City’s revenue streams such as property taxes, are non-recurring or are received intermittently throughout the year. This can result in d. Providing for the Security Rights and Remedies with Respect to the Note; e. Granting Approval for Certain Other Actions with Respect Thereto. Council Business 1. Consider Third Quarter 2019 Interim Financial Statements.