2021.03.23 WS Minutes - Laserfiche WebLink

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Comprehensive Plan forward. Staff then described how this bond issuance would impact property tax levy for the next 10 years. Councilmember Allen requested further information regarding LGA. Davitt explained LGA was Local Government Aid received from the State. Councilmember Abdulle asked if increasing home values was taken into consideration in staff's model. Davitt stated home values are based off of values set by the Ramsey County Assessor's office. She noted homes were increasing 6%to 7%per year. She noted in her model she had home values increasing by 4% each year, which was somewhat conservative. Councilmember Allen thanked staff for the detailed presentation. He questioned how the City could reinvest in Silver Lake Road, or some other project if the Municipal Development Fund was earmarked for parks. Davitt stated the Council could create a TIF District with a pay as you go note. She reiterated that her model was hypothetical and included all of the park improvements. She noted the improvements could be scaled back. She stated staff was recommending the Council consider pursuing bonds now because of the low bond rates. Councilmember Allen commented he wanted to see the Council keeping its options open for additional redevelopment projects in the City. Mayor Niedfeldt-Thomas discussed the new Ramsey County housing levy and stated this may impact New Brighton taxpayers in the future. Councilmember Dunsworth stated she was excited about the park projects, but noted she took pause when considering the cost. She agreed interest rates were low and now would be the time to bond. She discussed the importance of parks and recreation and how people were using parks more than ever due to COVID. She explained she was unsure when the City previously invested a significant amount of money into its parks. She stated this doesn't happen often but was necessary. She believed the timing was right and the proposed projects would have a positive impact on New Brighton residents. She stated even though she took pause when spending this kind of money, she believed this was the right thing to do for the residents. She commented if the Council were to move forward with the park improvements, when would the projects start. She indicated she did not want park use to be disrupted this summer. Fink agreed an investment in parks would benefit the entire community. She explained staff would work to minimize park downtime. However, there would be some downtime, given the work that was needed to establish new turf on ballfields. She reported much of the work completed this year would require engineering and work on the parks would not be completed until this fall or the spring of 2022. Councilmember Allen thanked Councilmember Dunsworth for her comments. He commented on the price tag for the NBCC improvements and asked how these expenses would be funded in the future. Fink stated this was a long game project and staff may seek State bonding for this project. She reported a referendum may be required to upgrade the NBCC. Massopust commented outside funding would be required to assist with completing the NBCC upgrades in the future. He noted staff was currently focusing on community and neighborhood parks enhancements at this time. Councilmember Allen stated he appreciated this. He recommended the Council consider financing for the NBCC in five to seven years, or sooner if interest rates continue to be low.