2021.07.27 CC Minutes - Laserfiche WebLink

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July 27,2021 Page 3 of 6 1. Consider a Resolution awarding the sale of$9,875,000 General Obligation Tax Resolution awarding 000 Abatement Bonds, Series 2021A fixingtheir form and specifications; directingthe sale of lig8ati n > p General Obligation their execution and delivery; and providing for their payment. Tax Abatement Bonds, Series 2021A;fixing CityManager Massopust indicated Terri Heaton with Baker Tillywould be presentingthis item to the their form and g p specifications; Council. directing their Terri Heaton,Baker Tilly,stated tax abatement bonds have been selected as a means of financing execution and as they have the lowest yield than all other types of bonds with the same term. The Bonds will peoivern;and providing for their be sold on a competitive basis and considered general obligations of the City, secured by our payment. full faith and credit and taxing powers. She discussed the resolution prepared by Kennedy& Graven, our bond attorney, awarding the sale of the bonds, fixing their form and specifications, directing their execution and delivery, and providing for their payment. She commented further on the favorable bond sale that occurred today at 10:00 a.m. noting the low bid came from Northland Securities with an interest rate of 1.53%. She commended the City for their tremendous financial efforts and for receiving an AA+bond rating. Councilmember Abdulle stated he was proud of the fact the City was making investments in its parks and that the bond rates came in favorable for the City. Motion by Councilmember Abdulle,seconded by Councilmember Dunsworth to Approve the Resolution Awarding the Sale of$9,875,000 General Obligation Tax Abatement Bonds, Series 2021A; Fixing Their Form and Specifications; Directing Their Execution and Delivery; and Providing for Their Payment. 5 Ayes,0 Nays-Motion Carried 2. Consider a Resolution to request the Met Council accept and review a Comprehensive Plan requestthe M et 2.Consider a o Co uncilncil to Amendment to raise the maximum residential density threshold in the City's Mixed Use accept and review a Regional land use designation from 50 to 60 units per acre. Comprehensive Plan Amendment to raise the maximum residential City Manager Massopust indicated Assistant Director of Community Assets and Development Gozola would density threshold in the be presenting this item to the Council. City's Mixed Use Regional land Assets and Development Gozola stated the Cityof New Brighton has "se designation fromAssistant Director of Community p g 50 to 60 writs per acre. received an application from US Bank National Association and North Shore Development Partners requesting that the City amend its comprehensive plan. If approved, the change would add clarity to the existing plan language, and would provide an avenue for residential projects within the Mixed Use Regional land use classification to reach up to 60 units per acre under certain conditions when approved through a Planned Residential Development or Planned Unit Development. Staff commented further on the proposed code amendment and explained the Planning Commission recommended approval. Councilmember Axberg asked if there were any concerns raised by the Planning Commission or at the public hearing that the Council should be made aware of. Assistant Director of Community Assets and Development Gozola reported no concerns were raised by the Commission or the public. Councilmember Abdulle stated he liked thinking about density and questioned if the City would allow for buildings up to six stories going forward. Assistant Director of Community Assets and Development Gozola commented this amendment addresses the amount of density that is allowed on a site and not particular building height. Councilmember Abdulle questioned what other changes would be coming to the City Code from the steering committee. Assistant Director of Community Assets and Development Gozola explained this item was before the Council because of a specific request from a developer.He indicated staff was not recommending other changes to the Comp Plan or City Code at this time.He stated the Steering Committee would be discussing the Old Highway 8 corridor at its next meeting.