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<br />I <br /> <br />I <br /> <br />I <br /> <br />Council Meeting Minutes <br />August 11, 1998 <br /> <br />Page 3 <br /> <br />Council Business. continued <br /> <br />Benke feels there are methods which may partially mitigate the problem, but appropriate <br />action is to reject the bids and direct staff to review intennediate solutions. Larson noted <br />disappointment the residents cannot work together to resolve the flooding problems. <br /> <br />Motion by Hoffman, seconded by Larson, to REJECT ALL BIDS FOR THE KARl <br />LANE/LONG LAKE ROAD RELIEF STORM SEWER PROJECT; ABANDON <br />THE PROJECT; AND REQUEST STAFF CONTINUED ANALYSIS OF <br />INTERMEDIA TE SOLUTIONS. <br /> <br />4 Ayes - 0 Nayes, Motion Carried. <br /> <br />Fulton presented the refinancing of the Brightondale Facility, 2700 Rice Creek Road. <br /> <br />City Attorney Charles LeFevere explained that Brightondale originally received Multi- <br />Family Housing Revenue Bonds issued by the City. These bonds were refinanced in <br />1993 and are still outstanding. Brightondale wishes to defease the bonds and refinance <br />with a private mortgage company. The terms of the bond issue does not allow <br />Brightondale to prepay, and they will need to put funds in escrow with a trustee for <br />prepayment. Brightondale has asked City consent to the escrow agreement. This is a <br />relatively routine occurrence, and LeFevere will confirm if there are contract provisions <br />relating to residents of the complex. According to the agreement, the City will receive <br />$150,000 which is owed on a separate promissory note in addition to refinancing costs. <br /> <br />Motion by Larson, seconded by Gunderman, to WAIVE THE READING AND <br />ADOPT THE RESOLUTION AUTHORIZING EXECUTION OF THE <br />BRIGHTONDALE REFINANCING ESCROW AGREEMENT. <br /> <br />4 Ayes - 0 Nayes, Motion Carried. <br /> <br />Announcement and Updates <br /> <br />Comprehensive Plan neighborhood sessions will be held August 12 in the ten City parks. <br /> <br />The Stockyard Days/Antique Car Run events will begin Sunday, August 16. <br /> <br />Hoffman recognized Connie Sheenan, Crime Prevention Specialist, and Neighborhood <br />Crime Block Captains for their work at the recent Neighborhood Night Out. <br /> <br />Ad~?-l!.(!JJXlent <br />_-~Motion by _Larson, seconded by Hoffman, to ADJOURN THE MEETING. <br /> <br />4 Ayes :.. O-Nay~s, Motion Carried. <br />.,r_o- <br /> <br />Meeting was adjourned at 7:46 p.m. <br /> <br />R~ <br /> <br />ATTEST: <br /> <br /> <br />~ <br /> <br />Margaret A. Egan, Cit Clerk/Finance Director <br /> <br />Council Business <br /> <br />Kari Ln./Long Lk. <br />Rd. <br />Relief Storm Sewer <br />Report 98-166 <br /> <br />Brightondale <br />Refinancing <br /> <br />Announcements and <br />Updates <br /> <br />Comp Plan <br /> <br />SYD/ ACR Events <br /> <br />Night Out <br /> <br />Adjournment <br />