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<br />-I <br /> <br />I <br /> <br />I <br /> <br />Council Meeting Minutes <br />December 11, 1996 <br /> <br />Page 3 <br /> <br />Public Hearini - None <br /> <br />Council Business <br /> <br />Finance Director Margaret Egan presented authorization for the sale of bonds. Bonds <br />are issued to provide long term financing for municipal improvements for tax increment <br />projects. The official bond process consists of sale authorization, official statement <br />preparation, receipt of bids, and bond award. This process takes about 45 days and will <br />conclude in January. The bonds are repaid through a combination of taxes, <br />assessments, and utility revenues. Examples of improvements include: streetscape work, <br />Emerald Area Street Reconstruction, painting of the water tower, and Tax Increment <br />Financing projects. The bond distribution is as follows: $1 million - municipal tax <br />exempt bonds financed by taxes and assessments; $1 million - utility tax exempt bonds <br />financed by utility rates; $1.5 million - tax increment tax exempt bonds financed by tax <br />increments; and $3.5 million - tax increment taxable bonds financed by tax increments. <br /> <br />City Manager Matthew Fulton confirmed that the City continues to carry public <br />improvement costs with existing funds. Bonding is appropriate for refunding particular <br />accounts to keep the City in good financial shape. <br /> <br />Motion by Williams, seconded by Larson, to WAIVE THE READING AND ADOPT <br />THE RESOLUTION AUTHORIZING THE SALE OF BONDS. <br /> <br />5 Ayes - 0 Nayes, Motion Carried. <br /> <br />Fulton presented a request for a patio enclosure over the Fire Station stairwell. This <br />enclosure is needed to prevent the basement area from being flooded. Three years ago, <br />the carpet in the basement needed to be replaced because of water problems. Patio <br />Enclosures submitted the low quote for $14,800 for purchase and installation of a glass <br />enclosure. The annual budget includes an appropriation of $20,000 for the project. <br /> <br />Motion by Larson, seconded by Gunderman, to APPROVE THE QUOTE FROM <br />PATIO ENCLOSURES FOR THE PURCHASE AND INSTALLATION OF A <br />GLASS ENCLOSURE OVER THE EXISTING STAIRWELL. <br /> <br />5 Ayes - 0 Nayes, Motion Carried. <br /> <br />Economic Development Specialist Jill Hanson presented the Ramsey County Brownfield <br />proposal. The County has proposed a tax levy increase of $500,000 for brownfield <br />cleanup in suburban Ramsey County. This increase would cost a $115,000 residential <br />home approximately $4.83/year. The monies will be used for gap financing of job <br />creation projects not currently funded through other sources. <br /> <br />Benke asked if the County intents to make modifications to their tax levy. Fulton said <br />the County and New Brighton will need to apply action to reflect this modification. <br />Fulton believes contaminated property needs to be remediated, but questioned how the <br />program benefits New Brighton. Benke verified that the $500,000 involves a County- <br />wide pool where cities could apply for funding. <br /> <br />Williams asked if the MacGillis and Gibbs site could receive funding. Fulton said it is <br />designed for Environmental Phase I projects, and MacGillis and Gibbs is a Superfund <br />site which is ineligible. However, the City may have other sites which may qualify. <br /> <br />Council Business <br /> <br />Bond Sale <br />Report 96-260 <br />Resolution 96-100 <br /> <br />Patio Enclosure - Fire <br />Station <br />Report 96-261 <br /> <br />Brownfield Discussion <br />Report 96-262 <br />