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<br />Council Meeting Minutes <br />June 28, 1994 <br /> <br />Page 4 <br /> <br />Public Hearin~. continued <br /> <br />Benke agreed that additional information needs to be gathered. He suggested that <br />meetings be held with the Center's businesses to discuss future expansion options; <br />New Brighton and the other cities should meet to discuss senior center issues; and <br />arrangement of a neighborhood meeting to inform residents of the revitalization <br />efforts. He confirmed the City's intent to create a viable neighborhood retail center <br />with an adjacent senior housing facility and senior center. <br /> <br />There were no comments from the audience. <br /> <br />Motion by Gunderman, seconded by Larson, to CONTINUE THE PUBLIC <br />HEARING OF THE ESTABLISHMENT OF TIF DISTRICT #24 TO THE <br />JULY 12,1994, COUNCIL MEETING. <br /> <br />5 Ayes - 0 Nayes, Motion Carried. <br /> <br />Council Business <br /> <br />Finance Director Margaret Egan presented for consideration the award of the sale of <br />improvement bonds. <br /> <br />The special assessment bond issue totals $3,560,000, and the utility revenue bonds <br />total $550,000. For the assessment bonds, a combination of special assessments and <br />property taxes have been pledged. The split between taxes and assessments for <br />these bonds will be 56 % and 44 %, respectively. The utility revenue bonds will be <br />financed exclusively by water and sewer charges. This award would finance street <br />projects and water and sewer improvements covering the years 1992-1994. <br /> <br />Dave Dresbach, Springsted, acknowledged that each bond received excellent bid <br />results. The improvement bonds received eight bids and were awarded to Norwest <br />at a true interest cost of 5.22 %. The water and sewer bonds received two bids and <br />also were awarded to Norwest. <br /> <br />Benke asked if the City should seek out a higher rating than its current A-I rating. <br />Dresbach confirmed that Springsted continually monitors those ratings and looks for <br />opportunities for improvement. Dresbach feels the City's finances are well managed <br />and there appears to be reasonable surpluses; issues relating to the economy and <br />demographics are difficult for any City to control. The Council is welcomed to <br />review the Springsted's study that was performed last year. <br /> <br />Samuelson noted that because the bonds would finance the City's infrastructure, she <br />asked what insurance is there that the infrastructure would survive the test of time. <br />Egan explained that the City's approach used in long term planning anticipates the <br />need to reconstruct two miles of roadway per year. Reconstruction projects are <br />synchronized in order to keep maintenance costs down. Egan said the City is now <br />entering the era where the City would begin replacing two miles of streets per year <br />basically forever. <br /> <br />Benke confirmed the City's strategy of internally financing any costs until a larger <br />debt enables the City to award the sale of improvement bonds. This strategy allows <br />the City to minimize any replacement costs associated with smaller issuances. <br /> <br />Public Hearing <br /> <br />I <br /> <br />TIF #24 Creation <br />Report 94-153 <br /> <br />Council Business <br /> <br />Issuance of Bonds <br />Report 94-154 <br />Resolution 94-079 <br />Resolution 94-080 <br />Resolution 94-081 <br /> <br />I <br /> <br />I <br />