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<br />Council Meeting Minutes <br />May 24, 1994 <br /> <br />Page 6 <br /> <br />Council Business. continued <br /> <br />In structuring the bond offers, projects from several years often are financed from <br />the same bond. The combination of projects reduces issuance costs, minimizes staff <br />time, and permits the City to obtain the lower interest rate. The projects scheduled <br />anticipate an interest rate of about 5.480%. The interest rate assumes that the bonds <br />would receive a discount because they would be bank qualified. Qualified means <br />that the purchase is eligible for special tax treatment, and offers the City a lower <br />interest rate. <br /> <br />Dave Dresbeck, Springsted, confirmed that the sale of the bonds would provide a <br />favorable interest rate of about 5.480%. <br /> <br />Motion by Gunderman, seconded by Samuelson, to WAIVE THE READING AND <br />ADOPT THE RESOLUTION PROVIDING FROM ISSUANCE OF SALE OF <br />BONDS. <br /> <br />5 Ayes - 0 Nayes, Motion Carried. <br /> <br />Community Development Director Kevin Locke presented the site plan review, <br />preliminary PRO, preliminary plat, and special use permit to construct 74 townhome <br />units in the downtown area of New Brighton. <br /> <br />The project is a major step in the redevelopment of the downtown area and would <br />compliment existing land uses and other redevelopment projects. The Planning <br />Commission has recommended approval with some conditions. The Rottlund project <br />complies with the City's R-3B, PRO, subdivision, parking requirements, and <br />standards for a special use permit. <br /> <br />Don Jensen, Rottlund, presented a colored rendering of the project. The units will <br />be approximately 1,400 sq. ft in size with the main living areas, kitchen, bath and <br />master bedroom located on the first floor with an additional bedroom and bath <br />upstairs. Additional storage space in the roof area of each unit will be further <br />investigated. The targeted market would include empty nesters, seniors and singles. <br />Single and double car garages will be available. Landscaping would be an extension <br />of the 5th Avenue streets cape plan. <br /> <br />Benke confirmed that the development's access would line up across from the <br />Challenger Memorial north of City Hall. <br /> <br />Jensen said the walkways throughout the development will continue out into the <br />existing sidewalk system, and the lighting will compliment the streets cape plan. <br />The townhomes will be valued between $85,000-100,000; and the courtyard homes <br />between $90,000-125,000. Rottlund expects approval from the Rice Creek <br />Watershed District shortly and asked that staff be directed to excel their pace in <br />determining the utility issue. <br /> <br />Samuelson asked if an interested party would be able to modify the floor plan. <br />Jensen confirmed that there is a fixed floor plan, but there is an option to provide a <br />larger storage area on the second floor. Construction should begin in September. <br /> <br />Locke confirmed that staff is investigating the utility issue. <br /> <br />Council Business <br /> <br />I <br /> <br />Sale and Issuance of <br />Bonds <br />Report 94-124 <br />Resolution 94-064 <br />Resolution 94-065 <br /> <br />Rottlund Homes <br />Townhouse Units <br />Project <br />Report 94-125 <br />Resolution 94..Q67 <br />Resolution 94-068 <br /> <br />I <br /> <br />I <br />