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<br />I <br /> <br />I <br /> <br />I <br /> <br />Council Meeting Minutes <br />August 25, 1992 <br /> <br />Page 3 <br /> <br />Council Business. continued <br /> <br />The Capital Improvement Refunding Bonds and Tax Increment Refunding <br />Bonds have current interest rates of 7.45% and 7.42%, respectively. <br />Refinancing both bonds would mean an interest cost reduction of <br />$375,000. Egan noted that the objective is to lower the bonds' interest <br />rate, but the refinancing would not affect the terms of the bonds. <br /> <br />Motion by Gunderman, seconded by Larson, to WAIVE THE READING AND <br />ADOPT THE RESOLUTIONS AUTHORIZING THE SALE OF GENERAL <br />OBLIGATIONS BONDS AND THE REFUNDING OF OTHER BONDS ISSUES. <br /> <br />4 Ayes - 0 Nayes, Motion Carried. <br /> <br />City Planner Erny Mattila presented a request for an eight foot front yard <br />and a two foot sideyard setback variance to construct a two car garage. <br /> <br />The applicant proposes to attach a two car garage to the home located at <br />733 Oakwood. The home was built in the middle of the lot leaving little <br />room for a garage addition. The easterly steep slope makes it difficult to <br />construct a detached garage because access would be restricted. <br /> <br />The Planning Commission held a public hearing and recommends approval. <br /> <br />Rebelein asked if the neighbor to the south was contacted regarding the <br />addition. Mattila said all neighbors who live adjacent to the property have <br />been contacted and have granted their permission. The proposed garage <br />would not have a negative impact on the surrounding properties. <br /> <br />Motion by Gunderman, seconded by Rebelein, to WAIVE THE READING <br />AND ADOPT THE RESOLUTION APPROVING VN-287. <br /> <br />4 Ayes - 0 Nayes, Motion Carried. <br /> <br />Mattila presented for consideration the preliminary plat, PRD amendment, <br />and site plan review for the Innsbruck Park Estates development. <br /> <br />The applicant proposes to develop Phase II of the lnnsbruck Park Estates. <br />The proposal would amend the original PRD and replat a portion of the <br />Phase I subdivision by replacing 9 single family lots located south of Linden <br />Drive with 7 two-family lots. The remaining vacant land located adjacent to <br />1-694 would be platted and developed for 102 townhouse units. The <br />Planning Commission held a public hearing and recommends approval. The <br />proposal complies with the City's subdivision standards. <br /> <br />Mattila presented slides of the townhome development and landscape earth <br />berm which are both under construction. <br /> <br />Gunderman asked if the development would cause increased traffic. <br />Mattila noted that in 1988, a traffic study was performed. and found that <br />the existing streets could handle the increased traffic. The number of <br />housing units used in calculations or the 1988 study were higher than in <br />the current proposal from the developer. <br /> <br />Council Business <br /> <br />Sale of General <br />Obligation Bonds <br />Report 92-187 <br />Resolution 92-080 <br />Resolution 92-081 <br />Resolution 92-082 <br />Resolution 92-083 <br /> <br />Front yard & <br />Backyard Setback <br />Variances - VN287 <br />Report 92-188 <br />Resolution 92-084 <br /> <br />Innsbruck Park <br />Estates Phase II <br />Site Plan Review <br />Report 92-189 <br />Resolution 92-085 <br />