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<br />I <br /> <br />I <br /> <br />I <br /> <br />Council Minutes <br />August 14, 1984 <br /> <br />Page Five <br /> <br />Haggerty affirmed Winkels comments; he has reviewed the <br />latest draft with the principals of Print Craft, they <br />have agreed to the changes, and have received a firm <br />commitment for financing. <br /> <br />Motion by Schmidt, seconded by Janecek to AUTHORIZE THE <br />MAYOR AND THE MANAGER TO EXECUTE THE CONTRACT FOR PRI- <br />VATE DEVELOPMENT AND THE ASSESSMENT AGREEMENT BY AND <br />BETWEEN THE CITY OF NEW BRIGHTON AND PRINT CRAFT INVEST- <br />MENT Cor~PANY. <br /> <br />5 Ayes -0 Nayes, Motion Carried <br /> <br />Winkels reviewed staff report and stated that the <br />resolution should be amended to read "not to exceed <br />8.25%" because it is conceivable that we would improve <br />on that interest rate. <br /> <br />Sale Issuance of <br />$300,000 in <br />Tax Increment <br />G.O. Bonds for <br />Tax Increment <br />District #5 <br />Report 84-213 <br />Resolution 84-111 <br /> <br />Harcus asked what the rationale was for going temporary. <br /> <br />Casserly explained that if you capitalize your interest <br />at a reduced rate on a short term basis, you are then <br />looking at a capitalized interest fund that would be <br />considerably less. If you can keep your capitalized <br />interest down over a period of time, you will average <br />better rates at less cost. <br /> <br />Schmidt asked if Casserly (Miller & SChroeder) could <br />summarize what we are doing now and what we might be <br />doing in the future so that council could digest that <br />information. Casserly responded affirmatively. <br /> <br />Motion by Blomquist, seconded by Benke, to WAIVE THE <br />READING AND ADOPT A RESOLUTION AUTHORIZING THE ISSUANCE <br />AND AWARDING THE SALE OF $300,000 GENERAL OBLIGATIONS <br />TEMPORARY TAX INCREMENT BOND OF 1984; FIXING THE FORM <br />AND SPECIFICATIONS THEREOF; AND PROVIDING FOR ITS PAY- <br />MENT WITH THE AMENDMENT TO INCLUDE THAT THE INTEREST <br />RATE "NOT TO EXCEED 8.25%." <br /> <br />5 Ayes - 0 Nayes, Motion Carried <br /> <br />Sinda had nothing to add to staff report. <br /> <br />By consensus of the City Council, Monday, August 27th <br />was established for a workshop to begin at 7:00 p.m. <br />to discuss the reviewal of comments and suggestions; <br />having Monday, September 10th at 7:00 p.m. as the <br />alternate date. <br /> <br />Mission Statement <br />Report 84-214 <br /> <br />Schmidt asked that this item be on the agenda as he <br />has had heard a number of comments concerning the <br />difficulty and confusion of "A" streets and suggested <br />"Place" or "Lane." Feels staff should review with <br />police, fire, and engineer along with residents to <br />determine pros and cons. <br /> <br />"A" Streets <br />Report 84-215 <br />