Laserfiche WebLink
City Council Minutes <br />NovemDer 9, 1998 <br />Page 2 <br /> <br />improvement bonds will finance various public improvements including Lake <br />Orono Sedimentation Removal, Guardian Angels/Orono Shores, Railroad Drive, <br />Boston Street, Business Center Drive, and 1998 Overlay Improvements. She further <br />stated that the revenue issue will finance the construction of a new well and <br />related water treatment facility. <br /> <br />COUNCILMEMBER HOLMGREN MOVED TO ADOPT RESOLUTION 98-121 PROVIDING <br />FOR THE SALE OF THE CITY'S $1,375,000 OBLIGATION IMPROVEMENT BONDS SERIES <br />1998A. COUNCILMEMBER DIETZ SECONDED THE MOTION. THE MOTION CARRIED 4- <br />0. <br /> <br />COUNCILMEMBER THOMPSON MOVED TO ADOPT RESOLUTION 98-122 FOR THE SALE <br />OF THE CITY'S $820,000 GENERAL OBLIGATION WATER REVENUE BONDS SERIES <br />1998B. COUNCILMEMBER HOLMGREN SECONDED THE MOTION. THE MOTION <br />CARRIED 4-0. <br /> <br />4.2. Resolution Authorizinq Sale of City's 1998 Equipment Certificate <br /> <br />Assistant City Administrator Lori Johnson indicated that The Bank of Elk River will be <br />purchasing the equipment certificate with a term of 5 years and a non-bank <br />qualified interest rate of 5.56 percent. <br /> <br />COUNCILMEMBER DIETZ MOVED TO ADOPT RESOLUTION 98-123 AWARDING THE <br />SALE OF THE CITY'S $113,550 GENERAL OBLIGATION EQUIPMENT CERTIFICATE OF <br />1998, FIXING ITS FORM AND SPECIFICATIONS, DIRECTING ITS EXECUTION AND <br />DELIVERY, AND PROVIDING FOR ITS PAYMENT. COUNCILMEMBER HOLMGREN <br />SECONDED THE MOTION. THE MOTION CARRIED 4-0. <br /> <br />4.3. Sherburne County Business Development Fund <br /> <br />Director of Economic Development, Paul Steinman, indicated that the EDA voted <br />to recommend that the City Council approve the City's participation in the <br />Sherburne County Business Development Fund by pledging to invest up to <br />$250,000 in FDIC insured certificates of deposit with area banks. He indicated <br />that the purpose of investing is to create a pool of funds to attract and/or retain <br />industrial and manufacturing businesses in Sherburne County. <br /> <br />COUNCILMEMBER THOMPSON MOVED TO AUTHORIZE THE CITY TO PARTICIPATE AS <br />AN INVESTOR IN THE SHERBURNE COUNTY BUSINESS DEVELOPMENT PROGRAM BY <br />PLEDGING TO COMMIT $250,000. COUNCILMEMBER DIETZ SECONDED THE MOTION. <br />THE MOTION CARRIED 4-0. <br /> <br />4.4. Holt and Jackson Site Update <br /> <br />Director of Economic Development, Paul Steinman, indicated that the City <br />recently received a purchase offer in the amount of $300,000 (minus fees) for the <br />site located at the corner of Holt and Jackson. He stated that staff is <br />recommending to reject the offer as the City should net approximately $350,000 <br />from the site. <br /> <br />COUNCILMEMBER THOMPSON MOVED TO REJECT THE PURCHASE OFFER FROM <br />MARK DAVIS AND ASSOCIATES FOR THE SITE LOCATED AT THE CORNER OF HOLT <br /> <br /> <br />