07-29-1991 CC MIN - Laserfiche WebLink

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City Council Minutes July 29, 1991 Page 2 e Councilmember Kropuenske requested that the approval of maintenance at Salk and Vandenberg fields be added starting in 1992 if user fees are returned to the City as a method of funding the program. COUNCILMEMBER HOLMGREN AMENDED HIS MOTION. SECONDED THE MOTION. THE MOTION CARRIED 5-0. COUNCILMEMBER DIETZ 5.1. Resolution Orderin~ Plans & Specs for Elementary School COUNCILMEMBER KROPUENSKE MOVED TO ADOPT RESOLUTION 91-42, A RESOLUTION ORDERING THE PREPARATION OF PLANS AND SPECIFICATIONS IN THE MATTER OF THE PROPOSED CSAH#l ELEMENTARY SCHOOL STREET AND UTILITY IMPROVEMENT OF 1991. COUNCILMEMBER HOLMGREN SECONDED THE MOTION. THE MOTION CARRIED 5-0. 5.2. Set Date for Proctor Avenue Assessment Hearing Terry Maurer, City Engineer, indicated that the City Council needs to set a date for the Proctor Avenue public hearing. He further indicated that August 26, 1991, is the proposed date for that hearing. e COUNCILMEMBER SCHULDT MOVED TO SET THE ASSESSMENT HEARING DATE AS AUGUST 26, 1991. SECONDED THE MOTION. THE MOTION CARRIED 5-0. PROCTOR AVENUE SPECIAL COUNCILMEMBER HOLMGREN 6. City Hall/Police Facility Lori Johnson, Finance Director, discussed the available financing options for the facility. There were two remaining options availablej a lease/purchase agreement similar to the ones used to finance the Public Works facility and the Fire Station expansion, and a lease/purchase agreement with the Elk River Economic Development Authority whereby the EDA issues Revenue Bonds and enters into a lease arrangement with the City of Elk River. She referred to a letter from the City's Bond Counsel that clearly explains the transaction. Lori further indicated that the Ci ty would make an annual lease appropriation from the sources previously discussed in order to meet the debt service of the revenue bondj there would be no tax levy for repayment. Lori stated that the EDA must first approve this type of financing before the City Council can enter into such an agreement. She indicated that this item will be on the EDA's August 12, 1991 agenda for discussion. Staff is recommending that the City enter in to an agreement with the EDA for financing. e An additional item needed as part of the financing for the City Hall project is a resolution indicating that the City Council plans to re imburse certain expenditures related . to the construction from proceeds of a bond to be issued at a later date. Lori Johnson explained that this resolution is necessary because of new Treasury regulations which limit the reimbursement of certain expenditures prior to the issuance of debt. She further indicated that the City would be passing a similar resolution for all of its improvement projects where costs are incurred prior to issuance of bonds.