03-26-1990 CC MIN - Laserfiche WebLink

Home Browse Search

City Council Minutes March 26, 1990 Page 3 e Discussion took place regarding the blanket increase that is being proposed by the County Assessor. It was noted that this is the second year in a row for which Elk River would received a blanket percentage increase. The lack of ability by the County Assessing Department to re-evaluate one quarter of the City each year was highlighted by the City Council as a major concern. Discussion took place regarding addi tional staff at the County Assessing Department or increasing the fees paid to the County Assessing Department for services in order to add additional staff to meet the State mandate of reassessing 1/4 of the City each year. The City Council thanked the County Assessor for his appearance at this Council meeting and indicated that if there is a change in the meeting location for the 4/12/90 Board of Review meeting, that they would like to be advised as early as possible so that notice to the public can be made. 5. Authorization to Issue an Award Sale of $400.000 General Obli~ation Taxable TIF Bond e Finance Director, Lori Johnson, introduced this agenda item by indicating that for Tax Increment Financing District #7, which is the AmericInn Motel project, the City is planning to issue $400,000 of taxable general obligation bonds. Ms. Johnson indicated that bids have been received for the selling of this $400,000 bond issue. At this time, the Finance Director introduced Harry Hoffman, from Springsted, Inc., the City's Financial Consultant. Mr. Hoffman indicated that the firm has received three bids for this taxable issue. Two of the bids came from Minneapolis firms and one of the bids came from a Milwaukee firm. The bids ranged from 9.84 to 10 percent. It was noted by Mr. Hoffman that this range was slightly higher than the estimate given a few months ago, but that the market has gone up over the last few months and taking this into consideration then the bids were very close to the original estimate. Mr. Hoffman recommended award of the low bid in the amount of 1.8481 percent to the firm of Miller, Johnson, and Kuehn. In response to City Council inquiry, Mr. Hoffman indicated that the number of bids received on any given issue depends on the size of the issue, the type of community, the type of bond (taxable versus nontaxable), and the bond rating of the community. COUNCILMEMBER DOBEL MOVED TO APPROVE RESOLUTION 90-10, A RESOLUTION AUTHORIZING ISSUANCE, AWARDING SALE PRESCRIBING THE FORM AND DETAILS, AND PROVIDING FOR THE PAYMENT OF $400,000 GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 1990A. COUNCILMEMBER KROPUENSKE SECONDED THE MOTION. THE MOTION CARRIED 4-0. e