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Page 3 City Council Minutes October 2. 1989 e that of the four firms. Norwest Investment Services came back with the best offer. They will finance the entire $165,000 at an interest rate of 8.05% for eight years. Ms. Johnson indicated that the second lowest bidder was Dougherty Dawkins Lease Group which were willing to do $172.000 issue with a net interest cost of 8.59% for seven years. COUNCILMEMBER HOLMGREN MOVED TO PROCEED WITH THE LEASE PURCHASE PLAN FROM NORWEST BANK. COUNCILMEMBER KROPUENSKE SECONDED THE MOTION. THE MOTION CARRIED 4-0. Pat Klaers indicated to the Council that the rema~n~ng $170.000 will be paid in cash in 1989 from the Liquor Store Reserve Funds. COUNCILMEMBER HOLMGREN MOVED THAT THE REMAINING $170.000 BE PAID BY THE LIQUOR STORE RESERVE. COUNCILMEMBER KROPUENSKE SECONDED THE MOTION. THE MOTION CARRIED 4-0. 5. Consider Partial Pay Estimate for Tyler/Knollwood Mayor payment Tralle indicated that Terry Maurer. City Engineer. is recommending of $150,809.63 for improvements to the Tyler Knollwood project. e COUNCILMEMBER SCHULDT MOVED TO APPROVE PAY ESTIMATE #1 FOR THE TYLER!KNOLLWOOD IMPROVEMENT PROJECT IN THE AMOUNT OF $150,809.63 PAYABLE TO BUFFALO BITUMINOUS. COUNCILMEMBER HOLMGREN SECONDED THE MOTION. THE MOTION CARRIED 4-0. 6. Consider Resolution Adopting Special Assessment Roll for Lookout Place Mayor Tralle indicated that Elk River Utilities has been working with property owners along Lookout Place in the replacement of a water main. He indicated that the old water main was put in approximately 40 years ago and needs to be replaced. Mayor Tral1e indicated that each of the property owners has signed a petition for local improvement waiving their rights to appeal the assessment amount. He stated that there are five parcels that are being assessed on per unit basis of $1,266.28. COUNCILMEMBER SCHULDT MOVED TO ADOPT RESOLUTION 89-41, A RESOLUTION ADOPTING A FINAL ASSESSMENT ROLL FOR WATER IMPROVEMENTS IN LOOKOUT PLACE. COUNCILMEMBER HOLMGREN SECONDED THE MOTION. THE MOTION CARRIED 4-0. 7. Update on Street/Park Activities The Council reviewed the memo submitted Superintendent. Update items on the memo building addition and miscellaneous projects. by Phil included Hals, streets, St reet parks, 8. Budget Discussion e Pat Klaers. City Administrator. indicated that the budget public hearing will be held next week. October 9, 1989. He stated that the purpose of the public hearing is to help inform the public of how the City money is spent.