09-25-1989 CC MIN - Laserfiche WebLink

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e e e City Council Minutes September 25, 1989 Page 4 6. Consider Levy for EDA Lori Johnson, Finance Director, stated that the EDA has just requested that the City certify a tax levy of .01813 percent of the taxable market value for economic development purposes. She indicated that this amount will be approximately $48,000. OOUNCILMEMBER HOLMGREN MOVED TO ADOPT RESOLUTION 89-55, A RESOLUTION STATING THE PROPOSED AMOUNT OF LEVY FOR ECONOMIC DEVELOPMENT AUTHORITY PURPOSES. COUNCILMEMBER OOBEL SECONDED THE MOTION. THE MOTION CARRIED 5-0. 7. Consider Levy for HRA Lori Johnson stated that the HRA has requested that the City certify a tax levy of .0081 percent, approximately $21,000 for housing and redevelopment purposes. COUNCILMEMBER SCHULDT MOVED TO ADOPT RESOLUTION 89-56, A RESOLUTION APPROVING THE HOUSING AND REDEVELOPMENT AUTHORITY 1990 TAX LEVY. COUNCILMEMBER HOLMGREN SECONDED THE MOTION. THE MOTION CARRIED 5-0. 8. Consider General Tax Levy Lori Johnson stated that the proposed resolution authorizing the tax levy for the City is based on the 1988 tax law which gives the City more taxing authori ty than the 1989 vetoed law. She further stated that the total proposed 1990 levy is in the amount of $1,733,433 which is an approximate 9% increase. COUNCILMEMBER HOLMGREN MOVED TO ADOPT RESOLUTION 89-57, A RESOLUTION AUTHORIZING THE PROPOSED TAX LEVY. COUNCILMEMBER KROPUENSKE SECONDED THE MOTION. THE MOTION CARRIED 5-0. 9. Consider Resolutions Prescribin~ Form and Settin~ Sale Date for Fire Referendum and TIF Bonds Lori Johnson stated that the City is preparing to sell $890,000 of bonds for the fire equipment authorized by the referendum passed in February and also for the TIF district for Mork Clinic. The fire bond will be for $480,000 and the TIF bond will be for $410,000. Dave MacGillivray, the City's financial consultant, indicated that the $480,000 bond for the fire department is a 12 year bond which will be paid off entirely by property tax levies. He indicated that the Mork Clinic bond is a taxable bond and that there will be a development agreement and certain guarantees of debt service by Mork Clinic prior to the selling of the bond. Mr. Macgillivray further indicated that the bonds will be sold on October 23, 1989.