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<br />e <br /> <br />e <br /> <br />e <br /> <br />MEETING OF THE ELK RIVER CITY COUNCIL <br />MONDAY. NOVEMBER 30. 1987 <br />HELD AT THE ELK RIVER PUBLI C LIBRARY <br /> <br />Members Present: <br /> <br />Mayor Gunkel. Councilmembers Schuldt. Tralle. and Holmgren <br /> <br />Members Absent: <br /> <br />Councilmember Dobel <br /> <br />Staff Present: <br /> <br />Klaers. City Administrator; Lori Johnson. Finance <br />Peter Beck. City Attorney; Steve Rohlf. Building <br />Administrator; Ken Norquist. Building Official <br /> <br />Pat <br />Director; <br />and Zoning <br /> <br />Also Present: <br /> <br />Planning Commission Representatives Robert Morton. Stewart <br />Wilson. and Arlon Fuchs <br /> <br />1. Pursuant to due call and notice thereof. the meeting of the Elk River <br />City Council was called to order at 7:00 p.m. by Mayor Gunkel. <br /> <br />2. Consideration of 11/30/87 City Council Agenda <br /> <br />It em 6A <br /> <br />Mayor Gunkel was added to the 11/30/87 City Council agenda. <br /> <br />COUNCILMEMBER <br />AS AMENDED . <br />CARRIED 4-0. <br /> <br />SCHULDT MOVED TO APPROVE THE 11/30/87 CITY COUNCIL AGENDA <br />COUNCILMEMBER TRALLE SECONDED THE MOTION. THE MOTION <br /> <br />3. Resolution Approving Sale of Industrial Park Bonds <br /> <br />Lori Johnson. Finance Director. explained that the resolution before the <br />Council authorizes the sale of $140.000 General Obligation Tax Increment <br />Taxable Bonds to finance part of the Industrial Park Improvements. She <br />noted that the total construction cost of the project is $437.000 and <br />that $177.000 will be paid by MSA funds. $120.000 from excess 1985 TIF <br />Water Tower Bond proceeds. and $140.000 through this bond issue. <br /> <br />COUNCILMEMBER TRALLE MOVED TO ADOPT RESOLUTION 87-69. A RESOLUTION <br />AUTHORIZING ISSUANCE. AWARDING SALE. PRESCRIBING THE FORM AND DETAILS. <br />AND PROVIDING FOR THE PAYMENT OF $140.000 GENERAL OBLIGATION TAX <br />INCREMENT (TAXABLE) BONDS. SERIES 1987 A. COUNCILMEMBER SCHULDT SECONDED <br />THE MOTION. THE MOTION CARRIED 4-0. <br /> <br />4. Consideration of Tax Increment Financing District No. 4/Public Hearing <br /> <br />Mayor Gunkel <br />give a brief <br />District No.4. <br /> <br />introduced City Attorney. Peter Beck. and requested him to <br />explanation of the creation of Tax Increment Financing <br />