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<br /> <br /> <br /> <br /> <br />Council Minutes <br />July 15, 1985 <br />Page Eight <br /> <br />., <br /> <br />completed/this year and further stated that the assessments would be made in <br />October and would be on the 1986 taxes. <br /> <br />Mayor Hinkle opened the public hearing. <br /> <br />Mr. Alan Kremer questioned what the chances were of bids corning in higher or <br />lower than projected on the project. Mr. Maurer indicated that their estimates <br />are based on current blacktop projects and felt the bids would corne in close to <br />the projected costs. Mr. Maurer further indicated that the City has the right <br />to reject all bids. <br /> <br />Mr. John Nohr indicated that he owns two lots and would be looking at two <br />assessments, and stated he was opposed to this and would like to know if there <br />would be a chance of him paying one assessment for the two lots. Mayor Hinkle <br />indicated that the Council:' would hear the assessments at a different meeting. <br /> <br />Hank Duitsman from the audience questioned whether curbs would be put back in <br />to protect the road. Mr. Maurer indicated that there was no curbing proposed. <br />Soil errosions of certain parts of the road in Ridgewood was discussed and it <br />was indicated that something must be done to protect the road from breaking away <br />from soil errosions. The residents indicated that there were four or five spots <br />that were bad and would have to be looked into. Terry Maurer indicated he would <br />check the bad spots in the road. <br /> <br />Mayor Hinkle closed the public hearing. <br /> <br />COUNCILMEMBER ENGSTROM MOVED TO APPROVE RESOLUTION 85-24 A RESOLUTION ORDERING <br />BITUMINOUS OVERLAY PROJECT FOR RIDGEWOOD ESTATES ADDITIONS ONE, TWO AND THREE <br />AND PREPARATIONS OF PLANS AND SPECIFICATIONS. COUNCILMEMBER GUNKEL SECONDED THE <br />MOTION. THE MOTION PASSED 4-0. <br /> <br />15. Tax Increment Bonds for Water Tower Project <br /> <br />Mr. Ron Langness of Springsted, Inc., the City's Bonding Consultant, was present <br />and indicated that the authorization of the tax increment bond in the amount of <br />$850,000 was for the water tower project. Mr. Langness stated that the bond <br />issue would be supported by the tax increment district #1 with the main part of <br />that district being Elk River Plaza. Mr. Langness stated that next week, the <br />Guardian Angels would be requesting that the City adopt a resolution setting <br />the sale of $130,000 of tax increment bonds. Mr. Langness stated that the reason <br />there would be no developers agreement for this project was because of the fact <br />that the Minnesota Finance Agency would not permit this. <br /> <br />16. Resolution Authorizing Issuance of Refunding Improvement Bonds <br /> <br />Mr. Langness indicated that Springsted, Inc. was recommending to the City the <br />refunding of various improvement bonds in order to obtain a more favorable <br />interest rate. Mr. Langness indicated that there were five issues totaling <br />$3,000,000 in bonding at the present time. Mr. Langness stated they were <br />recommending bond insurance which would rate the bonds AAA. Mr. Langness stated <br />this can drop the interest rate from 1% to 3/4% which would get more bidders <br />with insurance. Mr. Langness further stated that insurance companies would <br />