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<br /> <br /> <br /> <br />City Council Meeting Minutes <br />June 9, 1981 <br />Page Two <br /> <br />cated that she was the analyst for the City of Elk River and commended the <br />City Council for the City's financial improvement. Ms. Ganz indicated that <br />Springsted, Inc. had referred a letter to the rating agency, pointing out the <br />general fund improvements and the positive steps made by the City of Elk River <br />toward improving their financial condition and further indicated that the rating <br />agency is interested in seeing a trend before upgrading the City's rating. <br /> <br />The following bids were received and opened for the 1981 improvement bond sale: <br /> <br />Bidder <br /> <br />Allison Williams Company <br />First National Bank of Mpls. <br />Bancnorthwest <br />Piper, Jaffery & Hopwood <br /> <br />Net Interest Dollar Cost <br /> <br />Net Interest Rate <br /> <br />$1,193,052.49 <br />$1,191,765.07 <br />$1,167,070.08 <br />$1,183,771.87 <br /> <br />10.4642% <br />10.452 <br />10.2363 <br />10.3828 <br /> <br />COUNCILMAN TOTH MOVED TO AWARD THE BID FOR THE 1981 IMPROVEMENT BOND SALE TO <br />BANCONORTHWEST. COUNCILMAN ENGSTROM. SECONDED THE MOTION: THE MOTION PASSED 3-0. <br /> <br />Ms. Ganz indicated that the interest rate for the assessments was established <br />at 11.65 percent for the projected income in the offering statement. General <br />discussion was carried on between the City Administrator, the City Council and <br />Ms. Ganz of Springsted, Inc., regarding the interest rate for the assessment <br />and it was the general concensus of the City Council to leave the interest rate <br />at 11.65 percent for the assessments of the project. <br /> <br />6. Issuance of Liquor License for Entertainment Concepts, Inc. <br /> <br />Mr. Don Powell and Mr. Reg Powell of Entertainment Concepts, Inc. were present <br />to answer any questions the City Council may have regarding the facility they <br />are pruchasing at 13161 Highway #10. Mr. Don Powell indicated that there would <br />be a total renovation of the bowling alley facility. Mr. Powell indicated that <br />another bar is proposed for the dance area, that the bowling alleys would be <br />completely redone and that the lounge would be expanded to include food service. <br />COUNCILMAN SCHULDT MOVED TO APPROVE THE ON-SALE LIQUOR LICENSE APPLICATION AND <br />A SUNDAY ON-SALE LIQUOR LICENSE APPLICATION FOR ENTERTAINMENT CONCEPTS, INC. <br />DOING BUSINESS AS DANCELAND, FOR THE PROPERTY LOCATED AT 13161 HIGHWAY fllO. <br /> <br />7. Sanitary Sewer Interceptor Project and Bid Award <br /> <br />The City Administrator indicated that the apparent low bidder on the sanitary <br />sewer interceptor project was Northdale Construction with a submitted bid of <br />$787,731.75 and further indicated that Arcon was second low bidder at $797,156.00. <br />The City Administrator recommended that the City Council award the contract for <br />the sanitary sewer interceptor project to Northdale Construction. <br /> <br />Councilman Toth indicated that he still had a problem with the sewer interceptor <br />line going along the property line of the Planned Unit Development owned by Mr. <br />George Dietz and further indicated that, in a conversation on the phone with Mr. <br />