07-06-1981 CC MIN - Laserfiche WebLink

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July 6, 1981 Page Four of 1981, Series B and to answer any questions the City Council may have regarding the reconnnendation. Mr. Forness explained the capitalized inter- est through February 1st of 1983, as an interest payment would be required in February of 1983 and the assessment income would not be received until June, 1983. Mr. Forness further indicated that the bond schedule was struc- tured to allow for a surplus in the early years in anticipation of delinquent assessments in the later years; and further indicated that a call privilege in 1990 was included. Mr. Forness indicated that the sale date for the bonds is scheduled for August 17, 1981. Councilman Duitsman questioned the possibility of an improved bond rating for the City of Elk River. Mr. Forness indicated that Moody's Investor's Service wants to see a trend of progress with the City of Elk River prior to an upgrading of the rating and further indicated that 80 percent of the cities are rated in the Baa and A ratings and the City of Elk River is on the top end of the Baa rating. COUNCILMAN TOTH MOVED TO ADOPT RESOLUTION 81-33, AUTHORIZING THE ADVERTISEMENT FOR BIDS FOR THE SALE OF $830,000 OF GENERAL OBLIGATION IMPROVEMENT BONDS OF 1981 SERIES B. COUNCILMAN DUITSMAN SECONDED THE MOTION. THE MOTION PASSED 4-0. 10. Anderson Rezoning Request Mayor Hinkle indicated that the City Council voted to reconsider the rezoning request by Mr. Lloyd Anderson for the property at 907 Main Street, as at the initial time of the rezoning request, one councilmember was absent. Mayor Hinkle indicated that it is necessary for the City Council to have four votes in the affirmative to rezone the property. Mr. Clem Darkenwald, Mr. Ken Parker, Mr. Jerry Smith, and Mr. Skurdahl all expressed the need for connnercial rental space in the downtown area and rec- onnnended that the City Council rezone the property in question. Mrs. Evelyn Donais expressed her opposition to the rezoning of the property at 907 Main Street. Mr. Lloyd Anderson submitted a petition signed by many Elk River businessmen urging the City Council to acknowledge the need for commercial rental space and recommending the City Council to approve the rezoning request. Mr. Mag Johnson indicated that if the property was zoned connnercial and leased to Mr. Skurdahl as proposed, the operation would normally operate from 9 to 5, whereby, if it was to remain residential and leased to, possibly young people, it could be a 24-hour operation. Mr. Johnson further indicated that it was hisreconnnendation to rezone the whole block to allow the downtown com- mercial area to grow. Mr. Emil Nadeau indicated that as Chairman of the group studying the area for the zoning ordinance, it was determined by the group that the area would eventually become zoned commercial and therefore suggested to the City Council that the City Council consider the rezoning of the entire block. Councilman Schuldt expressed his opposition to the rezone request for the prop- erty at 907 Main Street. Councilman Schuldt indicated that the residents in the area were against the rezoning of the single lot and that the City Attorney also advised against the rezoning of the single lot. Councilman Schuldt further indicated that he understood the need for rental property and the need for the downtown to grow, but felt that rezoning of residential houses was not the proper way to allow for that needed growth. Councilman Duitsman indicated that