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<br />City Council Minutes <br />May 1,2006 <br /> <br />Page 10 <br /> <br />7.2. <br /> <br />Resolution 06-59 Awarding the Sale of the City's $437.000 General Obligation Equipment <br />Certificate 2006B: Fixing its Form and Specifications: Directing its Execution and Delivery: <br />and Providing for its Payment <br /> <br />. <br /> <br />City Administrator Lori Johnson stated that the 2006 budget includes expenditures for street <br />and park equipment to be financed through equipment certificates and the tax levy for taxes <br />payable in 2006 includes a levy of $120,000 for the first year's principal and interest on the <br />equipment certificate. Ms. Johnson indicated that The Bank of Elk River is purchasing the <br />certificate for a five-year term at an interest rate of 3.8 per annum. She noted that the <br />purchases authorized with the equipment certificate proceeds uiclude three trucks and a <br />mower. <br /> <br />MOVED BY COUNCILMEMBER DIETZ AND SECONDED BY <br />COUNCILMEMBER GUMPHREY TO ADOPT RESOLUTION 06-59 <br />AWARDING THE SALE OF THE $437,000 GENERAL OBLIGATION <br />EQUIPMENT CERTIFICATE, SERIES 2006B; FIXING ITS FORM AND <br />SPECIFICATIONS; DIRECTING ITS EXECUTION AND DELIVERY; AND <br />PROVIDING FOR ITS PAYMENT. MOTION CARRIED 5-0. <br /> <br />7.3. Property Value Discussion Councilmember Farber <br /> <br />Councilmember Farber indicated that he wanted to provide an update on the Board of <br />Appeal and Equalization meeting that was held April 24 at the Sherburne County <br />Government Center. Mr. Farber explained that the biggest comment the Council heard <br />from residents is that Elk River is taxing its residents out of town. He stated that it was <br />explained that the City of Elk River is holding the line on taxes and that the issue comes <br />with the increasing property values of homes in Elk River which in turn causes increased <br />property taxes. He noted that the city is working hard to help alleviate this issue by bringing <br />commercial and industry to the city. <br /> <br />. <br /> <br />Councilmember Farber also indicated that he was given a flyer that someone distributed in <br />his neighborhood that states that a former Councilmember working for the County's <br />Assessor's Office is providing the Councilmembers with breaks on their taxes. Mr. Farber <br />explained that this is absolutely not the case and stated that in order to prove it, his property <br />values and taxes were shown on the screen at the Board of Appeal and Equalization meeting <br />which proved he is paying the same taxes as his neighbors. Mayor Klinzing stated that she <br />would encourage any resident that has questions or concerns about a Councilmember's <br />property values or taxes, to contact the County Assessor's Office. <br /> <br />7.4. Discuss Council Worksession Agendas <br /> <br />City Administrator Lori Johnson reviewed the tentative worksession agendas for May and <br />June. Ms. Johnson noted that the Orono Beach Closing policy has been added to the May 8 <br />worksession and that Section 30-1581 of the City Code of Ordinances referencing the 4 for <br />40 rule will be discussed at the June worksession. <br /> <br />Councilmember Dietz questioned if staff has received an update on the salary study. Ms. <br />Johnson indicated that she received a preliminary study today and that staff will need time to <br />review it with Mr. Kelsey so it should be available for discussion in June. <br /> <br />. <br />