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<br /> <br /> <br /> <br />REGULAR SEMI-MONTHLY MEETING OF THE <br />ELK RIVER CITY COUNCIL <br />HELD AT THE ELK RIVER PUBLIC LIBRARY <br />JUNE 9, 1981 <br /> <br />Members Present: Mayor Hinkle, Councilmembers Schuldt, Engstrom and Toth <br /> <br />Members Absent: Councilman Duitsman <br /> <br />1. The meeting was called to order at 7:30 p.m. by Mayor Hinkle. <br /> <br />2. Agenda <br /> <br />COUNCILMAN ENGSTROM MOVED APPROVAL OF THE JUNE 9, 1981 CITY COUNCIL AGENDA. <br />COUNCILMAN SCHULDT SECONDED THE MOTION. THE MOTION PASSED 3-0. <br /> <br />3. Minutes <br /> <br />Correction of Item 6, Acquisition of Riverside Bar & Lounge - The motion is <br />corrected to: recommend the negotiation for the purchase of the Riverside <br />Bar & Lounge to the Finance Committee. COUNCILMAN TOTH MOVED APPROVAL OF THE <br />MINUTES OF THE MAY 18, 1981 CITY COUNCIL MEETING AS AMENDED. COUNCILMAN <br />ENGSTROM SECONDED THE MOTION. THE MOTION PASSED 3-0. <br /> <br />4. Open Mike <br /> <br />Mr. ArnoldEngstrom appeared before the City Council to appeal the assessed valu- <br />ation for the Sunbeam Grange building located in the City of Elk River. Mr. <br />Engstrom indicated that they had appeared before the Board of Equalization re- <br />garding the assessed valuation of the property. <br /> <br />Councilman Toth indicated that the County Assessor would review the assessed valu- <br />ation placed on the property. <br /> <br />The City Administrator indicated that he would contact the County Assessor and <br />request him to re-evaluate the Grange property. <br /> <br />Councilman Schuldt indicated that the County Assessor should re-appraise the <br />property and inform the Council of the findings. <br /> <br />Councilman Toth recommended that the assessed valuation for 1981 remain the <br />same as the assessed valuation for 1980 for the Grange property. COUNCILMAN <br />TOTH MOVED TO AUTHORIZE THE COUNTY ASSESSOR TO PLACE A VALUATION ON THE GRANGE <br />PROPERTY FOR THE YEAR 1981.AT.THE SAME VALUATION.AS.WAS PLACED.ON.THE.PROPERTY <br />IN THE PRIOR.YEAR~ COUNCILMAN SCHULDT. SECONDED THE MOTION. THE MOTION PASSED 3-0. <br /> <br />5. 1981 Improvement Bond Sale <br /> <br />Ms. Carolyn Ganz of Springsted Inc., was present to open and review the bids <br />with the City Councilmembers on the 1981 Improvement Bond Sale. Ms, CarolYn <br />Ganz indicated that at the beginning of the process for the improvement bond <br />sale, the interest rate was 10~ percent, and during this time reached an all <br />time high of 10.94 percent. Ms. Ganz further indicated that at this time the <br />projected interest rate is approximately 10.6 percent. Ms. Carolyn Ganz indi- <br />