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09-23-24-WS
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09-23-24-WS
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ARDEN HILLS SPECIAL CITY COUNCIL WORK SESSION— SEPTEMBER 23, 2024 5 <br /> Councilmember Rousseau said that would be her general preference, too, however, the <br /> percentages that go into the interest rate. We've got 24% of our market value is non-profits. She is <br /> trying to play devil's advocate. If we did the 20-year and then in 10 years TCAAP gets developed, <br /> that would be additional homes and businesses that will pay towards the franchise fee. <br /> Councilmember Holden was comparing the difference in interest rates. She thinks we'll pay <br /> $765,000 for 10 years and almost $2 million for 20 years. She doesn't think TCAAP being <br /> developed should be a factor. Extending the bond for 20 years is just pouring money into interest. <br /> That million dollars could pay for a lot of City improvements. She asked when the current bond is <br /> done. <br /> Mayor Grant replied 2028. <br /> Councilmember Holden thought that money could be used to pay down this bond. <br /> Mayor Grant said that was in the Enterprise Fund. <br /> Councilmember Monson asked if the bond can be paid off early to avoid some interest. Finance <br /> Director Yang confirmed. <br /> Councilmember Holden said that is why it would be better to bond alone. <br /> Mayor Grant thought some bonds can be refinanced. He thought we've done it before when <br /> interest rates went down and the City was able to refinance and save$150,000 a year. He would <br /> like to know, from Ehlers, if that is possible. <br /> Finance Director Yang will ask them that and follow up with Council. <br /> Councilmember Monson asked if the franchise fee is only for electric or electric and gas. She <br /> asked if the decision for only charging franchise fees is because everyone has electric, but not <br /> everyone has gas. Finance Director Yang confirmed. <br /> Councilmember Monson asked what the rate would be if the target $542,000 a year. She stated <br /> it's $3.00 for$375,000. <br /> Finance Director Yang said the City has the option to choose. When she ran the numbers at <br /> $455,000 it came to $3.86. We have the flexibility to choose that rate. <br /> Councilmember Monson said basically the City can weight fees however we want it. <br /> Mike Wilhelmi confirmed. He said you can set it how you want at $0.25 increments. <br /> Councilmember Monson said we have control of weighting which customer classification pays <br /> what. <br /> Mike Wilhelmi confirmed. He said all of the options laid out are just options that you can deviate <br /> from, as the City wishes. <br /> Discussion ensued regarding how the decision was made to charge franchise fees for electric but <br /> not gas. <br />
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