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. ~ ~ . ~~ILLS Approved: April 11, 2005 CITY OF ARDEN HILLS, MINNESOTA CITY COUNCIL WORK SESSION MONDAY, MARCH 28, 2005, 8:15 P.M. CITY HALL COUNCIL CHAMBERS, 1245 WEST HIGHWAY 96 CALL TO ORDER Mayor Aplikowski called the meeting to order at 8: 15 p.m. Present: Mayor Beverly Aplikowski, Councilmembers David Grant, Gregg Larson, and Brenda Holden. Absent: Councilmember Lois Rem (excused). Staff Present: City Administrator, Michelle Wolfe; Director of Operations & Maintenance, Thomas Moore; Finance Director/Treasurer, Murtuza Siddiqui; Community Development Director, Scott Clark; and Recording Secretary, Kathleen Altman. . TCAAP PUBLIC FINANCING Mr. Clark presented the draft and amended Resolution and the reformatted Public Finance Policy as recommended by the City Attorney. He asked what additional questions did Council have regarding the Public Financing Plan and when would Council want to act on this item. Councilmember Grant asked with the financing tools, where was the risk. Stacie Kvilvang, Ehlers & Associates, replied with General Obligation Assessment Bonds they would be assessing 100 percent back to the property owners. Collin Barr stated the City's assessment had a first interest before a mortgage and the land would be more than the value of the special assessment being financed. Conncilmernber Grant asked for the cost of each option. Ms. Kvilvang, replied the TIF bonds would be at the market rate, special assessment bonds ranged anywhere between 4-5.5 percent depending on the market. Councilmelnber Grant noted the general obligation was less expensive than the TIF. Ms. Kvilvang repliedthat was correct. Councilmember Larson asked what the process was that the County Assessor used in assessing the land. . \\Earth \Admin \ConncillMinntes \ W orksession \2005\3 -28-05 .doc