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. . . ARDEN HILLS CITY COUNCIL - AUGUST 11. 1997 8 Mr. Fritsinger stated he wished to give some background to Council regarding the work to be done on the Gateway Business District. He stated this item will be on the agenda for the August 25, 1997, regular City Council meeting, and as that meeting is expected to be quite lengthy, he would like for Council to receive some of this information at this point. Mr. Fritsinger reported Staff expects to present the final contract for the work to be done on 14th Street at the August 25th City Council meeting. Staff has been discussing the GBD improvements at length, including an additional review of the Round Lake area, sewer/water mains, land acquisitions, etc. The question that will need to be addressed at the August 25th meeting is the method of payment for these improvements. The Staff was authorized by Council to explore TIF bonds for the cost of the improvements, which are currently estimated at $4.7 million dollars, although this figure is still being refined. At the August 25th meeting, Terry Post, City Accountant, along with Ehlers & Associates, will present the bond sale information. The number of diflerent issues related to the Welsh Construction may necessitate a later bond issuance. These improvements are consistent with the vision the City Council approved for the Gateway Business District back in the late 1980's. The City's financial consultants believe satisfactory TIF funds will be generated to pay for the bonds. The developer agreement will also provide safeguards for funding, and this agreement will also be presented at the August 25th meeting. Mr. Post added that the estimated costs of these improvements probably require that the City obtain extemal funding, and the issuance of General Obligation bonds is the most appropriate option to do so. Mayor Probst inquired what the timetable was for Council approval. Mr. Fritsinger stated approval will be requested at the August 25th meeting. Mayor Probst requested clarification that the bond issuance will need to be approved at the August 25th meeting. Mr. Fritsinger replied that while holding of I on approval of bonds will probably not affect the construction schedule, it could affect the interest rate the City receives on the bonds, as the rates are currently very low. Mayor Probst stated it is important that the City inform the residents that bonds are being purchased for this project. He suggested a press release or letter to the editor as some ways that this notice could be accomplished, and reiterated that the residents need to be informed before the approval takes place. Mr. Fritsinger stated he has met with representatives of Mounds View High School regarding graffiti and vandalism along County Road F. He stated this meeting was very positive, and he was very impressed with the progress made on this issue. Mayor Probst stated this meeting was a good first step, and stated the school district and the Student Council are very knowledgeable and informative.