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ARDEN HILLS CITY COUNCIL, OCTOBER 27. 1997 2 . CONSENT CALENDAR A. Claims and Payroll B. Public Safety Commission, Stop Sign Recommendation, Northwoods Drive at Red Fox Road C. Resolution #97,51, Adopting and Confirming Special Assessment for Delinquent Utilities D. Proclamation, "Celebration of Literacy Day" in Arden Hills November 1, 1997. MOTION: Malone moved and Keim seconded a motion to approve the Consent Calendar as submitted and authorize execution of all necessary documents contained therein. The motion carried unanimously (4,0). PUBLIC COMMENTS Mayor Probst invited those present to come forward and address Council on any item not already on the agenda. There werc no public comments. UNFINISHED AND NEW BUSINESS A. Gateway Business District (GBD) . 1. Resolution #97-48, Providing for the Sale of $3,050,000 General Obligation Tax Increment Bonds, Series 1997A, Terry Post, City Accountant, gave an overview of the $3,050,000 in bonds to be sold to pay for the necessary improvements to 14th Street and the reconfiguration and signalization of Rowld Lake Road/Highway 96 intersection. These bonds are slated to be sold on November 17, 1997. Mr. Post stated that Steve Apflebacher of Ehlers & Associates was present at the meeting to answer questions. Mayor Probst inquired regarding the closing date ofthe bonds. Mr. Post stated the final closing is scheduled for November 17, 1997, and the bonds are to be sold on November 18, 1997. Mayor Probst requested clarification that the amount of the bond includes land acquisition costs for Highway 96 and Round Lake Road. Mr. Post stated that was correct. Mayor Probst inquired, in light of the recent stock market activity, whether it would be more prudent for the City to wait on this bond sale or to go ahead. Steve Apflebacher of Ehlers and Associates stated the tax exempt market is tied to Treasuries, and the rate for those is the lowest in 15 years. He stated he believes this bond sale is a good risk for the City since bidding was still strong for bonds. Councilmember Malone inquired how the bonds are secured in the long and short term. Mr. Post . stated the developer has agreed to special assessments related to the 14th Street improvements. The developer has also agreed to valuation assessment on the properties. With these two elements in place, the City has good protection.