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<br /> Minutes of Regular Counci I Meeting Novflmber 8, 1976
<br /> Page three
<br /> Proposed Zoning Ordinance
<br /> Lyn den reported he will have his comments prepar(.d re his review
<br /> of the Proposed Zoning Ordinance, for Council cor,s i deration at
<br /> November 22nd Councl I Meeting.
<br /> Request for Industrial Revenue Bonds - McKnight &eriatrlc Care
<br /> Center
<br /> Bond Counsel Peter Popovich Introduced Mr. Robert Sander and Roger
<br /> Wlngess from Juran and Moody, I nc., and Mr. Freedman, Bond Attorney
<br /> at Briggs and Morgan.
<br /> Popovich referred Council to his letter of 11-5-76 and attachments,
<br /> for Council's consideration relative to the Presbyterian Homes
<br /> . of Minnesota, ! nc. 's req uest for Issuance by the City of $4,000,000
<br /> Industrial Revenue Bonds.
<br /> PopoviCh noted that the Geriatric Care Center building construction
<br /> Is well underway; that Chapter 474. the Municipal Industrial Develop-
<br /> ment Act, permits issuance by.the City of such bonds without pledg-
<br /> Ing the fu II fa i th and credit of the City; the bond issue must be
<br /> approved by the State Commissioner of Economic Development.
<br /> PopoviCh explained that one revenue bond would be Issued +0 a
<br /> financial Institution, In this case. rather than sel ling the financing
<br /> to the public on the open market; Interest on the City financing
<br /> would be tax free and result In an approximate 1% savings for the
<br /> project. Hs described the Institution as a sophisticated entity;
<br /> If there were to be any default, It would not adversely affect the
<br /> City - one holder, with possibly one or two other financial Insti-
<br /> tutions participating.
<br /> i~~ . Sander ilnd Mr. Freedman supplied background jtlformation re the
<br /> p roposa I .
<br /> In rev I ew e,f the proposed resolution, Woodb u rn noted several ph rases
<br /> which he qU3stloned re their appropriateness, and Crichton noted
<br /> that for ph'losophical reasons he cannot approve of City's partici-
<br /> pation In tile proposal which, he feels, Is Intended to bring Indus-
<br /> try Into co'nmun I ties and Increase employment where needed; In his
<br /> estimation, does not honestly reflect Arden Hills' needs; does not
<br /> increase City tax base, but does Increase the tax burden for Arden
<br /> Hills res I dents.
<br /> After discussion, Woodburn expressed his feeling hhat proposal seems
<br /> to artificially shift funds to reduce Interest rate for the project,
<br /> but seems fess than "straight forward": law was enacted to attract
<br /> more Industry which we get whether or not we try 1"0 attract them.
<br /> Hanson stated he Is no less positive of this request than he was of
<br /> the I '.C, System Proposal; law has been enacted, If this Institu-
<br /> tion can be helped by City assisting In financing Its expansion pro-
<br /> gram, feels CIty should grant approval of the req!;est, which will'
<br /> re sui t In a re1uctlon of costs to the Homes, at no cost to the City.
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<br /> Wingert moved, seconded by Hanson, that Counc II adopt Resolution
<br /> No. 76-60, giving preliminary ap~ the Industrial Revenue
<br /> . Bond project. ~s submitted. Mot 0 ^ ngert, Hanson, Crepeau voting
<br /> In favor of tho motion: Crichton, Woodburn yotlng In opposition).
<br /> Mr. Perry, representing the Presbyterian Homes of Minnesota, I nc.,
<br /> thanked Council for Its decision.
<br /> Hunters Park Plthway
<br /> Mr. Robert Cur~ls, 1186 Benton Way, representing residents of
<br /> Hunters Park, uxpressed their concern re the public pathway along
<br /> the west boundary of Outlot 1 , Hunters Park Fourth Addition, and
<br /> requested an I <,def I n I te delay In Its construction unt i I alternate
<br /> routes can be studied. Curtis presented Councl I with a Petition,
<br /> containing 38 signatures, opposing the proposed pathway route.
<br /> Photos of the homes adjacent to the pathway were given to Council,
<br /> Indicating the problems:
<br /> I. Unreasonably close to private homes, el fminating privacy
<br /> to the rear of the homes.
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