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<br /> r --~ '~ --- ~',""' , 'I <br /> ,~. ':.-.} ; ': ti " <br /> U~C\.gt j <br />ARDEN HILLS CITY COUNCIL - OCTOBER 27. 1997 2 <br /> I <br />CONSENT CALENDAR .. <br /> A. Claims and Payroll <br /> B. Public Safety Commission, Stop Sign Recommendation, Northwoods Drive at <br /> Red Fox Road I <br /> c. Resolution #97-51, Adopting and Confirming Special Assessment for Delinquent <br /> Utilities <br /> D, Proclamation, "Celebration of Literacy Day" in Arden Hills November 1, 1997. I <br />MOTION: Malone moved and Keirn seconded a motion to approve the Consent Calendar as <br /> submitted and authorize execution of all necessary documents contained therein. I <br /> The motion carried unanimously (4-0). <br />PUBLIC COMMENTS I <br />Mayor Probst invited those present to come forward and address Council on any item not already I <br />on the agenda. There were no public comments. <br />UNFINISHED AND NEW BUSINESS I <br />A. Gateway Business District (GBD) <br /> 1. Resolution #97-48, Providing for the Sale of$3,OSO,OOO General Obligation tJ <br /> Tax Increment Bonds, Series I997A. <br />Terry Post, City Accountant, gave an overview of the $3,050,000 in bonds to be sold to pay for I <br />the necessary improvements to 14th Street and the reconfiguration and signalization of Round <br />Lake Road/Highway 96 intersection. These bonds are slated to be sold on November 17, 1997. I <br />Mr. Post stated that Steve Apflebacher of Ehlers & Associates was present at the meeting to <br />answer questions. <br />Mayor Probst inquired regarding the closing date of the bonds. Mr. Post stated the final closing I <br />is scheduled for November 17, 1997, and the bonds are to be sold on November 18, 1997. <br />Mayor Probst requested clarification that the amount of the bond includes land acquisition costs I <br />for Highway 96 and Round Lake Road. Mr. Post stated that was correct. <br />Mayor Probst inquired, in light of the recent stock market activity, whether it would be more I <br />prudent for the City to wait on this bond sale or to go ahead. Steve Apflebacher of Ehlers and <br />Associates stated the tax exempt market is tied to Treasuries, and the rate for those is the lowest I <br />in 15 years. He stated he believes this bond sale is a good risk for the City since bidding was still <br />strong for bonds. <br />Councilmember Malone inquired how the bonds are secured in the long and short term. Mr. Post I <br />stated the developer has agreed to special assessments related to the 14th Street improvements. .. <br />The developer has also agreed to valuation assessment on the properties. With these two <br />elements in place, the City has good protection. <br /> I <br />