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<br /> - .. <br /> CITY OF ARDEN HILLS <br /> . MEMORANDUM <br /> DATE: January 15, 1998 <br /> TO: Brian Fritsinger, City Administrator <br /> FROM: Terrance Post, City Accountant .@ <br /> SUBJECT: 1998 General Obligation (G.O.) Bond Issuance <br /> Background <br /> Council had previously taken action on this subject at the regular Council meeting of October 27, <br /> 1997, by the adoption of Resolution #97,48, providing for the sale of $3,050,000 General <br /> Obligation Bonds, Series" 1997 A."' However, due to date uncertainties regarding the City's land <br /> acquisition of Naegele/Morris Communications property, the bond sale was called off. With the <br /> land purchase issues resolved with Naegele/Morris Communications, this item is again before <br /> Council for consideration. <br /> Public Imnrovements Overview <br /> In support of development activities in the Gateway Business District (GBD), the need for <br /> related public improvement in support of such activities exists. Specifically, the public <br /> . improvements can be summarized as being required in two areas: <br /> I. The relocation of Fourteenth Street and related utilities (water, sanitary sewer, storm <br /> sewer) in order to support parcel assembly and improve site plan layout with respect to <br /> Gateway Zoning requirements. <br /> 2. The reconfiguration and resignalization of the Highway 96 West Round Lake Road <br /> intersection. While this intersection currently operates in a marginal capacity, it is <br /> estimated that additional traffic volume from GBD development activities will require the <br /> intersection to be upgraded for safety reasons, <br /> Use of Funds for Public Imnrovemcnts <br /> As the attached "Bond Use"' schedule details, anticipated public improvement and other outlays <br /> are summarized in the table below: <br /> Fourteenth Street Improvements $1,280,090 <br /> Highway 96/Round Lake Road Intersection 1.486.000 <br /> Subtotal Public Improvements 2,766,090 <br /> Capitalized Interest 276,035 <br /> Bond Issuance Costs 68,750 <br /> Less Accrued Interest (10.875) <br /> e Bond Issue $3.100.000 <br />