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<br />ARDEN HILLS REGULAR CITY COUNCIL MEETING MINUTES <br />SEPTEMBER 27, 2004 <br /> <br />6 <br /> <br />. <br /> <br />Councilmember Holden stated keeping this school in the City was very important. <br /> <br />MOTION: Councilmember Grant moved and Councilmember Holden seconded a <br />motion to approve Resolution #04-54 as amended Advocating the Mounds <br />View School District to Keep Valentine Hills Elementary School Open. <br />The motion carried unanimously (5-0). <br /> <br />7. UNFINISHED BUSINESS <br /> <br />A. Bid Openinl! and Final Approval Sale of Bonds <br /> <br />Mr. Siddiqui stated on September 13, 2004, the Council authorized Ehlers & Associates to <br />solicit proposals for the sale of $2,41 0,000 G.O. Tax Increment Refunding Bonds. This is <br />refunding of the $3,100,000 in General Obligation Tax Increment Bonds, Series 1998A, issued <br />originally in 1998. The bonds were issued for the purpose of financing and relocated 14th Street <br />improvements and Round Lake Road/Highway 96 intersection improvements in Tax Increment <br />District No.2. <br /> <br />Mr. Siddiqui stated Ehlers & Associates had solicited proposals for the sale of the bonds. He <br />stated Piper J affrey had come in with the lowest bid and that bid was being recommended for . <br />approval. He further stated that this refunding would save the City approximately $130,000 in <br />present value due to reduced interest rates. <br /> <br />MOTION: Councilmember Grant moved and Councilmember Larson seconded a <br />motion to accept bid proposal from Piper Jaffrey & Co. and adopt <br />"Resolution Awarding the Sale of $2,395,000 General Obligation Tax <br />Increment Refunding Bonds, Series 2004A; Fixing their Form and <br />Specifications; Directing Their Execution and Delivery; and Providing for <br />Their Payment. <br /> <br />Councilmember Grant explained the purpose of the bond and how the City was saving money <br />by accepting this bid from Pipe Jaffrey & Co. <br /> <br />Shelly Elridge, Ehlers & Associates, stated this was a refinancing. She summarized the spread <br />between the six bids received. <br /> <br />The motion carried unanimously (5-0). <br /> <br />B. Lexinl!ton Avenue Reconstruction Proiect <br /> <br />Jim Tolaas, P.E., Lexington Avenue Reconstruction Project Manager for Ramsey County . <br />Public Works, stated in fall, 2003, the Ramsey County Public Works Department informed the <br />City that Lexington Avenue would be reconstructed in 2005. The section of Lexington Avenue <br />that would be reconstructed was between Cummings Park Drive and Highway 96. The Ramsey <br />