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<br />. <br /> <br />~ <br />~HILLS <br /> <br />Draft <br />CITY OF ARDEN HILLS, MINNESOTA <br />CITY COUNCIL WORK SESSION <br />MONDAY, MARCH 28, 2005, 8:15 P.M. <br />CITY HALL COUNCIL CHAMBERS, 1245 WEST HIGHWAY 96 <br /> <br />CALL TO ORDER <br /> <br />Mayor Aplikowski called the meeting to order at 8:15 p.m. <br /> <br />Present: <br /> <br />Mayor Beverly Aplikowski, Councilmembers David Grant, Gregg Larson, and <br />Brenda Holden. <br /> <br />Absent: <br /> <br />Councilmember Lois Rem (excused). <br /> <br />Staff Present: City Administrator, Michelle Wolfe; Director of Operations & Maintenance, <br />Thomas Moore; Finance Director/Treasurer, Murtuza Siddiqui; Community <br />Development Director, Scott Clark; and Recording Secretary, Kathleen Altman. <br /> <br />. TCAAP PUBLIC FINANCING <br /> <br />Mr. Clark presented the draft and amended Resolution and the reformatted Public Finance <br />Policy as recommended by the City Attorney. He asked what additional questions did Council <br />have regarding the Public Financing Plan and when would Council want to act on this item. <br /> <br />Councilmember Grant asked with the financing tools, where was the risk. Stacie Kvilvang, <br />Ehlers & Associates, replied with General Obligation Assessment Bonds they would be <br />assessing 100 percent back to the property owners. <br /> <br />Collin Barr stated the City's assessment had a first interest before a mortgage and the land <br />would be more than the value of the special assessment being financed. <br /> <br />Councilmember Grant asked for the cost of each option. Ms. Kvilvang, replied the TIF bonds <br />would be at the market rate, special assessment bonds ranged anywhere between 4-5.5 percent <br />depending on the market. <br /> <br />Councilmember Grant noted the general obligation was less expensive than the TIF. Ms. <br />Kvilvang replied that was correct. <br /> <br />Council member Larson asked what the process was that the County Assessor used in assessing <br />the land. <br /> <br />e <br /> <br />\\Earth \Admin \Council\M inutes\ W orksessiou \2005\3 -28-05, doc <br />