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ARDEN HILLS CITY COUNCIL - July 28, 2008 13 Mr. Steve Fenlon, from MHC, representing Presbyterian Homes, stated that the original offer from Presbyterian Homes included a provision that stated if Arden Hills issued any bonds over the next three years then the fee of Y2 of 1 % with a $75,000 limit would apply. He also stated that based on the amendments that have been proposed the Council is only considering the fee of Y2 of 1 % for the year 2008. Councilmember Holmes stated that the amounts being requested in future years is not specified. Mr. Fenlon stated that he does not know what the amounts would be in the future. He also stated that Presbyterian Homes is grateful to the City of Arden Hills for the time and attention that the Council has put into this request. Councilmember Holmes stated that future Councils may be willing to look at similar requests from Presbyterian Homes. Councilmember McClung asked Finance Director Iverson if the City's financial advisors had reviewed the fee proposal and what their input was regarding it. Finance Director Iverson stated that the financial advisors had recommended a fee of 1 0/0. Councilmember McClung asked if there were other cities beyond Minneapolis that were receiving a fee of 1 0/0. Finance Director Iverson stated that there are some cities that are charging a I 0/0 fee. Councilmember Holden stated that she would be in favor of this motion and would not be willing to commit the City to future years. Councilmember Grant stated that the issuance of these bonds does not pose any risk to the City and the City is acting as a conduit in issuing the financing. Mayor Harpstead reread the amended motion of the floor. The motion as amended was called to a vote. The motion carried (4-1 - Councilmember McClung). G. Purchase of Additional 800 MHz Radios for Arden Hills Emer2encv Mana2ement