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<br />CITY OF CENTERVILLE <br />CITY WORKSESSION MEETING <br />November 6, 2003 <br />6:30 p.m. <br /> <br />Unapproved <br /> <br />I. CALL TO ORDER <br /> <br />Mayor Sweeney called the Council Worksession to order at 6:30 p.m. Present <br />at the meeting were Councilmembers Broussard Vickers, Capra, Lee and Paar; <br />City Administrator Kim Moore-Sykes, Finance Director Ellen Paulseth, City <br />Engineer Tom Peterson, Northland Securities representatives George Eilertson <br />and Nick Skarich, Sedona Homes representatives Paul Kellior, Scott <br />Montgomery and Pat Pelstring. <br /> <br />II. DISCUSSION ITEMS <br />a. Street Reconstruction Plan. Tom Peterson, City Engineer, presented a <br />draft of the City Street Reconstruction Plan with timing modifications <br />proposed for years 2004, 2006 and 2008. George Eilertson, Northland <br />Securities, reported on the financing requirements regarding the use of <br />bond proceeds. <br /> <br />Mr. Eilertson indicated that generally the City can expect between 15% <br />and 20% pre-pay from residents on their special assessments. He also <br />indicated that these pre-paid amounts can be placed in a revolving account <br />that can be used to help pay for the next project in 2006. <br /> <br />The Council asked about the City's current interest rate for special <br />assessments. Mr. Eilertson responded that he thought the City's interest <br />rates are low enough to be competitive with the market. <br /> <br />Council asked about including the 2008 street project in the bonding for <br />2004 and 2006. Mr. Eilertson indicated that that could be done, but that <br />5% ofUle total amount needed to be spent down within 3 years. He <br />indicated that that is why those projects for 2008 were not included in this <br />evening's proposal. Mr. Eilertson also recommended that the length of the <br />City's bond for these street projects be expanded to IS years in order to <br />limit the City's financial exposure. Staff concurred. <br /> <br />Council asked that this item be placed on the November l2'h Council <br />meeting agenda for further discussion. <br /> <br />b. Tax Increment Financing Discussion. Nick Skarich, Northland Securities, <br />presented information regarding setting up and administering Tax <br />Increment Financing District for redevelopment. He indicated that <br />