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<br />City ofCenl<tViIIe <br />City Council Meeting <br />July 22. 2009 <br /> <br />AA rating on Standard & Poors' scale, which is 3 steps up the rating ladder from where it <br />was with Moody's. <br /> <br />The report specified that the AA long-term rating assigned to Centerville, MN's, series <br />2009A general obligation (GO) improvement bonds is based on the following rating factors: <br />Access to employment throughout the large and diverse Minneapolis-St. Paul area <br />Economic indicators that are all better than national averages <br />Financial performance Standard & Poors' Ratings Services considers to be very <br />strong <br />Financial management practices are considered to be good <br /> <br />Mr. Fifield stated that this is a very positive rating review and encouraged Centerville to <br />keep up the good work. <br /> <br />2. Resolution #09-020 - Acceotin~ Proposal on the Sale of $3.715.000 G.O. <br />Improvement Bonds (Paszes 28-52) <br /> <br />Mr. Fifield reviewed Resolution #09-0XX with the City Council. He reported that six very <br />strong bids were received for the sale of the bonds. <br /> <br />Motion bv Couneil Member Broussard Vickers. seconded bv Council Member <br />Fehrenbacher. to approve Resolution #09-020. AeceptiDe: Proposal on the Sale of <br />$3.715.000 G.O. Improvement Bonds. as presented bv Northland Securities. AD ill <br />favor. Motion carried un..nimIlUSIv. <br /> <br />3. Downtown Redevelooment - Mr. Rusty Fifield. Northland Securities <br /> <br />Mr. Fifield reported that he met with the Beard Group. He stated that they have been close, <br />but unsuccessful, regarding the tax credit. The tax credit market has decreased 20-30%, <br />which significantly impairs the feasibility of what they would like to do. <br /> <br />Mr. Fifield stated that he believes the downtown redevelopment will occur, but that it will <br />not happen in the foreseeable future. He added that, if things turn around, housing will lead <br />the way. He has seen a decrease in people interested in doing these types of projects. <br /> <br />Mr. Fifield reported that there was good news from the Legislative Session. They are <br />coming up on the 5-year rule. At the last session, it was discussed to extend the 5-year rule <br />to 10 years. <br /> <br />City Administrator Larson stated that the City has received letter from the State of <br />Minnesota for the public improvements part of the downtown project. They need to see <br />progress by September 30. Because this is funded by bond proceeds, if they do not spend <br />the money by the end of year, they will not be able to spend it. <br /> <br />City Administrator Larson stated that he would like the City Council to hold a Work Session <br />in August or September to discuss alternatives. After the discussion on grant tilnding, the <br />Council will need to decide what to do with the downtown redevelopment. <br /> <br />Page 4 of8 <br />