2009-07-22 CC - Approved - Laserfiche WebLink

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City of Centerville City Council Meeting July 22, 2009 AA rating on Standard & Poors’ scale, which is 3 steps up the rating ladder from where it was with Moody’s. The report specified that the AA long-term rating assigned to Centerville, MN’s, series 2009A general obligation (GO) improvement bonds is based on the following rating factors: -Access to employment throughout the large and diverse Minneapolis-St. Paul area -Economic indicators that are all better than national averages -Financial performance Standard & Poors’ Ratings Services considers to be very strong -Financial management practices are considered to be good Mr. Fifield stated that this is a very positive rating review and encouraged Centerville to keep up the good work. 2.Resolution #09-020 - Accepting Proposal on the Sale of $3,715,000 G.O. Improvement Bonds (Pages 28-52) Mr. Fifield reviewed Resolution #09-0XX with the City Council. He reported that six very strong bids were received for the sale of the bonds. Motion by Council Member Broussard Vickers, seconded by Council Member Fehrenbacher, to approve Resolution #09-020, Accepting Proposal on the Sale of $3,715,000 G.O. Improvement Bonds, as presented by Northland Securities. All in favor. Motion carried unanimously. 3.Downtown Redevelopment – Mr. Rusty Fifield, Northland Securities Mr. Fifield reported that he met with the Beard Group. He stated that they have been close, but unsuccessful, regarding the tax credit. The tax credit market has decreased 20-30%, which significantly impairs the feasibility of what they would like to do. Mr. Fifield stated that he believes the downtown redevelopment will occur, but that it will not happen in the foreseeable future. He added that, if things turn around, housing will lead the way. He has seen a decrease in people interested in doing these types of projects. Mr. Fifield reported that there was good news from the Legislative Session. They are coming up on the 5-year rule. At the last session, it was discussed to extend the 5-year rule to 10 years. City Administrator Larson stated that the City has received letter from the State of Minnesota for the public improvements part of the downtown project. They need to see progress by September 30. Because this is funded by bond proceeds, if they do not spend the money by the end of year, they will not be able to spend it. City Administrator Larson stated that he would like the City Council to hold a Work Session in August or September to discuss alternatives. After the discussion on grant funding, the Council will need to decide what to do with the downtown redevelopment. Page 4 of 8