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MINUTES OF CITY COUNCIL MEETING. CITY OF GEM LAKE January, 1998 The January meeting of the City Council of the City of Gem Lake was called to order by Mayor Emeott on Monday, 19 January 1998,.at.7:05 p.m, in the first floor meeting room of Tousley .Ford:. Mayor Emeott, Council Members Birkebak, Kunin, and Igo, Treasurer. Nordstrom, City Attorney Newcome, and Clerk Magnuson were present. Also present was Peter Ililger, Lisa Erickson, Russell King, Marianne Remedios, Nancy Keane, Deb Irvine, and Ed Hitchcock, all parties associated with White Bear Montessori School. Following Mayor Eineott's request for additions, deletions, orcorrections, the following were unanimouslyapproved as presented: 1) 15 December 1997 Public Hearing minutes on Motion by Igo, Second by Birkebak; 2). 15 December 1997.City Council Minutes on Motion by Igo; Second by Birkebak;3) 29 December 1997 Public Hearing Minutes on Motion by Kunin, Second by Birkebak; 4) 29 December 1997.City Council Special Meeting on Motion by Kunin, Second by Birkebak; 5) 1.9 January 1998.Agenda on Motion by Igo,. Second by Kunin. Lisa Erickson was recognized as President of White Bear Montessori School. Erickson presented an overview of White Bear Montessori School, it's history, it's operating. perspective, and their desire and intentions to acquire the Majestic Pines Church site for use as a.houne..for White Bear Montessori School. A purchase agreement between Majestic Pines and White Bear Montessori has been executed and the sale is pendingapproval of the City for use of the property as a school. Peter Hilger of Portfolio Designs was recognized as new facility designer for White Bear Montessori. 'Eger presented his credentials for Montessori school design as well as an overview of his proposed site plans. for White Bear Montessori School on the Majestic Pines Church site at 1201 East County Road. "E". Following review and discussion, Emeott proposed the City author an amendment. to Ordinance No. 43 to provide for schools on the site noting that he and Magnuson would review and prepare appropriate language for consideration. Motion by Igo, Second by Kunin to have City author amendment to Ordinance carried with. Birkebak opposed. Russell King of Dougherty Summit. Securities LLC was recognized as financial consultantto. White Bear Montessori School. King provided an overview of revenue bond financing as a vehicle for funding acquisition and site development of the Majestic Pines: site by White Bear Montessori School. King stated that the City, in issuing this type of revenue bond financing, is simply lending it's nameto the vehicle as allowed by state and federal law which reduces the interest rate on the property by an amount approximately equal to the taxeson the interest the lender would pay. By utilizing this type of financing, the project becomes affordable for theschool andallows more improvements due to reduced interest costs. In essence, the City issues the bonds which: are then transferred tothe lender and: secured by the mortgage on the property. The City has no liability to the debt.. On behalf of White Bear Montessori School, King requested the city consider this type of financing for the project and consider Marianne Remedios. of Faegre & Benson LLP law firm as bond counsel. Marianne Remedios of Faegre. & Benson LLP was recognized as (proposed) bond counsel for the project stating she. would represent both the City. and White Bear. Montessori School in the project.. Remedios confirmed. King's statement .regarding the financing vehicle, presented her credentials as bond counsel and provided an overview of the procedures necessary to proceed which includes a public.. hearing. Remedios stated that all expenses related to bond counsel shall be paid by White Bear Montessori School and presented her proposal to the school for same. Remediosrecommended that, if appointed, a public hearing in February would be recommended. Magnuson noted that apporntinent of bond counsel was recommended by the City Attorney's law firm and Faegre & Benson LLP was both well known as highly regard and acceptable as a recognized authority in these matters. Motion by Kunin, Second by Igo to appoint Marianne Remedios of Faegre & Benson LLP as bond counsel carried unanimously. Motion by Igo, Second by Kunin to adopt Resolution No. 98-04, setting a public hearing on the matter of the City's issuance of revenue bonds for White Bear Montessori School on 23 February 1998 at 7:00 pm and to change the. February date of the next City Council meeting to immediately following the public hearing carried unanimously. Discussion followed regarding White Bear Lake's partial approval of their watershed management plan followed with no action. taken. Page 1 of 2