2007 03-20 CC MINUTES - Laserfiche WebLink

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not to exceed $850,000. Principal on the Bonds will be. due on February 1 in the years 2009 through 2028. 13onds maturing February. 1, 2018, and thereafter will be subject to prepayment at the discretion of the City on February 1, 2017. Todd Ehlers noted that Pre -Sale review wasdone on this date; .distribute official statement week of April 9; conference withrating agency — non -rated; Bond Sale: May 7, 2007, 2007; Estimated Closing Date: May. Todd Ehlers will come back on April 24th with an adjusted bond. issue. A Council Workshop willbe, held at 7:00 p.m.,. May 7, 2007 regarding the Bond Sale. In response to a question regarding theinterest rate for the Bond, it was explained that it is expected to be 4.2% for 20 year bond. Mayor Erneott explained that.the.$4:5,000 yearly payment needed in the first 1:0 years•of bond.re-payment. could be. met by.the savings ofapproxiinately $45,000.bytrimming City administration costs from last. year which cost. the'City $96,000: Administrative services being provided: by White Bear Township: is proposed to .be approximately $45,000 -. $50,000 per year. Watson rioted that this is...a unique opportunity for the City of Gem Lake to partner with White Bear Township. The..shared services will. be good for :Gem Lake and is. an. opportunity to: keep taxes as low as possible. He.noted that there were extensive meetings..last December, on the Gein.Lake 2007 budget and what was envisioned in the .next four years financially. The only. change will heir], shared services arid police and. tire: protection. Looking at the cost of administration, a clear savings was recognized in these shared services. The City i.s trying: tobe honest and fiscally responsible: In response to a. question .if. White Bear Township needs the. building, what then? The. City Attorney explained that this is a unique venture and that the City of Gem Lake does not have to be afraid of absorption. Rasmussen stated that the City of Gem.. Lake needs a City Hail. It has been made clear in recent events that. Gem Lake willbe a more properly functioning City and the Council is working on doing that in a sensible manner. Motion by Watson, Second by Artig-Swomley to approve Resolution 2007-06 Sale of. Approximately S785,000 General Obligation Bond was unanimously approved. APPROVED: S,E.H work. On Sewer Maintenance. procedure , $4000 guate. Unanimously approved. RESOLVED: Resolution 2007-07: Sewer baekupleleanup iinsuraitce All present were informed that insurance can be purchased from the Minnesota League. of Cities for this type of coverage. It Was noted that a no-fault: insurance policy of S.1.0,000 per structure could be used to clean up the building:dainaged by a City sewer backup if the owner's insurance.does not cover the clean up: To get this insurance City Main sewers need to be cleaned (flushed) on a regular basis and a report of a periodic television scarf of all of the. sewers needs. to be .provided to: the insurance company. Motion by Artig-Swomley, Second by Rasmussen to adopt: Resolution 2007-07 Sewer hackupicleanup:insurance was unanimously approved. RESOLVED: Resolution 2007-08 Variance to measure ground level ..for Building Height Measurement in Hillary Farm: Trevor Oliver, Our City Attorney, noted that the method of determining the building height. would be. included in the.proposed :2R` arnendment.to the Developers Agreement so that no Resolution was necessary RESOLVED:. Proposed 2nd Amendment to Developer's Agreement — Hillary Farm: Discussionwas held on the items in the proposed god amendment to. the Developers agreement, prepared by the Ge:m:Lake City attorney for the Hillary. Farzn. development. The matter of how to measure the building height in the Hillary Farm development, that was proposed in resolution 2007-08, was included in this revised developers agreement. In response to a question regarding the detaclunentlannexation suit, Trevor Oliver. of Kelly and Fawcett stated that with the verified amendment to the Developers Agreement the suit will be dropped. Patrick Kelly stated thatthere is an understanding between the parties and that all should be in order within 7 days. Motion by Rasmussen, Second by Artig-Swoinley to approve the Proposed 2°d amendment to Developer's Agreement — HilIary Farm was unanimously approved by voice vote.