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• Regular City Council Meeting Monday, October 10, 2011 Page 8 "2. Public Hearing. This Council shall meet on Monday, October 24, 2011 at 6:00 p.m., to hold a public hearing on the proposed adoption of a modified Redevelopment Project Area and Industrial Development Dis- trict No. 1 Plan, [in conjunction with the sale of bonds to finance the construction of a new fire station and park improvements] pursuant to and in accordance with Minnesota Statutes, Section 469.028, as amended." Public Notice: Line 131-132, amend to read: "... Project Area and Industrial Development District No. 1 within the City, [in conjunction with the sale of bonds to finance the construction of a new fire station and park improvements,]pursuant to Minnesota Sta- tutes, Section 469.028, as amended.... " Finance Director Chris Miller opined that he was not aware whether or not the Mayor's suggested language revisions created an issue; however, he noted that the City's bond counsel had specifically drafted the draft resolution to meet the letter of the law; and cautioned the City Council to be aware of his concern. City Manager Malinen suggested that the motion requested in the RCA include a stipulation that the Mayor's recommended language revisions be taken into con- sideration by bond counsel, and if no issue, to continue moving forward unless there was a legal issue related to inserting that additional language. Councilmember McGehee opined that there was no emergency in issuing the bonds; and expressed her personal disappointment in the entire bond issue process and insufficient information provided to-date. Councilmember Johnson, as a supporter of Abatement Bonds for the Parks Im- provements, and of CIP Bonds for the Fire Station; commended City Manager Malinen and staff for bringing forward this alternative, allowing for more flexibil- ity for the park improvement procedure rather than the strict abatement structure, as well as more flexibility in implementing those funds. Councilmember Johnson also recognized the substantial interest savings over the term of the bond issue of approximately$1 million. Johnson moved, Willmus seconded, adoption of a Resolution (Attachment A) en- titled, "Resolution Calling for a Public Hearing on the Proposed Adoption of a Modified Redevelopment Plan and Industrial Development District No. 1 Plan for Redevelopment Project Area and Industrial Development District No. 1," sche- duled for Monday, October 24, 2011, as presented. Councilmember Pust sought to clarify that this proposed action was not serving to delegate the City Council's authority, accountability, timing of the bond issue, or allocation of monies generated by issuing bonds to some non-elected body; with •