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Regular City Council Meeting <br /> Monday,June 9, 2014 <br /> Page 26 <br /> ing a vacant restaurant that had hurt property values, and provided a good ex- <br /> change for all parties. <br /> Mayor Roe closed the Public Hearing at approximately 8:23 p.m., <br /> Laliberte moved, Etten seconded, adoption of Resolution No. 11153 (Attachment <br /> A) entitled, "Resolution of the City Council of the City of Roseville, Minnesota, <br /> Approving the Issuance of Public Finance Authority Revenue Bonds in a Maxi- <br /> mum Aggregate Principal Amount of$26,000,000 for the Purposes of Financing <br /> and Refinancing the Costs of Acquisition, Construction, Improvement, Renova- <br /> tion and Equipping of Certain Educational Facilities of the University of North- <br /> western—St. Paul and other Matters Relating Thereto." <br /> At the request of Councilmember McGehee, Mr. Schroeder reviewed the refi- <br /> nancing, to be issued in Wisconsin and owned by a bank with the lower interest, <br /> tax-exempt bonds more favorable for the bank's ownership, and those lowered <br /> costs passed onto Northwestern, due to their non-profit status. <br /> Councilmember McGehee spoke in opposition to the motion, not because of the <br /> University, but as a general principle and personal policy to support public and <br /> government entity use of tax-exempt bond status as originally designed. <br /> Mayor Roe spoke in support of the motion, opining that this followed an example <br /> of funding over the years with the City of Roseville issuing bonds on behalf of en- <br /> tities for tax-exempt housing projects in Roseville, as a pass-through. Mayor Roe <br /> noted that this in no way impacted the City's ability as issuing agency to bond for <br /> its own purposes, and the statement that it took away from the public entity was <br /> not accurate. Mayor Roe opined that it made sense to spend the money and assist <br /> in obtaining a lower interest rate to take advantage of this funding mechanism, <br /> and further opined that to oppose it didn't make sense. <br /> Roll Call <br /> Ayes: Willmus; Laliberte; Etten; and Roe. <br /> Nays: None. <br /> Abstentions: McGehee <br /> Motion carried. <br /> 12. Budget Items <br /> 13. Business Items (Action Items) <br /> a. Consider University of Northwestern Land Use TEXT AMENDMENTS to City <br /> Code <br /> City Planner Thomas Paschke briefly summarized this joint text amendment re- <br /> quest of the University of Northwestern and the City of Roseville Community <br />