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CC_Minutes_2015_0713
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CC_Minutes_2015_0713
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8/10/2015 3:20:20 PM
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Roseville City Council
Document Type
Council Minutes
Meeting Date
7/13/2015
Meeting Type
Regular
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Regular City Council Meeting <br /> Monday,July 13,2015 <br /> Page 34 <br /> Mayor Roe referenced the displayed map and the small portion of land that could <br /> be purchased for the cost of this bond issue. <br /> As a rhetorical question, Councilmember McGehee noted the City's ownership of <br /> 185,000 square feet of easement now that could be sold, and questioned if there <br /> was any reason the City couldn't or shouldn't bond for more than$3.1 million. <br /> Mayor Roe clarified that amount, after analysis, was all that the TIF District <br /> would support based on current development. <br /> Councilmember McGehee opined that, with the City's Port Authority ability, it <br /> could do the $3.1 million and partner to do additional work. <br /> Mayor Roe concurred that the City could use Port Authority bonding at any time <br /> if they chose to do so. <br /> At the request of Councilmember Willmus, City Attorney Gaughan advised that <br /> the City could not sell land purchased for rights-of-way or easement, and if not <br /> needed by the City chose not to hold it, it would revert back to the original prop- <br /> erty owner. At the request of additional Councilmembers, Mr. Gaughan advised <br /> that property owners would not return any money to the City as the City did not <br /> have the right to sell the property as a third party; with the original property own- <br /> er then getting the property back and retaining the original purchase money from <br /> the City. <br /> City Manager Trudgeon noted that the federal government would also want their <br /> money returned that was used to purchase the last segment. <br /> Councilmember McGehee opined it would make a nice pathway to the Langton <br /> Lake Park. <br /> Mayor Roe confirmed with City Manager Trudgeon that requested action at the <br /> July 20, 2015 meeting would be to authorize a sale date for bond issuance. <br /> At the request of Councilmember McGehee, City Manager Trudgeon reviewed <br /> the limitations for using bonds based on eligible expenditures, which could be an- <br /> swered in more detail at the July 20 meeting by Bond Counsel. <br /> At the request of Mayor Roe, City Manager Trudgeon addressed specified bond <br /> purpose and a time clock for selling the bonds; and using this conservative pro- <br /> posal as presented, advised if there was further development in the area, it would <br />
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