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Regular City Council Meeting Monday, June 08, 2009 Page 15 Acting Mayor Roe reminded Councilmembers that the HRA would be discussing potential policy issues and making recommendation to the City Council for fur- ther discussion and consideration should other proposals come forward. Roll Call Ayes: Johnson; Pust; and Roe. Nays: Ihlan. Motion carried. e. Set Bond Refunding Date for the City's 1999 Street Construction Bonds Acting City Manager/Finance Director Miller summarized the Request for Coun- cil Action dated June 8, 2009; based on current market conditions, lower interest rates, and potential financial benefits in refunding Street Construction Bonds is- sued in 1999, and scheduled to retire in 2014. Mr. Miller noted that, given the relatively small savings projected, it would not be normally advantageous to refi- nance the bonds; however, with the City going to the bond market for issuance of the Westwood Village I Housing Revenue Bonds, and by combining both financ- ings, the City could potentially save thousands of dollars of issuance costs. Mr. Miller advised that the City would have the option to back out by July 20, 2009 if the market rates begin to rise, with staff continuing their scrutiny of the bond market over the next few weeks. Discussion included the original issue amount and that remaining; and potential costs incurred for refinancing the bonds. Councilmember Pust commended Mr. Miller for his ongoing monitoring of mar- ket conditions and for his fiscal responsibility of taxpayer monies. Johnson moved, Pust seconded, adoption of Resolution No. 10714 entitled, "Resolution Providing for the Competitive Negotiated Sale of $1,105,000 General Obligation Refunding Improvement Bonds, Series 2009B." on 7/20/2009 Roll Call Ayes: Johnson; Pust; Ihlan; and Roe. Nays: None. f. Request by AEON for Final Development Plan, Final Plat, Rezoning and PUD Agreement approval for Har Mar Apartments (PF07-068) City Planner Thomas Paschke briefly summarized the Request for Council Action dated June 8, 2009, and the request for FINAL DEVELOPMETN PLANNED UNIT DEVELOMPENT, FINAL PLAT, REZONING AND PLANNED UNIT DEVELOPMENT AGREEMENT to complete site and existing building im- provements to the Har Mar Apartments, 2225 to 2265 Snelling Avenue and to de- velop anew 50 unit, 4 story apartment building in the northwest corner of the property.