Minutes - Council - 01/08/2008 - Laserfiche WebLink

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Motion carried. Voting Yes: Mayor Gamec, Councilmembers Strommen, Jeffrey, Dehen, Elvig, and Look. Voting No: None. Absent: Councilmember Olson. 15) Report from Finance Committee 1) Refinancing of Anoka County HRA Bonds Relating to the Savannah Oaks Senior Housing Project City Administrator Ulrich stated that there was not time to hold a Finance Committee meeting earlier tonight, so this item was pulled from the Consent Agenda for discussion by the full Council. Finance Officer Lund stated that there are representatives from Ehlers and Associates and the County present to discuss this issue. Kathy Cardell, a financial advisor with Ehlers and Associates, stated that she and Mark Ruff as well as Karen Skepper from the County HRA program were here to discuss the bonds for Savannah Oaks. She stated that the interest rates have dropped so the bonds issued in 1998 are now good candidates for refinancing. She stated that they would like to amend the Joint Powers Agreement at a later meeting, but basically they would like to remove the City's general obligation pledge, which means this money could be refunded to the City and the debt could be removed from the books. She stated that, in return, the County is asking that the priority for placement at Savannah Oaks be opened to all County residents rather than giving Ramsey residents first priority. HRA representative Karen Skepper noted that the building has been in place for 10 years and in reviewing the waiting lists, there are very few Ramsey residents, so she feels it makes sense to move to an overall County priority. Councilmember Dehen asked why the County cannot remove their bond pledge without losing the priority placement for Ramsey residents. He stated that he wants to make sure the City's residents are taken care of. Ms. Skepper stated that in the early years, it made sense to have the City be the first priority, but reiterated that there are very few Ramsey residents on the waiting list and does not think they will be adversely affected by moving to a County-wide priority. Councilmember Look stated that he is concerned that as the population ages, there may be more of a need for the City's residents to have senior housing available. He stated that if they end up competing with others in the County he is concerned that residents will be forced to another community. Ms. Skepper stated that currently the priority is: Ramsey residents; County residents and family members and then open to anybody. She stated that if this is amended, the first priority would be County residents and Ramsey residents would still fall into that category. City Council / January 8, 2008 Page 5 of 23