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the discussion going and appreciates the suggestion of Councilmember Elvig. Councilmember <br />Strommen reiterated the need to deal with the economic development piece to assure a growing <br />tax base to meet the long -term plan as stated by Public Works Director Olson. <br />Mayor Ramsey stated he is not as concerned with economic development because a lot is going <br />on in The COR and Development Manager Lazan and City Administrator Ulrich will pick up <br />some of the slack. He stated he is not sure whether it is a good proposal to have EDA members <br />visit businesses or to not meet monthly. <br />City Administrator Ulrich indicated staff will bring back a proposal through the public process. <br />Finance Officer Lund provided an update on restructuring the municipal center debt, advising <br />that rates have gone up the past week, changing the present value savings from $425,000 positive <br />to $17,000 negative. She presented the memorandum from Paul Donna, Senior Vice President of <br />Northland Securities, noting this was a negotiated sale so the bond market can be entered at any <br />time once the market stabilizes. <br />City Administrator Ulrich advised there is still an annual cash flow savings for the first ten years. <br />The consensus of the City Council was support a bond sale to refinance the municipal center <br />when a positive net present value savings can be realized and to rely on the recommendation of <br />Mr. Donna relating to when to move ahead. <br />3. FUTURE TOPICS FOR DISCUSSION <br />Noted. <br />4. MAYOR / COUNCIL / STAFF INPUT <br />None <br />5. ADJOURNMENT <br />Motion by Councilmember Elvig, seconded by ' Councilmember Wise, to adj ourn the Work <br />Session meeting. <br />The Work Session of the City Council was adjourned at 9:37 p.m. <br />Respectfully submitted <br />K urtis G. City A. inistrator Ulrich <br />City Administrator <br />City Council Work Session / March 20, 2012 <br />Page 11 of 12 <br />