Minutes - Council - 06/28/2005 - Laserfiche WebLink

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City Engineer Jankowski explained one of the property owners indicated that they did not wish to pave the cul-de-sac, and wanted to reduce the cost of the project because of that. Staff was dircctcd to prepare cost estimates to show individually the cost of the trail from the trail fund, the road divided 50/50 between the City and the property owners, and the cul-de-sac divided 50/50, as well as the cul-de-sac paid 100% by the City. The two options have been outlined in the feasibility study. Councilmember Elvig stated the Public Works Committee determined that the property owners had a logical argument in not wanting to pay for a cul-de-sac they do not even live on. However, thc City docs not want to lose the cul-de-sac for public purposes, such as plowing. The Public Works Committee determined it was a fair assumption that the City pay for the paving of the cul- de-sac, and only assess the property owners for their frontage. This is outlined in Option B. Motion by Councilmember Cook, seconded by Councilmember Pearson, to direct Option B of thc feasibility report for financing of the remaining road and cul-de-sac cost associated with hnprovement Project #05-24. Further cliscussion: Mayor Gamec noted the City will save more than the additional cost for the cul-de-sac with savings from the grader not being required on this street. Motion carried. Voting Yes: Mayor Gamec, Councilmembers Cook, Pearson, Elvig, Olson, and Strommcn. Voting No: None. Absent: Councilmember Jeffrey. Case/43: Public Hearing: Final Approval of Loan Agreement between the City of Ramsey and Kilkenny, LLC and Authorization of the Issuance and Sale of $35,000 Industrial Development Revenue Note of 2005 and Authorization of the Issuance and Sale of $3,810,000 Variable Rate Demand Industrial Development Revenue Bonds Mayor Gamec closed the regular portion of the City Council meeting at 7:21 p.m. in order to conduct a public hearing. Public Hearing Mayor Gamec called the public hearing to order at 7:21 p.m. Presentation (;onsultant Mulrooncy reviewed that the Mate Precision Tooling building will be purchased and occupied by Sign-Zone, Inc., currently located in New Brighton. To facilitate the acquisition, thc company is requesting that the City of Ramsey provide financing through the issuance of Industrial Revenue Bonds. At the regular City Council meeting of May 24, 2005, the Council ~qdoptcd a resolution that indicated Council's agreement with the financing concept for the projcct. He advised this form of financing has significant cost advantages for manufacturers like Sign-Zone. Tax-exempt Industrial Revenue Bonds are securities issued by a local government agency or city to finance qualified capital projects for use by private business and City Council / June 28, 2005 Page 7 of 24