Laserfiche WebLink
<br />Councilmember Riley aye <br />Mayor Kuzma aye <br /> <br />Motion carried. <br /> <br />7.02: Adopt Resolution #21-244 Providing for the Sale of $10,700,000 General Obligation <br />Capital Improvement Plan Refunding Bonds, Series 2021A <br /> <br />Finance Director Diana Lund reviewed a proposed Resolution authorizing early call-in of bonds <br />by December 2021. She added City Staff recommends that the City take advantage of this early <br />call feature and current low interest rates, refund this issue and re-issue a new debt proposed in <br />$10.7 million to cover issuance cost and underwriter’s discount. She noted the current interest rate <br />is 1.26% compared to 3% of current debt, for a total savings of $105,000 per year over the next 10 <br />years. <br /> <br />Finance Director Lund stated Ehlers will be handling the sale of the bond to occur by September <br />28, 2021, and the results will be presented to the City Council at their September 28, 2021 meeting. <br /> <br />Motion by Councilmember Riley, seconded by Councilmember Musgrove, to Adopt Resolution <br />#21-244 Providing for the Sale of $10,700,000 General Obligation Capital Improvement Plan <br />Refunding Bonds, Series 2021A. <br /> <br />Motion carried. Voting Yes: Mayor Kuzma, Councilmembers Riley, Musgrove, Heineman, <br />Howell, Specht, and Woestehoff. Voting No: None. <br />7.03: Consider Resolution #21-229, Comprehensive Plan Amendment to Re-Guide PID <br />#20-32-25-44-0003 from High Density Residential (HDR) to Medium Density <br />Residential (MDR) (Project No. 21-122); Case of Lennar <br /> <br />Senior Planner McGuire Brigl reviewed a proposed Resolution to rezone a 35-acre site around the <br />Fire Station from R1 and R3 to medium density residential. She added City Staff were directed <br />by the City Council to find an additional 28 acres in the City that could be guided as high density <br />residential, to maintain eligibility in the Metropolitan Council’s LCA Program. She noted the <br />three potential sites are privately zoned. <br /> <br />Senior Planner McGuire Brigl stated the first site is a 7.2-acre site adjacent to Suite Living and <br />commercial uses. She added the Planning Commission have identified this site as a high-quality <br />commercial site. She noted the City Council can change the vision for this site. <br /> <br />Senior Planner McGuire Brigl stated the second site is a privately-owned 14.5-acre site with some <br />ponding located south of Highway 10 and south of Riverdale Drive. She added this property is <br />adjacent to a large regional park and could be a good opportunity for high-density residential. She <br />noted City Staff have received inquiries about this site, which is guided for commercial but could <br />be changed to residential. <br /> <br />City Council / August 24, 2021 <br />Page 8 of 14 <br /> <br />