Agenda - Council - 09/14/2021 - Laserfiche WebLink

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