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Cotmcilmember Anderson stated that the one issue that keeps being brought up by the residents <br />is the lack of communication with the residents and inquired if more money should be budgeted <br />to help increase communication with the residents. <br /> <br />Councilmember Hendriksen suggested utilizing the City's web site to help inform residents as to <br />what is happening in the City. <br /> <br />Councilmember Connolly stated that it may be time to contract with an outside company to <br />maintain the web site. <br /> <br />Assistant City Administrator Moore-Sykes replied that staff has had meetings with a couple of <br />companies regarding that issue. <br /> <br />Councilmember Zimmerman stated that more money does need to budgeted to improve <br />communications. He feels that residents need to be informed about what the City will be doing <br />rather than what they have done. <br /> <br />COMMITTEE BUSINESS <br /> <br />Case/ti: <br /> <br />Presentation by Financial Firm of Juran and Moody; Discussion of Bond <br />Sale for Land Purchase and Public Improvements Regarding the Maken & <br />Sauter Properties <br /> <br />Steve Mattson, Juran and Moody, presented the finance plan summary of the bond sale. A <br />$2,600,000 Tax Increment Bond is the source of funding for the purchase of the Maken and <br />Sauter land parcels and sewer, water, and streets of 143rd Avenue and 141st Avenue and Ebony <br />Street. Mr. Mattson proposed a public sale of the bonds on December 19"'. He stated that the <br />only question is if the interest rates today will be better than in the middle of December, but <br />because of the uncertainty with the next President, it is very difficult to predict what will happen. <br />At this time they are proposing a public sale, but if interest rates are very negative they would <br />suggest to put it off and wait for the market to come to them on a negotiated basis, but they <br />would like to issue the bonds this year if they can. Mr. Mattson also noted that as the City's <br />financial advisor they would need to give notice to all of the underwriters that they will also be <br />bidding on the bonds. <br /> <br />City Administrator Norman stated that Juran and Moody is criticized by other financial advisors <br />because they can bid on the bonds, but staff looks at it as an advantage. <br /> <br />Councihnember Anderson verified that they need to disclose the information first. <br /> <br />Mr. Mattson replied yes. He explained that they would only bid on the bonds if it is a distinct <br />advantage to the City. When the official statement is sent out, there is wording that states they <br />are the financial advisor as well as the fact that they will reserve the right to bid on the bonds. <br /> <br />Finance Committee/November 28, 2000 <br /> Page 2 of 8 <br /> <br /> <br />