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Mr. Donovan stated the bond interest rate was outlined in the proposed <br />brochure at 8.75%, a realistic figure from the Springstad consulting <br />agent. He also stated the proposed bond vote day is tentatively set <br />for April 21 or 28, 1981. <br />Mr. Donovan addressed the Commission and stated when he addressed the <br />February 24, 1981 City Council meeting, the CoanCil would not be able <br /> to go with a 8.75% rate at this time due to a previous motion approved <br /> to have the bond rate set at 8%. M~. Donovan stated it would be <br /> difficult to prepare a brochure at 8.75% bond interest rate when he <br /> ~ows now that there has already been an 8% bond interest rate passed on this <br /> issue and that it would reflect on the Park and Recreation C0n~mittee as an <br /> attempt to misrepresent the facts if the rate were not at 8.75% and can'b see going <br /> ahead with the project if the brochure had to be printed with the 8% rate. <br /> Benjamin Deemer stated for the're~ord he is in favor of the concept and the <br /> Park Bond Is'sue should be put out to the citizens for them tO decide. <br /> Mr. Donovan stated.on December 16', 1980, the Park Bo&rd was ~uthorized <br /> to proceed with CED to prepare a brochure. He presented a proposed brochure <br /> and stated the next parkboa~d meeting would b& this Thursday. <br /> Chairman Kenneth Peterson commented he would like to know if this <br /> project would jeopardize other Ramsey projects. <br /> Mr. Donovan read partS of an ~rticle in the ~no~a pa~er regarding the <br /> bond interest rate issue. <br /> Chairman Kenneth Peterson stated he would like M~r. D~nov~n to update the <br /> P&Z Commission and get further commentS from the P&Z Commi~Sston at that <br /> tlm~. <br /> Kathy Schneider ~stated the City should have a ~ealistic bond interest rate <br /> figure in their brochure'~ <br /> Building Official Clayton Berg snd Ronald We~t both st~bed the citizens Would <br /> probably look atthe bottom-line figure of what it would be costing them on <br /> an individual basis. <br /> 'Arthur Dm~n stated the differen6e between 8 and 8475%is not that big <br /> aproblem; the issue is the bottom line figure. <br /> Arthur Dunn stated regardin~ the brochure, th~ letter fr~TM the Mayor should <br /> be the position of the Council, not the Mayor and if the Council doesn't <br /> ~gree, the Council should have their own letter. <br /> Kathy Schneider inquired inany fund raisers have b~en suggested for <br /> this project. <br /> Mr.~-Don0van stated at this sbage'no, however there"are 'supPort groups for <br /> the project and letters of support could caus& antagonism because of, special <br /> 'inierest groups. <br /> p&z/Ma~ch 3, 1981 <br /> <br /> <br />