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I I I I I I I I I I I I I I I I I I I )Dtion t!i Cbuncilmember Beimann and se<:x>nded t!i Mayor Beitman to introduce Ordinance '86-5 establiltling the West Drainage Storm Sewer 'laxing District. ft>tion carried. Voting Yes: Mayor He! bnan, CbWlci1members Sorteberg, Cbx and ReimaM. Voting No: None. Absent: CbWlcilmember Schlueter. C'ARIO .,4! ~ivina Fp,ltRihilit:v RPrnrt. CAllii'll] For 'Pljo)1ic RpArino pn nti 1i tips For 'lhFo Cit:v's InnltRtriAl Ar~A Ann C'Al linn For Puhl ic R~aril)9 On 'lhP F.Rt,Ahl i~nt oe '1hP SQuth-C'-pnt,-"a) Tax;na niRtrich Mr. Bartley stated that Bouse Rule 3838 deals wi th the authori ty of ci ties to issue tax exempt bonds and Congress has been ctlanging that rule alroost daily t7j their prolX>sed legislation. Because this legislation has certain effective dates the bond market has almost hal ted issuance of tax exempt bonds and Ramsey's bond ooWlsel and financial advisors will only allow for very specialized ~pes of bonds. Recently, Congress pro{:Dsed legislation wi th an effective date of SeptEmber, 1986 and Ramsey has until then to sell tax increnent bonds. If Ramsey intends to use tax increment bonds to assist wi th improvements in the Industrial area, the process needs to begin mw. CoWlcil does have the authority to cease the project up until the bidding process. ~e project is not to be IBid for through tax increment funds but throucj1 special assessments. 'lhe P1r~se of the tax increment financing is to be able to defer those special assessnents so properties can be developed. CoWlci1member Cox stated that he doesn't like the idea of taking tax increments fran one district to develop another district that will canpete with the district that IBid for their developnent. Mr. Bartley replied that he believes if the Ci ty acts in good faith and tries to develop a tmifonn application of these flDlds, those kinds of accusations can be avoided. Mr. Raatikka lX>inted out that the new project area being developed wi th tax increnent will be assessed 100% just as the area fran which the tax increnents came f ran is being assessed. ft:>tion ~ ColDlcilmanber Reimann and seoonded ~ Counci1member Cox to adopt Resolution '86-57 accepting the feasibility relX>rt for storm sewer and utili ties for the Ci. ty' s Industrial Area and calling for a plblic hearing at 7:30 p.m. on April 22, 1986. (Please refer to resolution file for Resolution 186-57) . Motion carried. Voting Yes: Mayor Heibnan, Counci1members Sorteberg, Cox and Reimann. Voting No: None. Absent: ColDlcilmanber Schl ueter . Motion ~ ColDlci1menber ReimaM and seoonded ~ Councilmember Sorteberg to adopt Resolution 186-58 setting a public hearing date of April 15, 1986 at 7:30 p.m. to discuss establishment of the South-Central Drainage iaxing District and introduced Ordinance 186-6 establishing South-Central Drainage iaxing District. Motion carried. VOting Yes: Mayor Heibnan, ColDlci~rs Sorteberg, Cox and March 25, 1986 Page 11 of 15