Minutes - Council - 12/08/1998 - Laserfiche WebLink

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the sale of $3,000,000 in bonds by thc Anoka County HRA. This is thc second part of financing the project and includes the issuance of $1,195,000 of General Obligation Tax Increment Bonds by the City. This bond sale is consistent with the financing that has been proposed during the overall senior housing development process. She then introduced Dan O'Neil from Springsted, who was present to summarize the issuance of a General Obligation Tax Increment Bond. Mr. O'Neill summarized the issuance of the bond and asked that Council pass a resolution to set the sale date for January 12, 1999. He would then report back to Council at their meeting that evening. The terms and conditions are out about 14 years and will be repaid with the revenues from the senior housing itself. He added that the bonds have already been rated A-1 by Moody's. Motion by Councilmember Beyer and seconded by Councilmember Beahen to establish the date of January 12, 1999, at 11:00 a.m. for the issuance of $1,195,000 General Obligation Tax Increment Bonds, Series 1999A, with the terms as outlined in the Springsted Report and to adopt Resolution #98-12-294 providing for the issuance and sale of $1,195,000 General Obligation Tax Increment Bonds, Series 1999A. Motion carried. Voting Yes: Mayor Gamec, Councilmembers Beyer, Beahen, Haas Steffen, and Zimmerman. Voting No: None. Mayor Gamec announced that the groundbreaking ceremony for the senior housing project is to take place on Tuesday, December 15, 1998, at 12:00 noon, followed by a luncheon reception at City Hall. Case #4: Authorize Contingent Offers to Purchase Residential Properties Necessary for T.H. #47 STP Project City Engineer Jankowski stated that the City is the lead agency on the T.H. #47 STP project, which will include the improvement of T.H. #47 from 142nd Avenue to 153rd Avenue. He explained that the City is responsible for the acquisition of the necessary right-of-way. The most critical parcels to be acquired are the 12 properties, which are occupied by single family residences. These residents must be relocated and, therefore, time is of the essence if construction is to be on the currently anticipated schedule, which is October 1999. Mr. Jankowski pointed out that formal offers cannot be extended to these homeowners until MnDOT and the Federal Highway Administration issue a "Finding of No Significant Impact" (FONSI) on the project. However, if Council would authorize offers to the residents affected, contingent upon the FONSI, there would be no additional delay of waiting for the next scheduled Council meeting. Councilmember Haas Steffen inquired where we are with MnDOT with regard to the traffic light situation (at 142nd) Mr. Jankowski replied that MnDOT does not look favorably on a traffic light at that intersection. City Council/December 8, 1998 Page 4 of 13