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<br />Member Steffen questioned wither the City would need to raise taxes if it did not do this. <br /> <br />Finance Officer Lund replied the options are to do an internal transfer of bonds, which is looked <br />upon negativdy, or to raise the tax rates. . <br /> <br />Interim City Administrator Nelson stated the City Council is committed to not raising the tax <br />rates. She indicated the only thing left to do is to cut the general fund or cut staff. She stated debt <br />and the management of debt were discussed by the Council. <br /> <br />Member Steffen asked if the City raised taxes to pay for the new building. <br /> <br />Finance Officer Lund replied the tax rate was not raised to pay for the building. She mentioned <br />that the City has an A-I rating. <br /> <br />Mr. Donna stated the City is proactive in managing its money. <br /> <br />Member Kiefer asked if the City was restructuring in order to pay interest only and nothing <br />against the principle. <br /> <br />Mr. Donna replied there is a five-year rule in which the City must attempt to pay down the <br />principle. He stated the restructure would give the City another five years. <br /> <br />Interim City Administrator Nelson stated restructuring had no impact on 2008. <br /> <br />Chairperson Riley questioned why the restructure was being done now. <br /> <br />Interim City Administrator Nelson replied Council directed staff to bring this forward to the <br />EDA. . <br /> <br />Motion by Member LeTourneau, seconded by Member Steffen, to recommend approval of a <br />resolution approving the issuance of Public Project Lease Revenue Bonds, Series 2007A. <br /> <br />Motion carried. Voting Yes: Chairperson Riley, Members LeTourneau, Steffen, and Kiefer. <br />Voting No: None. Absent: Members Elvig, Schindel, and Strommen. <br /> <br />Case #3: <br /> <br />167th Commercial Node Update <br /> <br />Economic Development Coordinator Sullivan reported he met with Mr. Kevin Johnson and Mr. <br />Bob Muller where it was conveyed that Mr. Muller had sold the strip mall. He stated that 5th <br />Street Ventures owns the entire mall. He reported Mr. Muller intends to operate a downsized <br />grocery component on the north side and is planning to lease the remainder of the building space. <br />He reported that Mr. Muller would be willing to sell the northeast comer if the right offer were <br />presented. He stated Landmark Bank is satisfied with the current operation of its business at that <br />location and is contemplating an expansion in the next two few 'years. He asked if he should <br />invite 5th Street Ventures to meet and greet City officials. ' <br /> <br />Economic Development Authority/September 6, 2007 <br />Page 4 of8 <br /> <br />4 <br />