1985-12-27255
M I MUTES
SPECIAL MEETING
CITY COUNCIL
DECEMBER 27, 1985
The City Council of Mound, Hennepin County, Minnesota, met in special
session on December 27, 1885, at 5:16 PM, in the Council Chambers at
5341 Maywood Road, in said City.
Those present were: Mayor. Bob Polston, Councilmembers Phyllis Jessen,
Steve Smith, absent and excused were Councilmembers Paulsen and Peterson.
Also present were.: Acting City Manager Fran C1 ark, Acting City Clerk
Linda Strong, City Attorney Curt Pearson, City Finance Director John
Norman, HRA representatives; Eido Schmidt, Gordy Tulberg, Ed Meehan and
Jim Regan. Also present was Audrey Evans.
The HRA held their meeting and adjourned.
Mayor Polston opened the Council meeting.
RECEIVE REQUEST OF HRA TO ISSUE $300,000. BONDS
City Attorney, Curt Pearson, explained the need for the bonds and the
procedure that would be followed.
Councilmember Jessen moved and Councilmember Polston seconded the
following motion:
MOTION to receive and accept the request of the HRA to issue an
additional $300,000. in bonds.
The vote was unanimously in favor. Motion carried.
AWARDING THE SALE OF $300,000 GENERAL OBLIGATION TAX INCREMENT BONDS
Curt Pearson stated the Bonds wilt be purchased by the 1~yarquette Bank of
Minneapolis. The interest rate~is lower than the bonds that were sold in
October. Curt said a clause was .added to this bond. If all of the money
is not needed, the bonds can be called in, and paid off, in December of
1990. Curt has a gentlemans agreement with Marquette Bank, if in time,
when the project is finished and there is money left, they will talk about
redeeming the bonds, that are outstanding.
Councilmember Smith inquired as to why the developer of the Town Square
was not present to explain why soil tests had not been done prior to the
first bond issue. Also, Mr. Smith felt a Public Hearing should. have
been held on this issue. The City Attorney stated that the developer had
no right to be on the land until the HRA owned it. He also stated that the
only Public Hearing provisions on this plan do relate to the adoption of the
Tax Increment District, Tax Increment Plan and the Tax Increment Financing
Plan.
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256
December 27, 1985
Curt went on to say that the City never has to have a Public Hearing
in the sale of Bonds. This Bond issue was contemplated this summer,
when the Council approved the amendment to the financing plan increasing
from $1,300,000 to $2,125,000. The City Attorney stated that only
$1,800,000 of the $2,125,000 authorized were issued in October. With
this issue of $300,000 the City could still issue $25,000 in bonds later.
Councilmember Polston moved and Councilmember Jessen seconded the
following resolution:
RESOLUTION #85-169 RESOLUTION AWARDING .THE SALE OF $300,000 GENERAL
OBLIGAT{ON TAX INCREMENT BONDS OF 1985,. SERLES 11,
FIXING THEIR FORM AND SPECIFICATIONS; DIRECTING
THEIR EXECUTION AND DELIVERY; AND PROVIDING FOR
THEIR PAYMENT.
The vote was unanimously in favor.. Resolution passed.
Councilmember Jessen moved and Councilmember Polston seconded the
following motion:
MOTION to approve the amended Tax Increment Agreement and authorizing
and drafting the Mayor and Manager to sign.
The vote was unanimously in favor. .Motion carried..
Councilmember Polston moved and Councilmember Jessen seconded. the
following resolution:
RESOLUTION #85-170
RESOLUTION AUTHORIZING THE MAYOR AND MANAGER
TO SIGN A PURCHASE AGREEMENT WITH THE MOUND
HRA FOR THE SALE OF CITY OWNED PARKING LOT IN
THE TOWN SQUARE PROJECT FOR $100,000.
The vote was unanimously in favor. Resolution passed.
Mayor Polston thanked the Acting City Manager Fran Clark and City Attorney
Curt Pearson as well as the department heads for the great effort they
all put forth in the Town Square Pfoject.
Councilmember Jessen moved and Councilmember Polston seconded the
following motion:
MOTION to adjourn meeting. '
The vote was unanimously in favor. The meeting adjourned at 5:28 PM
FRAN~ ARK ACT~~ TI Y MANAGER
Linda Strong, Acting City Clerk
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