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Home My WebLink About030987 Regular CITY OF PRIOR LAKE MINlJI'ES OF '!HE CITY COUOCIL ~ March 9, 1987 The CannDn Council of the City of pr ior Lake met in regular session on Monday, March 9, 1987 at 7:30 p.m. in the City Council Chambers. Present were Mayor Andren, Councilm:mbers Larson, Scott, White, City Manager McGuire, City Engineer Anderson, City Planner Graser, Finance Director Tesclmer, Assistant City Manager/Econanic Developnent Director Unmacht, and City Attorney Kessel. Councilrrernber Fitzgerald was absent. Mayor Andren called the meeting to order and asked everyone to rise for the pledge of allegiance. The minutes of the March 2, 1987 maeting were reviewed by Council. Discussion follCMed with regard to wording on p3.ge 2, p3.ragraph 4, lines 11 and c;:,~~~ 12. Mayor Andren questioned the use of the word "provide". Discussion Minutes follCMed. Council then decided that the fOllCMing should be added: ("This is not to be construed as an endorsement of the Canterbury Cowns proposal for reduction of the p3.ri-mutuel tax). The next correction was on p3.ge 3, p3.ra. 8. strike "was called back" fran the sentence. IDTION MADE BY LARSON, SEXX>NDED BY WHITE , TO APPROJE '!HE MINUTES WI'!H DELETIONS Minutes AND AMEND1ENI'S AS STATED. Approved Upon a vote taken, ayes by Andren, Larson, Scott, and White, the motion p3.ssed unanimously. The next itan on the agenda was consideration of invoices scheduled for p:l.Yment on Tuesday, March 10. IDTION MADE BY SCOT!', SOCONDED BY WHITE, TO APFROJE '!HE INVOICES OCHEOOLED FOR Invoices PAYMENT ON MARCH 10, 1987. Approvai Upon a vote taken, ayes by Andren, Larson, Scott, and White, the motion p3.ssed unanimoUSly. Next on the agenda was one Consent Agenda i tan - Conside ration of a Refuse ~ Hauling Permit for Admiral Waste Management. Refuse Permit Appr IDTION MADE BY WHITE, SOCONIED BY LARSON, TO APFROJE '!HE CDNSENl' AGENm ITEM. Upon a vote taken, ayes by Andren, Larson, Scott, and White, the motion p3.ssed unanirrously. (612) 447.4230 4629 DAKOTA STREET S.E. P.O. BOX 359 PRIOR LAKE, MINNESOTA 55372 MINUI'ES OF '!HE CITY COU~IL MARCH 9. 1987 The next itan on the agenda was consideration Resolution 87-12 Accepting Bid on Sale of $2,700,000 General Cb1igation Advance Refunding Bonds of 1987, Providing For Their Issuance and Levying a Tax For The Payment Thereof. steve Mattson of Juran and Moody provided details of The bidding for the bonds which was held in their offices on March 9, 1987. Shearson Lehman Brothers and Harris, Upham and Comp:my were the low bidders. Mattson stated that the net present value savings to the City of these bonds would be $82,000. Discussion followed. Mattson pointed out that the MBIA insured bonds will be rated AAA, and the net interest rate is 4.936%. Recommendation by Mattson was for awarding the bid to Shearson Lehman Brothers and Harris, Upham and Company. MJTION MADE BY SCOTT, SOCONDED BY LARSON , TO ACCEPl' '!HE BIDS FRGi SHEARSON ~ 87-12 LEHMAN BROIHERS AND HARRIS, UFHAM AND COMPANY ON '!HE $2,700,000 OONDS FOR 1987. Approval Upon a vote taken, ayes by Andren, Larson, Scott, and White, the motion passed unanimously. Mayor Andren called a ten minute recess at 7:50 p.m. Mayor Andren called the meeting back to order at 8: 00 p.m., and announced that the Public Hearing for the purpose of considering the Guaranteed Investment Contract Proposal was called to order. The legal notice as it ap~ared in the Prior Lake American on February 16, 1987 was then read. Assistant City Manager Unmacht gave a brief smunary of the purpose for the hearing on the Guaranteed Investment Contract (GIC) proposal, and referred to his memo to the Council detailing the various as~cts as follows: a) This is a Revenue Bond issue not a General Cbligation Bond issue. c) Legal opinion will be provided by Holrres and Graven that will substantiate the no risk position of the City. d) Purpose of the bond issue is to prov ide a hedge against high interest rates. e) The bond issue will be for a ten year ~riod, potential borrowers will have between one and four years to capitalize on the money. f) The City will realize a one tirre fee of approxirna.tely $20,000 at the closing of the bonds. Discussion followed on the advantages and disadvantages to the City. Mattson stated that one of the disadvantages is the "newness" of the project, however, the advantages far outweigh this slight disadvantage as the ~ople who are involved are reputable, experienced firms who have been in business for a number of years. Council pointed out sane typographical errors within the body of the Resolution: Section 2, page 3, the sentence "The Mayor and other officers, employees and agents of the City are hereby authorized to provide the Minnesota Deparbnent of Energy and Econamic Developnent for approval of the Project" ap~ared twice; one of the sentences should be stricken from the document. 2 MINUI'ES OF THE CITY COUNCIL MARCB 9, 1987 K>TION MADE BY WHITE, SEXX>NDED BY SCOTT, TO ADOPl' RESOLUI'ION 87-10 A RESCLUI'ION .eS'-j'//() GIVING PRELIMINARY APPROJAL TO A PRQJEcr UNDER '!HE MUNICIPAL INDUSl'RIAL DE.VELOPMENT ACJr, MINNESOl'A STA'lUTES, CHAPl'ER 474, AND THE JOINT R:MERS ACJr, MINNESOl'A STA'lUTES, SECl'ION 471.59, REFERRING '!HE PROPOSAL TO '!HE MmNESOl'A DEPAR'I!v1ENT OF ENER;Y AND ECONGUC DE.VELOPMENT FOR APPROJAL, AU'IHORIZING PREPARATION OF NECESSARY DOaJMENTS, AND APPROJING '!HE AU'IHORIZ ING EXEaJTION OF '!HE JOINT rovERS AGREEMEm'. JURAN AND MJO)Y TO AMEND BY DELETING '!HE SENl'ENCE AS NOI'ED. Steve Mattson stated the Resolution would be corrected where irrlicated. Upon a vote taken, ayes by Andren, Larson, Scott, and White, the motion passed unanimously. The next itan on the agerrla was a report by Assistant City Manager Unmacht on plans for conducting the Photo/Art Contest. Rules, details of the entry blank and description of the prizes were discussed. 'Ibe contest will be entitled "Catch The Seasons of Prior Lake", and will be comucted in two phases, Phase I, Spring/SUmrler and Phase II, Fall/Winter. Unmacht stated the purpose of the contest is to pranote the local beauty of Prior Lake and provide an opportunity for local citizens to be irwolved in a City event. David Miller of Cormacon was present to answer any questions, he also requested the Council's support of the Contest. Attorney Kessel is to review and recornnerrl proper wording for the rules of the contest. MJTION MADE BY I.ARSCN, SEXDNDED BY WHITE, TO APPRaTE PHASE I OF '!HE CON1'EST AND INCORPORATE ATI'ORNEY KESSEL'S REX.:XJ.1MENDATIOOS. ,_\ )//&' /.(1 l i~' /1'// , Upon a vote taken, ayes by Andren, Larson, Scott, and White, the motion passed unanimously. Mayor Andren called a five minute recess at 8:35 p.m. Mayor Andren called the meeting back to order at 8: 40 p.m. The next itan on the agema was a continuation of the Subdivision Ordinance review. City Planner Graser started with page 23 of the Ordinance. 'Ibe Council made cornnents, additions, deletions and corrections on the page by page review. City Planner Graser stated the Planning Commission had instructed him to add their amerrlments to the Canprehensive Plan for consideration by the Council. The review stopped at the first paragraph on page 32 and will be continued at a later date. City Engineer Anderson reported on the following itans: a) A portion of Franont Avenue on the north em will be closed within two weeks to all traffic until sanetine in July. 'Ibe road will be torn up by the developer of Island View 5th Addition for the purpose of installing sewer and water lines. b) Letters will be sent out to the residents informing than of the road closing. 3 MINUTES OF mE CITY COUOCIL MARCH 9. 1987 c) Council's comnents have been forwarded to the Prior Lake/Spring Lake Watershed District for sul:mittal to the 509 Watershed Canmittee for their review. e) The deed for the 20 ft. plat of land between the Willows 6th Addition and Inguadona Beach has been received, but no a-mer listed. Efforts to locate the owner will continue. f) An informational meeting was held for the residents of the Northshore Oaks Area on connection to the Sewer and Water systan The next Council meeting will be Monday, March 16, at 7:30 p.m. There being no further business, the meeting adjourned at 10: 40 p.m. by general consent of the Council. Michael A. McGuire City Manager Dee Birch Recording Secretary NOte: Minutes were corrected on March 16 as noted: On page 3 this paragraph should be inserted as the 4th paragraph Motion to adjourn the public hearing by Councilmember Scott, Seconded by Councilmember Larson. Upon a vote taken, ayes by Andren, Fitzgerald, Larson, Scott and White, the motin passed unanimously On Page 4 - Section e) the word deed should be changed to "abstract" 4