HomeMy WebLinkAboutJul 1, 1985OFFICIAL PROCEEDINGS
COLUM~I.A HEIGHTS CITY COUNCIL
ECIAL COUNCIL MEETING
1, 1985
The meeting was called to order by Mayor Nawrocki at 7:30 P.M..
I. Roll Call
Hovland, Petkoff, Paterson, Nawrocki - present Carlson - absent
Councilmember Carlson was attending a meeting of the Traffic Commission.
2. Purpose of the Meeting)
a. Amendments to Columbia Park Properties; Development Agreement
The Housing and Redevelopment Authority elttorney, Robert Deike with Holmes and Graven,
re~,ewed all of the amendments to the Development Agreement. Many of the changes were
of a minor nature. There was a lengthy discussion concerning default, foreclosure
and financing.
The Council discussed land acquisition and deadlines for doing same. The Community
Development Specialist advised the Counciil of the businesses located on the parcels
yet to be acquired.
Councilman Carlson arrived at the meeting at 8:30 P.M..
Councilman Carlson inquired what the land for this development is being sold for and
was advised $1.50 per square foot.
ion by Hovland, second by Peterson to concur with the amendments to the contractural
agreement for private redevelopment between the Housing and Redevelopment Authority
of the City of Columbia Heights and the Columbia Park Properties. Roll call: Hovland,
Petkoff, Peterson, Nawrocki - aye Carlson - nay
b. Parking Ramp Agreement
The City Manager advised the Council that the parking ramp agreement is not complete
at this time. This parking ramp is being built adjacent to the Columbia Park Clinic.
It is anticipated to be complete in approxiinately a week and is subject to approval
by the City Council.
The HRA's Director of Community Development distributed the revised cash flow analysis
for the City's tax increment district which had been prepared by Mil)er & Schroeder.
He stated that this modification had been done to make the bond issue more attractive
as some members of the Council had questioned why so small an amount of the principal
had been paid up front.
c. Advance Refunding of $2.6 million - G, eneral Obligation Bond Issue
Steve Emerson of Miller and Schroeder distributed material concerning the proposed
advance refunding of monies of the general obligation bond issues. He noted that
this activity is a complex financing tool but clearly had advantages for the City.
He reviewed for the Council each facet of this procedure and advised them of any
costs which may o6cur. He noted that there are no monetary risks involved. The Finance
Director indicated that there are ample funds in the P.I.R. Fund for this proposal
and that it was statutorially acceptable to use them for this activity.
otion by Petkoff, second by Carlson to direct the City Manager to proceed with a pos-
sible bond issue to refund the $2.6 million General Obligation Bond Issues of 1984.
Roll call: A11 ayes
Special Council Meeting
July l, 1985
ii, age 2
Adjournment
Motion by Peterson, second by Carlson to adjourn the meeting at 9:35 P.M.. Roll
call: All ayes
~i~~~Nawrocki, Mayor
/Ahne Stu)ent, Council Secretary