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04/05/1993 - City Council Special MINUTES OF A SPECIAL MEETING OF THE EAGAN CITY COUNCIL Eagan, Minnesota April 5, 1993 A special City Council meeting was held on Monday, April 5, 1993 at 5:00 p.m., at the Eagan Municipal Center Building for the purpose of discussing the method of financing for public improvement Project 617R. Present were Mayor Egan and City Councilmembers Awada, Hunter, Masin and Wachter. Also present were Mike Dougherty from the City Attorney's Office, Director of Finance VanOverbeke, Director of Public Works Colbert, Acting Director of Community Development Hohenstein and City Administrator Hedges. PROJECT 617R/METHOD OF FINANCING Director of Public Works Colbert reviewed Project 617R, stating that residential streetlights had been eliminated as a part of the public improvement project. He stated that streetlights are an option and should be removed as a part of Project 617R which Includes street and utility reconstruction for various neighborhoods in the Cedar Grove Addition. City Councilmembers questioned whether streetlights could be Installed at a future date without causing major disruption to the new street surface. Director of Public Works Colbert stated that streetlights can be Installed at a later date If a petition Is submitted to the City and signed by 35% of the affected property owners requesting residential streetlight improvements. After further discussion, there was a consensus that streetlights not be included as a part of Project 617R unless there is a favorable petition by neighborhoods requesting the Installation of streetlights. City Councilmembers discussed the method of financing the Cedar Grove reconstruction project (Project 617R) with City Councilmember Wachter stating that he was in support of the 45%/55% split between property owners and the City respectively. There was also discussion regarding the scheduling of another informational meeting and whether the assessment hearing should be scheduled when the contract award is approved and before construction occurs which Is different than holding the assessment hearing after construction is completed. The Director of Finance stated that under the current policy of assessing projects after construction is completed title companies escrow up to two and three times the amount of a pending assessment as recorded by the City. He further explained that if the assessment is finalized prior to construction based on an appraisal amount, as presented by the City Attorney, an actual assessment would be recorded on each parcel and the need for pending assessments and high escrow balances by title companies would not be required. After further discussion by staff and City Councilmembers, it was generally agreed that the maximum assessment for single family equivalent properties should be $2,000 per lot where no concrete curb and gutter presently exists and should be $1,500 per lot where curb and gutter presently exists. Appraisals were noted in the ranges of $2,000 to $3,000 and .$1,500 to $2,500 respectively for these properties. SEALED QUOTATIONS/APRIL 20 REFUNDING GENERAL OBLIGATION BOND SALE City Administrator Hedges stated that Interest rates are Increasing weekly and, at the recommendation of the City's fiscal consultant Dave MacGillivray of Springsted, it is recommended that the C' * O.C111 -1 SCC MINUTES APRIL 5, 1993 PAGE TWO Director of Finance and City Administrator be given the authority to request sealed quotations in advance of the scheduled sale date of April 20. Director of Finance VanOverbeke stated that the flexibility of sealed quotations will allow staff, including Mr. MacGillivray an opportunity to expedite the sale while saving the City additional basis points. In a motion by City CouncUmember Awada, seconded by Councilmember Hunter, all members voting In favor, City Administrator Hedges was given direction to seek sealed quotations prior to the April 20 sale date for refunding certain general obligation bond Issues if appropriate, was unanimously approved. LMC LEADERSHIP AWARD City Administrator Hedges presented a resolution to the City Council endorsing Liz Witt, the City's Administrative Assistant in Finance/Deputy City Clerk, for the League of Minnesota Cities first annual leadership award. This award will be given to a non-elected official who has demonstrated leadership in public service. In a motion by City Councilmember Wachter, seconded by City Councilmember Masin, with all members voting in favor, the resolution supporting Liz Witt for the LMC leadership award was unanimously approved. r&-93.13 OTHER BUSINESS There being no other business, the meeting was adjourned at approximately 6:25 p.m. TLH April 5, 1993 Date City Clerk If you need this Information in an alternate form such as large print, braille, audio tape, etc., please contact the City of Eagan, 3830 Pilot Knob Road, Eagan, MN 55122, 681-4600, (TDD phone: 454-8535)