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City Council Minutes <br />June 7, 2011 <br />Page 2 <br />PAYMENT OF $2,000 TO ADAMS FOR THE BUILDING FUND <br />LOAN <br />3.5. RESOLUTION 11 -13 ACCEPTING CONTRIBUTIONS AND /OR <br />GRANTS FROM APRIL 21, 2011, THROUGH MAY 26, 2011 <br />3.6. RENEWAL OF LIQUOR LICENSES AS PRESENTED TO <br />COUNCIL <br />3.7. RENEWAL OF TOBACCO LICENSES AS PRESENTED TO <br />COUNCIL <br />3.8. ACKNOWLEDGE RESIGNATION OF ERIKA O'BRIEN AS HRA <br />DIRECTOR AND APPOINTMENT OF BARB CARLSON AS NEW <br />HRA DIRECTOR <br />COUNCIL MEMBER MALECHA SECONDED THE MOTION. MOTION <br />CARRIED 4 -0. <br />4. Open Forum <br />5. Presentations <br />Council Member Ryan arrived at this time. <br />Paul Steinman from Springsted spoke to the Council about financing <br />options for the potential Government Drive project. Mr. Steinman gave an <br />overview of the company he represents, Springsted, explaining that they <br />are a public financial advisory firm. <br />Mr. Steinman presented financing options for the potential Government <br />Drive project. The options he reviewed include: <br />1. GO Bonds - Referendum is required <br />2. 429 assessment bonds — must assess at least 20% of the cost - <br />most commonly used method. <br />3. Street Reconstruction Bonds — must adopt a 5 -year street <br />reconstruction plan — reverse referendum required <br />4. Tax increment bonds <br />5. Tax abatement bonds <br />Mr. Steinman stated that he felt the most appropriate financing option for <br />this project would be a street reconstruction type of bond. <br />The Council thanked Mr. Steinman for his presentation. <br />6. Planning and Zoning Report <br />