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SPECIAL MEETING OF THE PEQUOT LAKES CITY COUNCIL <br />TUESDAY, AUGUST 30, 2011 <br />PEQUOT LAKES CITY HALL <br />Members Present: Mayor Adams, Council Members Akerson, Sjoblad, Malecha, <br />and Ryan <br />Staff Present: Sandra Peine, City Clerk; Nancy Malecha, Finance <br />Director /Deputy City Clerk; Tim Houle, City Engineer <br />Also Present: Paul Steinman - Springsted <br />1. Call Meeting to Order <br />Mayor Adams called the meeting of the Pequot Lakes City Council to <br />order at 6:30 p.m. <br />1.1 Pledge of Allegiance <br />Mayor Adams led with the Pledge of Allegiance. <br />2. Government Drive Funding <br />Paul Steinman from Springsted introduced himself to the Council. He <br />explained that the purpose of his presentation was to provide the Council <br />information on financing options for the Government Drive project. <br />Mr. Steinman reviewed the two viable options for financing the <br />Government Drive Project. The two options included Street <br />Reconstruction Bonds and Tax Abatement. He noted that with the Street <br />Reconstruction Bonds, a portion of the bonds would be from the utility <br />funds. He noted that there would be an impact on the utility funds in the <br />amount of approximately $36,000 per year. <br />Paul stated that if the project is financed with street reconstruction bonds, <br />the Statute requires that a street reconstruction plan is completed by the <br />City and must be approved by five members of the Council. <br />It was noted that the financials provided by Paul Steinman did not show <br />the impact of urban /rural taxing districts. Council Member Sjoblad noted <br />that the financials also did not include the other road projects that he <br />requested be included in this financing scenario. <br />\., <br />