Laserfiche WebLink
Minutes/Edina City Council/November 2, 2009 <br /> OFF-SALE 3.2 BEER LICENSE APPROVED — EDINA MARKET & DELI, 7102 AMUNDSON <br /> AVENUE Mr. Hughes advised this license was necessitated by a change in ownership and staff <br /> recommended approval. It was noted that all license holders in Edina were subject to license <br /> inspections and compliance checks. Member Housh made a motion, seconded by Member <br /> Bennett, approving the off-sale 3.2 beer license for Edina Market and Deli located at 7102 <br /> Amundson Avenue for the period beginning November 3, 2009, and ending March 31, 2010. <br /> Ayes: Bennett, Brindle, Housh, Swenson, Hovland <br /> Motion carried. <br /> RESOLUTION NO. 2009-95 ADOPTED ACCEPTING VARIOUS DONATIONS Mayor Hovland <br /> explained that in order to comply with State Statutes; all donations to the City must be adopted by <br /> Resolution and approved by four favorable votes of the Council accepting the donations. Member <br /> Bennett introduced and moved adoption of Resolution No. 2009-95 accepting various <br /> donations. Member Swenson seconded the motion. <br /> Rollcall: <br /> Ayes: Bennett, Brindle, Housh, Swenson, Hovland <br /> Motion carried. <br /> Mayor Hovland asked if the Council would consider allowing public testimony with respect to <br /> certification of interest rates in the Highland area. The Council indicated that was not necessary <br /> since a comprehensive letter had been received from the resident who was in attendance. <br /> RESOLUTION NO. 2009-91 RECONSIDERED AND ADOPTED — LOWERING CERTIFICATION <br /> INTEREST RATE FOR CERTAIN SPECIAL ASSESSMENTS Mr. Hughes advised of staff's <br /> analysis of the interest rate to be charged on assessments certified for collection in 2010. He <br /> stated the public hearing notice indicated an interest rate of 5.9%, which was based upon the <br /> 2007 bond issue rate used to finance the Highland project and other projects. Staff then looked at <br /> the second part of the policy referring to the ten-year AAA bond rate and consulted with Ehlers & <br /> Associates about that benchmark. Ehlers advised the benchmark typically used was municipal <br /> market data, published on a daily basis, averaged to establish a composite benchmark. Since no <br /> assessment bonds were issued during the previous twelve months, staff recommended basing the <br /> interest rate on the ten-year AAA bond rate plus two percent. Mr. Hughes explained that after <br /> calculating the average of the AAA market data rate from September 15 back 12 months, the <br /> resulting benchmark average was 2.68%. Staff recommended a reduced certification interest rate <br /> of 4.68%, the benchmark average plus two percent. <br /> The Council discussed the need to reword the policy. Mr. Hughes recommended if the AAA ten- <br /> year benchmark was used, that more exact language should describe that analysis. He advised <br /> that prior to the 2005 policy, staff would recommend a rate in July of each year for special <br /> assessments levied that fall. Mark Ruff, Ehlers & Associates, described how their client cities <br /> calculate certification interest rates for special assessment projects, noting residents had the <br /> opportunity to prepay the assessment and finance it themselves if they could find a lower rate. <br /> The Council indicated support for reconsideration and the method recommended by Ehlers & <br /> Associates to use the municipal market data to calculate an average benchmark, since the interest <br /> rate set at the last meeting did not conform to the 2005 policy. <br /> Member Swenson made a motion, seconded by Member Bennett, to reconsider. <br /> Ayes: Bennett, Brindle, Housh, Swenson, Hovland <br /> Motion carried. <br /> Member Swenson introduced and moved adoption of Amended Resolution No. 2009-91, <br /> levying special assessments. Member Bennett seconded the motion. <br /> Rollcall: <br /> Ayes: Bennett, Brindle, Housh, Swenson, Hovland <br /> Page 3 <br />