Loading...
HomeMy WebLinkAbout19890221_regular'MINUTES OF THE REGULAR MEETING OF THP. EDINA CITP COUNCIL HELD AT CITY HAIL FEBRUARY 21, 1989 ROLLCALL Answering rollcall were Members Kelly, Paulus, Rice, Smith and Richards. . RESOLUTION OF CONDOLENCE ADOPTED FOR WILLIAM W. LEWIS RESOLUTION OF CONDOLENCE Mayor Richards moved the following resolution of condolence which was adopted unanimously: WHEREAS, on the 16th day of February, 1989, death brought to a close the active and productive life of William W. Lewis; and WHEREAS, he was a long time resident of Edina,.having moved his family to the village in 1945; and WHEREX3, he was held in high esteem by all who knew him for his many civic interests and his efforts in serving his community; and WHEREX3, he was elected to the Edina Park Board in December, 1948, serving continually on the Board until February of 1973, and was instrumental in guiding the development of Edina's excellent parks system; and WHEREAS, he was appointed to the Edina Planning Commission in January, 1952, seriring as chairman of the Commission since 1967, and playing a key role in the planning and development of the City; NOW, THEREFORE, BE IT RESOLVED that the Mayor and Council of the City of Edina, Minnesota, does hereby mourn the passing of WILLIAM WARDWELL LEWIS and extends its condolences to his daughters Sandra, Barbara and Jacqueline, and also to his grandchildren; BE IT FURTHER BESOLVED that this resolution be entered into the minutes of the Edina City Council and that copies be presented to his family. ADOPTED this 21st day of February, 1989. CONSENT AGENDB ITEMS ADOPTED Member Paulus to approve and adopt the consent agenda items as presented. Motion was made by Member Kelly and was seconded by Rollcall : Ayes: Kelly, Paulus, Rice, Smith, Richards Motion carried. PRELIMINARY PLAT APPROVED FOR FAIRVIEW SOUTHDALE ADDITION Affidavits of Notice were presented by Clerk, approved and ordered placed on file. presented the request for preliminary plat approval for Fairview Southdale Addition, generally located east of France Avenue and north of West 65th Street. Planner Phil Dommer Planner Dommer stated that 1) the subject property is non-residential property and therefore is not subject to the subdivision moratorium, and 2) the proposed subdivision at the Fairview-Southdale complex does not alter in any way the physical development of the site as approved by the Council in June of 1987. He recalled that the proposal at that time in the Final.Development Plan process was to construct a new medical office building and expand the parking ramp at the site which is currently under construction. Planner Dommer explained that the proposal before the Council encompasses all of . the Fairview Southdale Hospital property. The plat would create two lots. Lot 1 would include the hospital, the power plant and all parking and common areas. 2 would encompass the building pad for the proposed medical office building. The purpose of the subdivision is to facilitate mortgage financing for the medical office building. The Zoning Ordinance requires that all lots have at least 30 feet of frontage on an improved public street, other than a limited access highway. Lot 2 of the proposed plat does not satisfy this requirement. requirement is requested. The intent of the requirement is to prevent land-locked parcels. The proponents, in order to insure against a land-locked lot, have Lot Thus a variance from the 41 42 2/21/89 agreed to mutual, perpetual cross easements over all parking and drive aisle areas. required by the Zoning Ordinance. Planner Dommer advised that the Community Development and Planning Commission reviewed the proposal at its February 1, 1989 meeting and recommended approval with the variance, subject to the cross easements being approved by City staff and the City Attorney and being legally executed. He stated that present and representing the developer, BTO Development, were Thomas O'Connell and Allen Hill. Member Smith recalled that originally the medical building was proposed by the hospital and some of the doctors. role with the current developer. Doug Robinson, Administrator for Fairview Southdale Hospital, explained that the hospital will own both parcels in the subdivision and will be leasing the parcel for the medical office building. building will be owned by BTO Development and will be leased out to Physician Practices. Member Smith asked what would prevent that from being a general office building someday and not hospital connected. Mr. Robinson said that risk was minimal to non-existent in his opinion. agreements with the developer that cover that issue and that the intent of ;he building is for medical office use only. plan was presented in June, 1987, the was considerable concern expressed from the residents of The Colony and that one of the arguments in support of the project was the public benefit to the community. property is zoned Regional Medical District and the zoning controls the use of the property regardless of ownership. Member Paulus asked if this subdivision would set a precedent. said that in his opinion it would not; it is a situation in which we are accommodating financing, and overall physical development of the site will not change. Member Rice asked if hospitals pay real estate taxes. property for hospital purposes. The cross easements also provide for more than adequate parking as 1 He asked for clarification of the hospital's The He stated that the hospital has Member Smith said that when the original Planner Dommer pointed out that the Planner Dommer I The proposed subdivision is not a land use issue. Mr. Robinson replied no for The subject parcel would be taxable. Mayor Richards called for comment from the public. None was heard. Member Smith introduced the following resolution and moved adoption: RESOLUTION APPROVING PREIJHINARY PLAT FOR FAIRVIEW SOUTHDBLE ADDITION BE IT RESOLVED by the City Council of the City of Edina, Minnesota, that that certain plat entitled nFAIRVIEU SOuTHDBLe ADDITION", platted by Fairview Hospital and Healthcare Services and presented at the regular meeting of the City Council of February 21, 1989 be and is hereby granted preliminary plat approval. Motion for adoption of the resolution was seconded by Member Rice. Rollcall : Ayes: Kelly, Paulus, Rice, Smith, Richards Resolution adopted. DR. PAUL CARSON PRESENTS COPY OF "PERTORMANCE STREETS - BUCK'S COUNTY COMMISSION TO COUNCIL Dr. Paul Carson, 6001 Pine Grove Road, presented the Council with a copy of "Performance Streets - Buck's County Commission". Who on freeway and street planning and very interesting. Members to read it as it is gives good information on highway and street construction. He said it was a Who's He urged the Council *BID AWARDED FOR STORM SEFJER IMPROVEHENTS (CONTRACT #88-9) Member Kelly and was seconded by Member Paulus for award of bid to recommended low bidder, Landvehr Heavy Moving, Inc., at $81,075.50 for the following storm sewer Motion was made by 2/21/89 43 improvements (Contract #88-9): Valley View at Sally Lane ditch, Sally Lane & Apache Road, and Wooddale Glen to M'innehaha Creek. Motion carried on rollcall vote, five ayes. *BID AWARDED FOR STEEL PURCHASE by Member Paulus for award of bid for steel purchase to recommended low bidder, McNeilus Steel, Inc., at $5,230.22. Motion carried on rollcall vote, five ayes. Motion was made by Member Kelly and was seconded *, *BID AWARDED FOR ONE TON TRUCK by Member Paulus for award of bid for a one ton truck to Thane Hawkins Polar Chevrolet at $10,798.00 under Hennepin County Contract #9544. Motion was made by Member Kelly and was seconded Motion carried on rollcall vote, five ayes. *BID AWARDED FOR JOHN DEERE MOWJXR Motion was made by Member Kelly and was seconded by Member Paulus for award of bid for a John Deere Mower to recommended low bidder, Gruber's Power Equipment, at $6,156.00. Motion carried on rollcall vote, five ayes. *BID AWARDED FOR 1/2 TON PICKUP by Member Paulus for award of bid for a 1/2 ton pickup, 1989, to Polar Chevrolet at $11,623.00 under Hennepin County Contract #9544. Motion was made by Member Kelly and was seconded Motion carried on rollcall vote, five ayes. *BID AWARDED FOR PICKUP TRUCK Motion was made by Member Kelly and was seconded by Member Paulus for award of bid for a pickup truck to Thane Hawkins Polar Chevrolet under Hennepin County Contract #1955. Motion carried on rollcall vote, five ayes. TRAFFIC SAFETY COMMITTEE MINUTES OF 2/14/89 APPROVED of the following recommended action listed in Section A of the Traffic Safety Committee Minutes of February 14, 1989: 1) To refer the request to upgrade the intersection of West 54th Street/Xerxes Avenue South from a two-way "STOP" to a four-way "STOP" to both Hennepin County and Minneapolis for review, and that the Traffic Enforcement Unit be assigned to additional speed enforcement on Xerxes Avenue, 2) 70th Street and Highway 100 for westbound traffic. Motion was seconded by Member Paulus. Member Kelly moved approval Installation of a "CAUTION" sign with appropriate wording be placed on West Ayes: Kelly, Paulus, Rice, Smith, Richards Motion carried. RESOLUTION ADOPTED REQUESTING MNDOT POLICY CHANGE REGARDING 1-494 FRONTAGE ROADS Engineer Hoffman advised that at recent 1-494 Project Management Team (PMT) and Joint Powers Organization (JPO) meetings a request was presented from the City of Richfield concerning MNDOT's current policy with regard to frontage roads. He explained that the plans for reconstruction of 1-494 provide for the elimination of frontage roads and that MNDOT will not pay costs for relocating the frontage roads to the north through the City of Richfield. requested to submit a letter to the Commissioner of MNDOT in support of a resolution urging MNDOT to revise their policy. Additionally, the 1-494 JPO felt that each City Council should review the issue and support the general concept as it relates to the 1-494 Corridor area. recommend Council's support of the resolution as presented. The 1-494 PMT and JPO have been Engineer Hoffman stated that he would Member Paulus introduced the following resolution and moved adoption: RESOLUTION URGING MN/DOT TO REVISE POLICIES REGARDING FUNDING FOR DETACHED REPLACEMENT FRONTAGE ROADS WHEXEAS, the City of Edina participated in the 1-494 Corridor Study, and 44 2/21/89 UEEREAS, the 1-494 Corridor Study concluded that some of the 1-494 frontage roads WHEXEAS, the 1-494 Corridor Study concluded that an effective system of supporting arterial roadways is necessary to semice short and medium trips within the corridor, and WHEREAS, the 1-494 Corridor Study identified 77th, 79th and 80th Streets as replacements to the north and south frontage road lost to freeway expansion and as a supporting arterial roadway for 1-494, and UHEREAS, existing MNDOT funding policies would allow funding of the replacement of the north and south frontage road if it were adjacent to the freeway, and WHEREAS, replacing these north and south frontage roads adjacent to the freeway. will mean high right of way costs and an adjacent frontage road will not function effectively as a supporting arterial roadway, and QJEREAS. existing MNDOT funding policy does not allow funding of detached replacement frontage roads; NOW, TBEREPORE, BE IT RESOLVED by the City Council of the City of Edina that: MNDOT be urged to revise its present frontage road funding policy to pay for detached replacement urban frontage roads using the same funding formula as used for frontage roads adjacent to interstate and trunk highways. The City Clerk is hereby directed to forward copies of this Resolution to the Commissioner of MNDOT, the MNDOT District 5 Engineer, and 1-494 Joint Powers Commission. Motion for adoption of the resolution was seconded by Member Smith. Rollcall : Ayes: Kelly, Paulus, Rice, Smith, Richards Resolution adopted. .east of France Avenue will be lost to the eventual freeway expansion, and 44 I PWJJC HEARING ON C0I;LECTION OF RECYCUBLE MATERIAIS RE-AFFIRHED FOR 3/6/89: CITY TO REQUEST PROPOSAIS the Council had taken action directing staff to begin the bid process to contract with a single contractor for city-wide recycling pickup service, following the public hearing process as may be required by Minnesota Statures, Section 115A.94. He referred to an opinion letter from Attorney Tom Erickson dated February 14, 1989 which stated that based on further research and review, it is now his opinion that the statute does not apply. Based upon the Council's direction and previous opinion that the statute applied, a notice of public hearing has been published setting a hearing date of March 6, 1989. Assistant Manager Hughes recalled that on February 6, 1989 Assistant Manager Hughes explained that the opinion letter listed the following options for the Council: 1. Cancel the hearing for March 6 and direct staff to prepare ordinances for providing for one city-wide collector for recyclables and the necessary information for a request for proposals or for public bidding. 2. Hold a hearing on March 6, but not further follow Section 1158.94, and at the conclusion of the hearing, direct staff to prepare necessary ordinance amendments and information for request for proposals or bidding. Hold a hearing on March 6 and follow Section 115A.94, including the adoption of a resolution of intent to collect recyclables with a ninety day period within which to prepare the necessary ordinance amendments and documentation. 3. He said that staff has discussed this new legal opinion regarding the public hearing with four of the five residential haulers. was that if they had the opportunity, they would present their case again. However, they felt the process to date has been fair and that they have had opportunities to testify. In fact, two haulers stated that they have already cancelled orders for equipment based on the February 6 Council action. Staff cannot speculate on the number of residents who may wish to testify on March 6. The consensus of the haulers . 2/21/89 .. 45 Assistant Manager Hughes said that the second issue is the public bidding process versus requests for proposals. request proposals (RFP) for the city-wide collection of recyclables raeher than bids as is customarily the case for public projects. Tzas major difference is that under the RFP approach, the City is not necessarily obligated to award the contract to the lowest bidder. than the bid specifications and the City would be able to negotiate with those submitting proposals to select the best combination of service and price. The City Attorney has opined EhaE the City may As a result, the RFP can be worded more generally ,I t I Following discussion on the two issues, Member Smith made a motion to re-affirm that a public hearing on.collection of recyclable materials be held on March 6, 1989 and to direct staff to proceed with the request for proposal process for city-wide collection of recyclables. Motion was seconded by Member Paulus. Ayes: Kelly, Paulus, Rice, Smith, Richards Motion carried. I APPOINTMENT OF ASSISTANT WEED RJSPECTOR APPROVED explained that Dr. Eugene Davis has been the assistant weed inspector for the City for many years and that he is again interested in being appointed. would recommend his appointment. the appointmem of Dr- Eagene Davis as the Assistant Weed Inspector for the City of Edina for the year 3.989. Assistant Manager Hughes Staff Motion was made by Member Smith for approval of Motion was seconded by Member Kelly. Ayes: Kelly, Paulus, Rice, Smith, Richards Motion carried. COUNCIL PASSES OH ABZRBkL CONGRESSIONAL CITY CONFERENCE that the Council pass for this year on sending a Member to attend the Annual Congressional City Conference on March 11-14 because of the Strategic Planning session for March 11. He suggested that the issue of attendance at national conferences be revisited at budget time. Mayor Richards recommended COUNCIL LIAISON RESPONSIBILITIES DISCUSSED current Council liaison responsibilities that had been prepared by staff. explained that the practice has been that the Council Members are not necessarily expected to attend meetings of the advisory boards and commissions. Some find it helpful to attend, others attend periodically. to the Council through the liaison Council Member. He suggested that the Council Members indicate their individual preferences as to the boards and commissions for which they would like to be.the liaison contact. assignments to the SWSCC, SHHSC, 1-494 PMT and JPO, and MLC. Mayor Richards referred to a list of He Concerns and issues are conveyed This would not apply to recent Member Smith suggested that priorities should be established and perhaps there may be some organizations that the Council should think of getting out of, e.g. Edina Community Education Services Board or adding to the list, e.g. Centennial Lakes Development. Member Kelly noted that she has been the chair for the boards/commissions appointments and in light of the new process that task would be eliminated. Further discussion was held and it was informally agreed that the Council Members should indicate their preference and that the Mayor should then make the decision as to assignments. USE OF BRAEMAR ARENA FOR HIGH SCHOOL COMMENCEMENT APPROVED that the Edina Park Board had considered the request of the Edina High School.to use the Braemar West Arena for the 1989 Commencement. The School District will pay for all out-of-pocket expenses, e.g. employee preparation time, modifications to be made, floor covering, etc. The Board had recommended that the Council honor the School's request. Mayor Richards advised 46 21 21 I89 Member Smith raised the question as to whether or not this should come under the Park and Recreation rental policy. Park Director Kojetin explained that it does not fall within as the rental policy pertains to rental of parks and not enterprise facilities. Further, that each enterprise facility has their own rental policy. Member Kelly said she was concerned about potential liability that the City may incur and that if approval were granted a requirement should be that the School District provide adequate liability insurance to protect the City. Member Kellymade a motion to approve the use of the Braemar West Arena by the School District to conduct the 1989 Commencement Exercises, subject to the School District providing adequate liability insurance to protect the City from any potential claims. Ayes: Kelly, Paulus, Rice, Smith, Richards Motion carried. Motion was seconded by Member Smith. TRIAL SENIOR CEPJTW BUS TRANSPORTATION PLAN APPROVED the Park Board's recommendation that the Park Board work with the School District . I on a four-month trial basis to rent a bus for Senior Center transportation. intent would be to provide transportation to the relocated Senior Center for seniors living in the York Avenue area. - $35.00 per day for rental of a bus. total cost of $2,800.00 which would come from the Park and Recreation Department's operating budget for senior citizens. Mayor Richards referred to The The City would pay the School District For the four-month period this would be a Member Kelly made a motion that the Park Board vork with the School District to rent a bus on a four-month trial basis to transport seniors to the Senior Center for congregate dining. Motion was seconded by Member Paulus. Ayes: Kelly, Paulus, Rice, Smith, Richards Motion carried. APP0I"TS HATIE TO ADVISORY BOARDS/COHMISSION/COHMITTEES Mayor Richards informed the Council that on February 6, 1989 the Council had approved the reappointment of Holly Branch and Dr. Walter Wilder to the Community Health I Dr. Wilder have served six years and are no longer eligible for reappointment. Staff would recommend that one of the vacancies be filled with a provider of I health services. He asked that the Council Members suggest someone who could serve as a provider. I Mayor Richards then announced appointments to fill vacancies in the advisory boards and commissions. I Services Advisory Committee. Subsequently, it was learned that Mrs. Branch and 1 I Hotion vas made by Member Rice, for consent of the Mayor's appointments to fill vacancies on advisory boards/commissions/committees as follows: Communitv Development and Planninp: Commission - Nan Faust for unexpired term to 2-1-90 and Robert W. Hale for term to 2-1-92; Edina Park Board - Patricia A. Vagnoni for unexpired term to 2-1-91; Commmitv Health Services Committee - Mary G. Strazz and Robert J. Uilkins for terms to 2-1-91; Edina Art Center Committee - Susan J. Kelm for term to 2-1-92 and Dolores A. Dege for unexpired term to 2-1-90. seconded by Member Kelly. Motion was Ayes: Kelly, Paulus, Rice, Smith, Richards Motion carried. < LETTW FROM LMC PROPERTY TAX COORDINATING COMMITTEE RECEIVED Mayor Richards advised that he had received a letter from the LMC Property Tax Coordinating Committee giving an extensive report on property tax issues for the 1989 Legislative Session. more about from the citizens regarding the real estate taxes and where we are He said it raises a number of issues that we will all hear 2/21/89 . r -. 47 going. is trying to do during the Legislative Session. The committee has had input from a number of groups, including the Municipal Legislative Commission of which the City is a member, as well as the AMM, LMC, Minneapolis and St. Paul. He said the report would be given to Assistant Manager Hughes and would be available for any of the Council who might wish to review it. LETTER REGARDING AIRPORT EXPANSION FROM CITY OF BLOOMINGTON DISCUSSED Richards directed the Council's attention to a letter dated February 15, 1989 from John G. Pidgeon, Manager of the City of Bloomington regarding the "dual track" strategy recommended by the Metropolitan Council's Airport Adequacy Task Force, and approved by the Metropolitan Council and the Metropolitan Airports Commission. The cities of Richfield and Bloomington feel that it is necessary to conduct a professional study to show the inadequacies of the Adequacy Task Force's report. The staffs of the two cities have proposed a $100,000 study with the costs to be paid by them proportionate to their respective populations. The Bloomington City Council has directed that the cities of Burnsville, Eagan, Mendota Heights, Eden Prairie, Edina and Minnetonka be contacted to se.e if they would support such a study. Following some discussion, it was informally agreed to have staff obtain copies of the report of che task force and to place this issue on an upcoming agenda upon the return of the City Manager. It answers a number of questions as to what the League of Minnesota Cities Mayor . REPORT GIVEN ON PROGRESS OF PURCHASE OF LOT 9. WHITE OAKS 2ND ADDITION Rice asked if there has been any progress on the purchase of Lot 9, White Oaks 2nd Addition. Assistant Manager Hughes reported that a proposed purchase agreement was sent to Kenneth and Barbara Monroe a week ago. Council meeting the assessed value was indicated to be $26,600. Later research has shown that the $26,600 not only covered the parcel in question but the whole of the Monroe property including that covered by the easement. After discussion with Mayor Richards, staff elected to make an offer of $26,600 for the whole of the property. Mr. and Mrs. Monroe were asked to respond as early as possible, with the purchase agreement limited to March 3. A pledge agreement prepared by the City Attorney has been sent to Connor Schmid for the neighbors to use for purFoses of their fund drive. Member At the February 6, 1989 REQUEST MADE FOR NAME AND PHONE "MBER OF PETITIONER FOR EASEMENT VACATIONS Member Rice asked if, in the future, the Council packets could include the name and phone number of a petitioner requesting an easement vacation so that the Council Members could contact the individual regarding the request if they so chose. Staff responded that this could be made available. PARKED CARS IN WOODDALE AND UTLEY PARKS QUESTIONED Member Rice mentioned that he has observed a number of parked cars in the Wooddale and Utley Parks and wondered if the parking lots were being used a "park and ride" facility. Hughes responded that staff will investigate. UTTER CONCERNING PORNOGRAPHY DISCUSSED Carolyn Owens dated February 13, 1989 asking the Council to meet with representatives of Clean-up Project on March 13, 7 p.m. at a certain establishment to observe the pornographic literature being sold there. Mayor Richards said that this could be considered a public meeting of the Council. cautioned that if a quorum of the Council were to comply with the request that it would be contrary to the open meeting law; it would have to be an open meeting with proper notice given. Assistant Manager Mayor Richards referred to a letter from Attorney Erickson Following discussion, it was agreed that staff respond to the letter by advising that it has been the policy of the Council to discuss public business at its 2/21/89 I 48 regularly scheduled meetings and that they could request that the matter be placed on an upcoming agenda. CITY DESIGNATED 1988 TREE CITY USA has been designed a 1988 Tree City USA by the Department of Natural Resources. No formal action was taken. Mayor Richards advised that the City of Edina DEDICATION OF CALVIN CHRISTIAN SCHOOL FACILITY NOTED Mayor Richards advised that Calvin Christian School will be dedicating their new facility on Friday, February 24, 1989 at 7:20 p.m. and asked that if any of the Council planned to attend to advise him so he could respond to the invitation. PROPOSED LEGISLATION CONCWNING ITITWING FOR PUBLIC WATER SUPPLY MONITORING AND TESTING DISCUSSED Velde, Health Department, concerning funding proposals for public water supply monitoring and testing that will be sent to the 1989 Legislature. As background information, he explained that the Minnesota Department of Health (MDH) will be performing additional public water supply monitoring and testing as a result of the Safe Drinking Water Act amendments. the public water supply operator. funding options proposed by MDH are: Assistant Manager Hughes referred to a memorandum from David I . . The cost will be passed on to Cost implications for Edina under each of the 1) Cost of Service Fee - $830 to $3500 2) $3.20 per service connection - $44,800 3) $0.021 per 1000 gallons - $73,900 4) Operating fee - $1300 - $4200 The MDP is recommending option #2 as the preferred method of funding the public water supply monitoring and testing program. The Minnesota League of Cities believes the funding for this program should be supported by general fund appropriation. the increased monitoring and testing will extend beyond the users of public water supplies and has suggested that we contact our legislators about this concern. It informally agreed that this information be passed along to the City's legislators. They believe the benefit derived from HIV FORUM FOR ELECTED OFFICIALS DISCUSSED and he had attended the HIV Forum for Elected Officials on February 11, 1989 and that it was a very interesting and ominous session. Health Department, will be presenting a report to the Council at an upcoming meeting. Member Rice reported that Member Kelly He added that Dave Velde, IADO LETTER CONCERNING HIGHWAY 100 NOISE NOTED Member Smith said that he was concerned about the letter from Elinda E. Lado, 5008 Moore Avenue, stating that following the repairs on Highway 100 at the Minnehaha Creek bridge last year the boom noises are worse than ever. The letter was referred to Administration for response. FbCILITATOR TO BE USED FOR STRATEGIC PLANNING SESSION ON MARCH 11 recalled that the Council has used a facilitator for past Strategic Planning Sessions and that with two new Council members he felt that a facilitator would again be helpful. Staff is working on providing a facilitator for the March 11 session. RESOLUTIONS ADOPTED AUTHORIZING ISSUANCE AND PROVIDING FOR SALE OF $5.300.000 G.O. TAXABLE TAX INCREMENT BONDS. SERIES 1989: $8.425.000 G.O. TAX INCREMENT BONDS,. SERIES 1989: $1.760.000 G.O. IWPROVEMENT BONDS. SERIES 1989: AND $2.100.000 RECREATIONAL FACILITP BONDS. SERIES 1989 Assistant Manager Hughes advised that Mayor Richards 2/21 189 ... . .- 49 one official statement will be prepared for the proposed four bond issues which will go out under one bond rating. Bids would be salLcPtedi and wodd be opened on March 20, 1989 and presented for consideration ze cfre GamcfB Meeting that evening with the closing of the sale to occur sometke 2nApr51m proposed bond issues was presented as follows eogetber wsfth a schedule for the proposed bond sale. Tax Increment Bonds - Tax increment bonds are all related to the Centennial Lakes development project. October, 1988 to purchase the property and grade the site. This second stage bonding will finance the.cost of various park and other public improvements associated with Phase I of the project. now in order to reduce interest cost associated with the bonds. improvements beyond the Phase I Centennial Lakes project will be funded by the bonds. Information on the The first stage of the Centennial Lakes bonds were sold in The second stage has been delayed until No public Two tax increment issues are involved in the project, a taxable issue and a tax exempt issne. improvements. housing for the site. Improvement Bonds - The City periodically sells improvement bonds to finance public improvement which are then repaid by special assessment. improvement bonds will principally be used for public streets and utilities at Centennial Lakes. against the private developers of Centennial Lakes. The tax exempt issue will be used for park and other public The taxable issue will be used for improvements to benefit the The proposed These bonds will be repaid by special assessments levied Recreational Facilities Bonds - On August 1, 1988 the City Council approved construction of a nine-hole addition to Braemar Golf Course, subject to bids to be awarded after a bond sale. (This action was taken in conjunction with approval of the Arena improvements and the purchase of the Edina Golf Dome.) Pursuant to a special law, recreational facility bonds in Edina may be sold as general obligation bonds and are repaid by revenues from the recreational facilities. If such revenues are insufficient, revenues from the municipal liquor stores may be pledged for bond repayment. Last August estimated revenues showed that the Braemar recreation facilities will support the debt service of the proposed bonds. A report dated February 21, 1989 of estimated income available for bond payments confirmed the August estimates. Assistant Manager Hughes commented that the City has a double AA rating from both Moody's and Standard and Poor's. this issue. expects the City to retain the double AA rating again. attractive; the bidders on the issue last fall were very competitive and the same is expected for this issue. bonds really sold closer to a AAA rating. That rating will have to be updated prior to In essence, these issues were talked about last fall and the staff Edina bonds are very Finance Director Wallin explained that last year's Member Smith introduced the following resolution and moved adoption: RESOLUTION RELATING TO $5,300,000 GENERAL OBLIGATION TAXABLE TAX INCREMENT BONDS, SERIES 1989; AKCJ3ORIZING THE ISSUANCE AND CBI;LING FOR THE PUBLIC SALe TIEREOF BE IT,RESOLVED by the City Council of the City of Edina, Minnesota (the City), as f ollovs : 1. Authorization. Pursuant to the provisions of Minnesota Statutes, Section 469.178 and Minnesota Statutes, Chapter 475, the City Council of the City does authorize the issuance and sale of its General Obligation Taxable Tax Increment Bonds, Series 1989 (the Bonds) in the principal amount of $5,300,000, including every item of cost of the kinds authorized in Minnesota Statutes, Section 475.56, 2/21/89 I 50 $90,000 of such amount representing interest as provided in Minnesota Statutes, Section 475.56, for the purpose of providing funds for the payment of a portion of the public redevelopment costs to be paid or incurred by the City and the Housing and Redevelopment Authority of Edina, Minnesota (the BRB) in connection vith a redevelopment project being undertaken pursuant to the Southeast Ed- Redevelopment Plan of the HRA. 2. of sale hereinafter prescribed for the purpose of receiving sealed bids and awarding sale of the Bonds, cause a public notice of the time, place and purpose of the meeting to be published in the official newspaper of the City, and in a daily or weekly periodical, published in a Minnesota city of the first class, which circulates throughout the state and furnishes financial news as a part of its service, once not less than ten days before the date of said meeting in substantially the form of the Notice of Sale attached hereto and made a part hereof. 3. .Terms and Conditions of Sale. The terms and conditions for the sale and issuance of the Bonds shall be as stated in the Terms and Conditions of Sale attached hereto and made a part hereof, and such terms and conditions are hereby authorized to be incorporated in material distributed to prospective bidders for the Bonds. 4. Official Statement. The City Manager and other officers of the City, in cooperation vith Public Financial Systems, Inc., financial consultants to the City, is hereby authorized and directed to prepare on behalf of the City an official statement to be distributed to potential purchasers of the Bonds. official statement shall contain the statement of Terms and Conditions of Sale attached hereto and such other information as shall be deemed advisable and necessary to adequately describe the City and the security for, and terms and conditions of, the Bonds. Sale. This Council shall meet at the time and place specsied in the notice The City Clerk is hereby authorized and directed to . Such Adopted by the City Council on February ATTEST : %*G% LLL City Clerk NOTICE OF BOND SALE $5,300,000 GENERAL OBLIGATION TAXABLE TAX IBICRIDEXJ! BONDS, SERIES 1989 CITY OF EDINA, KCNNESOTA NOTICE IS HEREBY GIVEN that sealed bids for the purchase of $5,300,000 General Obligation Taxable Tax Increment Bonds, Series 1989 (the Bonds), of the City of Edina, Hinuesota (the City)* will be received at the office of Public Financial Systems, Inc., 512 Nicollet Hall, Suite 550, Minneapolis, Minnesota 55402 until 11:OO o'clock a.m., on Monday, March 20, 1989, at which time the bids will be opened and tabulated. 7:OO p.m., that same date to consider the bids and award the sale of the Bonds. The Bonds villbe issued to finance a redevelopment project to be undertaken by the Housing and Redevelopment Authority of Edina, Minnesota. Interest on the Bonds will be includible in gross income for federal and State of Minnesota income tw purposes. The Bonds will be issuable as fully registered bonds of single maturities, in the denomination of $5,000 or any integral multiple thereof, will be dated, as originally issued, as of April 1, 1989, and will mature on February 1 in each year as follows: The City Council will meet in the City.Hal1 in the City at - Year Amount - Year Amount - Year Amount 1995 $125 , 000 2000 $225 , 000 2005 $375,000 1996 ' 50,000 2001 250,000 2006 400,000 1997 75 , 000 2002 275,000 2007 700,000 1998 125,000 2003 325,000 2008 875,000 1999 175,000 2004 375,000 2009 950,000 I 212 11 89 51 Interest will be payable on each February 1 and August 1 commencing August 1, 1989, to the registered owners of the Bonds appearing of record in the bond register as of the 15th day (whether or not a business day) of the immediately preceding month. Bonds maturing in 1999 and later years are each subject to redemption and prepayment at the option of the City and in whole or in part, and if in part, in inverse order of maturities and by lot assigned in proportion to their principal amount within a maturity, on February 1, 1998 and any interest payment date thereafter at a price equal to the principal amount thereof to be redeemed plus accrued interest. A legal opinion will be furnished by Dorsey & Whitney, of Minneapolis, Minnesota. of Sale and additional information may be obtained from the undersigned or from Public Financial Systems, 512 Nicollet Mall, Suite 550, Minneapolis, Minnesota 55402, telephone 612-333-9177, financial consultants to the City. Dated: February 21, 1989. Copies of a statement of Terms and Conditions BY ORDER OF !CHE CITY COUNCIL Marcella M. Daehn, City Clerk Terms and Conditions of Sale $5.300.000 G.O. Taxable Tax Increment Bonds Sealed bids for the purchase of $5,300,000 General Obligation Taxable Tax Increment Bonds, Series 1989 (the Bonds) of the City of Edina, Minnesota (the City) will be received at the offices of Public Financial Systems, Inc., until 11:OO a.m., on Monday, March 20, 1989, when they will be opened, read and tabulated. meeting to be held at the City Hall at 7:OO p.m. on the same date. statement of the terms and conditions upon which the bids for the Bonds will be, received, the sale thereof awarded and the Bonds issued. The Bonds will be issued for the purpose of financing a portion of the public costs of the S.E. Edina Redevelopment Project Area, in the principal amount of $5,300,000 in accordance with the provisions of Minnesota Statutes, Chapter 475. The Bonds will bear a date of original issue as of April 1, 1989, will be in fully registered form and in denominations of $5,000 or any integral multiple thereof, of single maturities, and will mature on February 1 in the following years and amounts : The bids will be presented to the City Council for consideration at a This is a Purpose Type. Denomination and Maturities - Year Amount - Year Amount Year Amount 1995 $125,000 2000 $225,000 2005 $375,000 1996 50,000 2001 250,000 2006 400,000 1997 75,000 2002 275,000 2007 700,000 1998 125,000 2003 325,000 2008 875,000 1999 175,000 2004 375,000 2009 950,000 Redemption The Bonds maturing in 1999 and subsequent years will each be subject to redemption and prepayment, at the option of the City, in whole or in part and if in part in inverse order of maturities and by lot within a maturity, on February 1, 1998 and any interest payment date thereafter, at a price equal to'the principal amount thereof to be redeemed plus accrued interest to the date of redemption. . Interest Payment Dates and Rates Interest will be p,ayable on August 1, 1989 and semiannually thereafter on each February 1 and August 1, to the registered owners of the Bonds appearing of record in the bond register as of the close of business on the 15th day (whether or not a business day) of the immediately preceding month. must bear interest from date of original issue until paid at a single, uniform rate, not exceeding the rate specified for Bonds of any subsequent maturity. exceeding the rate specified for Bonds of any subsequent maturity. The City will designate and contract with a bank, financial institution or trust company to act as Bond Registrar, Transfer Agent and Paying Agent (the Registrar). All Bonds of the same maturity Each . rate must be expressed in an integral multiple of 1/8 or 5/100 of 18, not Bond Registrar. Transfer Apent and Paving Agent 52 2/21/89 52 The Bond Registrar will be kept, principal and interest will be paid to the registered owner of each Bond and transfers of ownership will be effected by the Registrar. Registrar for such services. and appoint a successor. Deliverp Within 40 days after the sale, the City will deliver to the Registrar the printed Bonds ready for completion and authentication. Bonds must notify the Registrar, at least five business days before delivery of the Bonds, of the persons in whose names the bonds will be initially registered and the authorized denominations of the Bonds to be originally issued. notification is not received by that date, the Bonds will be registered in the name of the original purchaser and will be issued in denominations corresponding to the principal maturities of the Bonds. On the day of closing, the City will furnish to the purchaser the opinion of bond counsel hereinafter described, an arbitrage certification and a certificate verifying that no litigation in any manner questioning the validity of the Bonds is then pending or, to the best knowledge of officers of the City, threatened. Payment for the Bonds must be received by the City at its designated depository on the date of closing in immediately available funds. . An opinion as to the validity of the Bonds will be furnished by Dorsey h Uhitney, of Minneapolis, Minnesota and will be printed on the Bonds. will state that the Bonds are valid and binding general obligations of the City enforceable in accordance with their terms, except to the extent to which enforceability may be limited by state or United States laws relating to bankruptcy, reorganization, moratorium or creditors' rights. Sealed bids must be mailed or delivered to the undersigned and must be received prior to the time established above for the opening of bids. unconditional. vith each bid. cashiers check or bank draft. as liquidated damages if the bid is accepted and the bidder fails to comply therewith. The good faith deposit will be returned to the purchaser at the closing for the Bonds. interest from date of Bonds to stated maturities less any cash premium or plus any discount) will be deemed the most favorable. $5,210,000 plus accrued interest on all of the Bonds will be considered and the City reseroes the right to reject any and all bids and to waive any informality in any bid. CUSIP Numbers The City will assume no obligation for the assignment or printing of CUSIP numbers on the Bonds or for the correctness of any numbers printed thereon, but will permit such numbers to be assigned and printed at the expense of the purchaser, if the purchaser waives any delay in delivery occasioned thereby. Information for bidders and bidding forms may be obtained from the undersigned or from Public Financial Systems, Inc., 512 Nicollet Hall, Suite 550, Minneapolis, Minnesota 55402, telephone 612-333-9177, financial consultants to the City. Dated: February 21, 1989 Motion for adoption of the foregoing resolution was seconded by Member Paulus and on vote being taken thereon, the following Council Members voted in favor: I The City will pay the reasonable and customary charges of the The City reserves the right to remove the Registrar The original purchaser of the If Legal Opinion The legal opinion Tvpe of Bid and Award Each bid must be A good faith deposit in the amount of $106,000 must be submitted The good faith deposit must be in the form of a certified or The good faith deposit will be retained by the City The bid authorizing the lowest net interest cost (total No oral bid and no bid of less than BY ORDER OF THE CITY COUNCIL Paulus, Rice, Smith, Richards and the following-voted against the same: whereupon said resolution was declared passed and adopted and was signed by the Mayor and his signature attested by the City Clerk. Kelly Member Smith introduced the following resolution and moved its adoption: 2/21/89 53 RESOLUTION RELATING TO $8,425,000 GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 1989; AUTHORIZING THE ISSUANCE AND C-G FOR THE PUBLIC SALE THEREOF BE IT RESOLVED by the City Council of the City of Edina, Minnesota (the City) as follows : 1. Authorization. Minnesota Statutes, Chapter 475, the City Council of the City does authorize the issuance and sale of its General Obligation Tax Increment Bonds, Series 1989 (the Bonds) in the principal amount of $8,425,000, including every item of cost of the kinds authorized in Minnesota Statutes, Section 475.56, $140,000 of such amount representing interest as provided in Minnesota Statutes, Section 475.56, for the purpose of providing funds for the payment of a portion of the public redevelopment costs to be paid or incurred by the City and the Housing and Redevelopment Authority of Edina, Minnesota (the HRA) in connection with a redevelopment project being undertaken pursuant to the Southeast Edina Redevelopment Plan of the HRA. 2. of sale hereinafter prescribed for the purpose of receiving sealed bids and awarding sale of the Bonds. cause a public notice of the time, place and purpose of the meeting to be published in the official newspaper of the City, and in a daily or weekly periodical, published in a Minnesota city of the first class, which circulates throughout the state and furnishes financial news as a part of its service, once not less then ten days before the date of said meeting in substantially the form of the Notice of Sale attached hereto and made a part hereof. 3. Terms and Conditions of Sale. The terms and conditions for the sale and issuance of the Bonds shall be as stated in the Terms and Conditions of Sale attached hereto and made a part hereof, and such,terms and conditions are hereby authorized to be incorporated in material distributed to prospective bidders for the Bonds. 4. Official Statement. The City Manager and the officers of the City, in cooperation with Public Financial Systems, Inc., financial consultants to the City, is hereby authorized and directed to prepare on behalf of the City an official statement to be distributed to potential purchasers of the Bonds. official statement shall contain the statement of Terms and Conditions of Sale attached hereto and such other information as shall be deemed advisable and necessary to adequately describe the City and the security for, and terms and conditions of, the Bonds. 1.01. Pursuant to the provisions of Minnesota Statutes, Section 469.178, Sale. This Council shall meet at the time and place specified in the notice The City Clerk is hereby authorized and directed to Such Adopted by the City Council on February 21, 1989. EA ATTEST : -%&%a City Clerk - NOTICE OF BOND SALE $8,425,000 GENERAL OBLIGATION TAX INCREMENT BONDS, SERIES 1989 CITY OF EDINA, MINNESOTA NOTICE IS HEREBY GIVEN that sealed bids for the purchase of $8,425,000 General Obligation Tax Increment Bonds, Series 1989 (the Bonds), of the City of Edina, Minnesota (the City), will be received at the office of Public Financial Systems, Inc., 512 Nicollet Mall, Suite 550, Minneapolis, Minnesota 55402 until 11:OO o'clock a.m., on Monday, March 20, 1989, at which time the bids will be opened and tabulated. The City Council will meet in the City Hall in the City at 7:OO p.m., that same date to consider the bids and award the sale of the Bonds. The Bonds will be issued to finance a redevelopment project to be undertaken by the Housing and Redevelopment Authority of Edina, Minnesota. The Bonds will be issuable as fully registered bonds of single maturities, in the denomination of $5,000 or any 54 2/21/89 54 integral multiple thereof, will be dated, as originally issued, as of April 1, . 1989, and will mature on February 1 in each year as follows: I Year Amount Year Amount Year Amount 1995 $225,000 2000 $350,000 2005 $600,000 1996 75,000 2001 375,000 2006 700,000 1997 125,000 2002 450,000 2007 1,100,000 1998 200,000 2003 500,000 2008 1,375,000 1999 275,000 2004 575,000 2009 1,500,000 Interest will be payable on each February 1 and August 1 commencing August 1, 1989, to the registered owners of the Bonds appearing of record in the bond register as of the 15th day (whether or not a business day) of the immediately- preceding month. Bonds maturing in 1999 and later years are each subject to redemption and prepayment at the option of the City and in whole or in part, and if in part, in inverse order of maturities and by lot assigned in proportion to their principal amount within a maturity, on February 1, 1998 and any interest payment date thereafter at a price equal to the principal amount thereof to be redeemed plus accrued interest. A legal opinion will be furnished by Dorsey & Whitney, of Minneapolis, Minnesota. of Sale and additional information may be obtained from the undersigned or from Public Financial Systems, 512 Nicollet Mall, Suite 550, Minneapolis, Minnesota 55402, telephone 612-333-9177, financial consultants to the City. Dated: February 21, 1989. Copies of a statement of Terms and Conditions BY ORDER OF THE CITY COUNCIL Marcella M. Daehn, City Clerk Terms and Conditions of Sale $8.425.000 6.0. Tax Increment Bonds Sealed bids for the purchase of $8,425,000 General Obligation Tax Increment Bonds, Series 1989 (the Bonds) of the City of Edina, Mtnnesota (the City) will be received at the offices of Public Financial Systems, Inc., until 11:OO a.m., on Monday, March 20, 1989, when they will be opened, read and tabulated. The bids will be presented to the City Council for consideration at a meeting to be held at the City Hall at 7:OO p.m. on the same date. This is a statement of the terms and conditions upon which the bids for the Bonds will be received, the sale thereof aw?rded and the Bonds issued. The Bonds will be issued for the purpose of financing a portion of the public costs of the S.E. Edina Redevelopment Project kea, in the principal amount of $8,425,000 in accordance with the provisions of Minnesota Statutes, Chapter 475. me, Denomination and Maturities The Bonds will bear a date of original issue'as of April 1, 1989, will be in fully registered form and in denominations of $5,000 or any integral multiple thereof, of single maturities, and will mature on February 1 in the following years and amounts : I . Purpose Year Amount - Year Amount Year Amount 1995 $225,000 2000 $350,000 2005 $600,000 1996 75,000 2001 375,000 2006 700,000 1997 125,000 2002 450,000 2007 1,100,000 1998 200,000 . 2003 500,000 2008 1,375,000 1999 275,000 2004 575,000 2009 1,500,000 Redemption The Bonds maturing in 1999 and subsequent years will each be subject to redemption and prepayment, at the option of the City, in whole or in part and if in part in inverse order of maturities and by lot within a maturity, on Febkry 1, 1998 and any interest payment date thereafter, at a price equal to the principal amount thereof to be redeemed plus accrued interest to the date of redemption. Interest Pawent Dates and Rates Interest will be payable on August 1, 1989 and semiannually thereafter on each February 1 and August 1, to the registered owners of the Bonds appearing of record in the bond register as of the close of business on the 15th day (whether or not a :a. 2/21/89 LC 33 business day) of the immediately preceding month. must bear interest from date of original issue until paZd a= a shgle, uniform rate, not exceeding the rate specified for Bonds of any sdmeqaent maturHty. rate must be expressed in an ZmtegralmultipPe BE 118 or 5flG6 of I%, not exceeding the rate specified for Bands of any sra'$secpmfz maturity. Bond Registrar. Transfer &ent and Pavinp Anent The City will designate and contraet*FTth a bank, financial institution or trust company to act as Bond Registrar, Transfer Agent and Paying Agent (the Registrar). The Bond Register will be kept, principal and interest will be paid to the registered owner of each Bond and transfers of ownership will be effected by the Registrar. Registrar for such services. and appoint a successor. Uithin 40 days after the sale, the City will deliver to the Registrar the printed Bonds ready for completion and authentication. Bonds must notrfy the Reg&%xar, at Beast five business days before delivery of the Bonds, of t%s ~ZES- Zndmse names the bonds will be initially registered and the authorized dpenamZ~atZms of the Bonds to be originally issued. notification is not rece%.d by ebae date, the Bonds will be registered in the name of the origZnal purchaser and will be issued in denominations corresponding to the principal maturities of the Bonds. furnish to the purchaser the opinion of bond counsel hereinafter described, an arbitrage certification and a certificate verifying that no litigation in any manner questioning the validity of the Bonds is then pending or, to the best knowledge of off5cers of *he City, threatened. Payment for the Bonds must be received by the CZty at jits designated depository on the date of closing in immediately avaipable hds . An opinion as to the validity of the Bonds and the exemption from taxation of the interest thereon will be furnished by Dorsey & Whitney, of Minneapolis, Minnesota and will be printed on the Bonds. valid and binding general obligations of the City enforceable in accordance with their terms, except to the extent to which enforceability may be limited by state or United States laws relating to bankruptcy, reorganization, moratorium or creditors' rights. Sealed bids must be mailed or delivered to the undersigned and must be received prior to the time established above for the opening of bids. unconditional. with each bid. cashiers check or bank draft. as liquidated damages if the bid is accepted and the bidder fails to comply therewith. The good faith deposit will be returned to the purchaser at the closing for the Bonds. interest from date of Bonds to stated maturities less any cash premium or plus any discount) will be deemed the most favorable. $8,285,000 plus accrued interest on all of the Bonds will be considered and the City reserves the right to reject any and all bids and to waive any informality in any bid. CUSIP Numbers The City will assume no obligation for the assignment or printing of CUSIP numbers on the Bonds or for the correctness of any numbers printed thereon, but will permit such numbers to be assigned and printed at the expense of the purchaser, if the purchaser waives any delay in delivery occasioned thereby. Information for bidders and bidding forms may be obtained from the undersigned or from Public Financial Systems, Inc., 512 Nicollet Mall, Suite 550, Minneapolis, Minnesota 55402, telephone 612-333-9177, financial consultants to the City. Dated: February 21, 1989 811 Bonds of the same maturity Each The City will pay the reasonable and customary charges of the The City reserves the right to remove the Registrar Del ivelv The original purchaser of the If On the day of closing, the City will Lena1 minion The legal opinion will state that the Bonds are "ype of Bid and Award Each bid must be A good faith deposit in the amount of $168,000 must be submitted The good faith deposit must be in the form of a certified or The good faith deposit will be retained by the City The'bid authorizing the lowest net interest cost (total No oral bid and no bid of less than BY ORDER OF THE CITY COUNCIL 2/21/89 56 Motion for adoption of the foregoing resolution wa duly e onded by Member Paulus and on vote being taken thereon; the following Council Members voted in favor: and the following voted against the same: whereupon said resolution was declared passed and adopted and was signed by the Mayor and his signature attested by the City Clerk. Paulus, Rice, Smith, Richards Kelly Member Smith introduced the following resolution and moved its adoption: RESOLUTION REIATING TO $1,760,000 GENERBL OBIZGATION ISSUANCE AND PROVIDING FOR THE PUBLIC SALE THEREOF' IHPROVFXENT BONDS, SERIES 1989; AUTHORIZING THE BE IT RESOLVED by the City Council of the City of Edina, Minnesota (the City) as f ollovs : 1. Authorization. It is hereby determined that it is necessary for the City to issue and sell its General Obligation Improvement Bonds, Series 1989 in the principal ammt of $1,760,000 (the Bonds) to finance the cost of a public improvement in the City being undertaken by the City pursuant to Minnesota Statutes, Chapter 429. $20,000 of the principal amount of the Bonds represents hterest as provided in Minnesota Statutes, Section 475.56. 1. sale hereinafter prescribed for the purpose of receiving sealed bids and awarding The City Clerk is hereby authorized and directed to cause a public notice of the time, place and purpose of the meeting to be published in the official newspaper of the City, and in a daily or weekly periodical published in a Minnesota city of the first class, which circulates throughout the state and furnishes financial news as a part of its service, once not less than ten days before the date of said meeting in substantially the form of the Notice of Sale attached hereto and made a part hereof. 3. Terms and Conditions of Sale. The terms and conditions for the sale and issuance of the Bonds shall be as attached hereto and made a part hereof, and such terms and conditions are hereby authorized to be incorporated in material distributed to prospective bidders for the Bonds. 4. Official Statement. The City Manager and other officers of the City, in cooperation with Public Financial Systems, Inc., financial consultants to the City, are hereby authorized and directed to prepare on behalf of the City an official statement to be distributed to potential purchasers of the Bonds. official statement shall contain the statement of Terms and Conditions of Sale attached hereto and such other information as shall be deemed advisable and necessary to describe accurately the City and the security for, and terms and conditions of, the Bonds. Sale. The Council shall meet at the time and place specified in the notice of . the sale of the Bonds. Such ATTEST : L&.j >. k:j% myor ' fl City Clerk NOTICE OF BOND SALE $1,760,000 GENEJUL OBLIGATION I3WROVFXENT BONDS, SERIES 1989 CITY OF EDINA, M"ES0'PB NOTICE IS HEREBY GIVEN that sealed bids for the purchase of $1,760,000 General Obligation Improvement Bonds, Series 1989 (the Bonds), of the City of Edina, Minnesota (the City), will be received at the office of Public Financial Systems, Inc., 512 Nicollet Hall, Suite 550, Minneapolis, Minnesota 55402 until 11:OO o'clock a.m., on Monday, March 20, 1989, at which the the bids will be opened and tabulated. that same date to consider the bids and award the sale of the Bonds. will be issued for the purpose of financing a local improvement project within the City. The Bonds will be issuable as fully registered bonds of single maturities, in the denomination of $5,000 or any integral multiple thereof, will be dated, as The City Council will meet in the City Hall in the City at 7:OO p-m-, The Bonds 2/21/89 57 originally issued, as of April 1, 1989, and will mature on February 1 in each year as follows: Year Amount Year Amount 1992 $180,000 1997 $175,000 1993 180,000 1998 175,000 1994 180,000 1999 175,000 1995 175,000 2000 175,000 1996 175,000 2001 170,000 Interest will be payable on each February 1 and August 1 commencing August 1, 1989, to the registered owners of the Bonds appearing of record in the bond register as of the 15th day (whether or not a business day) of the immediately preceding month. redemption, at the option of the City and in whole or in part, and if in part, in inverse order of maturities and by lot assigned in proportion to their principal amount within a maturity, on February 1, 1995 and on any interest payment date thereafter at a prke equal to the principal amount thereof to be redeemed plus accrued interest to the date of redemption. Dorsey h Whitney, of Minneapolis, Minnesota. Conditions of Sale and additional information may be obtained from the undersigned or from Public Financial Systems, 512 Nicollet Mall, Suite 550, Minneapolis, Minnesota 55402, telephone 612-333-9177, financial consultants to the City. Dated: February 21, 1989. Bonds maturing in 1996 and later years are each subject to A legal opinion will be furnished by Copies of a statement of Terms and BY ORDER OF THE CITY COUNCIL Marcella M. Daehn, City Clerk Terms and Conditions of Sale $1.760.000 G.O. Improvement Bonds Sealed bids for the purchase of $1,760,000 General Obligation Improvement Bonds, Series 1989 (the Bonds) of the City of Edina, Minnesota (the City) will be received at the offices of Public Financial Systems, Inc., until 11:OO a.m., on Monday, March 20, 1989, when they will be opened, read and tabulated. The bids will be presented to the City Council for consideration at a meeting to be held at the City Hall at 7:OO p.m. on the same date. This is a statement of the terms and conditions upon which the bids for the Bonds will be received, the sale thereof awarded and the Bonds issued. Purpose The Bonds will be issued for the purpose of financing assessable public improvements for the Centennial Lakes Redevelopment Project in accordance with the provisions of Mhnesota Statutes, Chapters 475 and 429. me. Denomination and Maturities The Bonds will bear a date of original issue as of April 1, 1989, will be in fully registered form and in denominations of $5,000 or any integral multiple thereof, of single maturities, and will mature on February 1 in the following years and amounts : Year Amount Year Amount . Year Amount 1992 $180,000 1996 $175,000 1999 $175,000 1993 180,000 1997 175,000 2000 175,000 1994 180,000 1998 175,000 2001 170,000 1995 175,000 Redemption The Bonds maturing in 1996 and subsequent years will each be subject to redemption and prepayment, at the option of the City, in whole or in part and if in part in inverse order of maturities and by lot within a maturity, on February 1, 1995 and any interest payment date thereafter, at a price equal to the principal amount thereof to be redeemed plus accrued interest to the date of redemption. Interest Payment Dates and Rates Interest will be payable on August 1, 1989 and semiannually thereafter on each February 1 and August 1, to the registered owners of the Bonds appearing of record in the bond register as of the close of business on the 15th day (whether or not a business day) of the immediately preceding month. All Bonds of the same maturity 2/21/89 I 58 must bear interest from date of original issue until paid at a single, uniform rate, not exceeding the rate specified for Bonds of any subsequent maturity. rate must be expressed in an integral multiple of 1/8 or 5/100 of 18, not exceeding the rate specified for Bonds of any subsequent maturity. The City will designate and contract with a bank, financial institution or trust company to act as Bond Registrar, Transfer Agent and Paying Agent (the Registrar). The Bond Register will be kept, principal and interest will be paid to the Registrar. Registrar for such services. and appoint a successor. Deliverv Within 40 days after the sale, the City will deliver to the Registrar the printed Bonds ready for completion and authentication. Bonds must notify the Registrar, at least five business days before delivery of the Bonds, of the persons in whose names the bonds will be initially registered and the authorized denominations of the Bonds to be originally issued. notification is not received by that date, the Bonds will be registered in the name of the original purchaser and will be issued in denominations corresponding to the principal maturities of the Bonds. furnish to the purchaser the opinion of bond counsel hereinafter described, an arbitrage certification and a certificate verifying that no litigation in any manner questioning the validity of the Bonds is then pending or, to the best knowledge of officers of the City, threatened. Payment for the Bonds must be received by the City at its designated depository on the date of closing in immediately available funds. An opinion as to the validity of the Bonds and the exemption from taxation of the kcerest thereon will be furnished by Dorsey & Whitney, of Minneapolis, Minnesota and will be printed on the Bonds. valid and binding general obligations of the City enforceable in accordance with their terms, except to the extent to which enforceability may be limited by state or United States laws relating to bankruptcy, reorganization, moratorium or creditors rights. Sealed bids must be mailed or delivered to the undersigned and must be received prior to the time established above for the opening of bids. unconditional. A good faith deposit in the amount of $35,200 must be submitted with each bid. The good faith deposit must be in the form of a certified or cashiers check or bank draft. as liquidated damages if the bid is accepted and the bidder fails to comply therewith. The good faith deposit will be returned to the purchaser at the closing for the Bonds. interest from date of Bonds to stated maturities less any cash premium or plus any discount) will be deemed the most favorable. $1,740,000 plus accrued interest on all of the Bonds will be considered and the City reserves the right to reject any and all bids and to waive any informality in any bid. Each I Bond Registrar, Transfer Apent and Paving Agent registered owner of each Bond and transfers of ownership will be effected by the 1 The City will pay the reasonable and customary charges of the The City reserves the right to remove the Registrar The original purchaser of the If On the day of closing, the City will Legal Opinion I The legal opinion will state that the Bonds are Type of Bid and Award Each bid must be The good faith deposit will be retained by the City The bid authorizing the lowest net interest cost (total No oral bid and no bid of less than - CUSIP Numbers The City will assume no obligation for the assignment or printing of CUSIP numbers on the Bonds or for the correctness of any numbers printed thereon, but will permit such numbers to be assigned and printed at the expense of the purchaser, if the purchaser wa€ves any delay in delivery occasioned thereby. Information for bidders and bidding forms may be obtained from the undersigned or from Public Financial Systems, Inc., 512 Nicollet Mall, Suite 550, Minneapolis, Minnesota 55402, telephone 612-333-9177, financial consultants to the City. Dated: February 21, 1989 BY ORDER OF 'l!EE CITY COUNCIL 2/21/89 59 The motion for the adoption of the foregoing resolution was duly seconded by Member Rice and upon vote being taken thereon, the following voted in favor thereof: Kelly, Paulus, Rice, Smith, Richards and the following voted against the same: None whereupon said resolution was declared passed and adopted, signed by the Mayor and his signature was attested by the City Clerk. Member Paulus introduced the following resolution and moved its adoption: RESOLUTION RELATING TO $2,100,000 GENERAL OBLIGATION RECREBTIONAL FACILITP BONDS, SERIES 1989; AUTHORIZING THE ISSUANCE BND PROVIDING FOR THE PUBLIC SALE TBEREOF 1. Authorization. for the City to construct improvements to the municipal golf course and ice arena. This Council further determines that in order to finance this acquisition and betterment of recreational facilities for the City, it is necessary for the City to issue and sell its General Obligation Recreational Facility Bonds, Series 1989 in the principal amount of $2,100,000 (the Bonds) pursuant to Minnesota Laws 1961, Chapter 655, and Minnesota Statutes, Chapter 475, $31,000 of such amount representing interest as provided in Minnesota Statutes, Section 475.56. This Council estimates that the net revenues derived from the operation of the municipal golf course, the municipal ice arena and the municipal liquor stores, in excess of the cost of.operation and maintenance thereof, in the fiscal year which ended December 31, 1988, equals or exceeds the maximum amount of principal and interest to become due in any future fiscal year on all of the outstanding General Obligation Golf Course Bonds, Series 1985 of the City, dated as of September 1, 1985, on all of the outstanding General Obligation Recreational Facility Bonds, Series 1988, dated as of October 1, 1988, and on the Bonds, as proposed to be issued under the terms set forth in this Resolution. Bonds to the purchaser, the Council will establish a fund for the payment of principal and interest on the Bonds. The Council will appropriate and credit to such fund an amount of revenues of the municipal liquor stores which is equal to the average annual amount of principal and interest to become due on the Bonds. 2. This Council shall meet at the time and place specified in the notice awarding the sale of the Bonds. to cause a public notice of the time, place and purpose of the meeting to be published in the official newspaper of the City, and in a daily or weekly periodical published in a Minnesota city of the first class, which circulates throughout the state and furnishes financial news as a part of its service, once not less than ten days before the date of said meeting in substantially the form of the Notice of Sale attached hereto and made a part hereof. 3. Terms and Conditions of Sale. The terms and conditions for the sale and issuance of the Bonds shall be as stated in the Terms and Conditions of Sale attached hereto and made a part hereof, and such terms and conditions are hereby authorized to be incorporated in material distributed to prospective bidders for the Bonds. 4. Official Statement. The City Manager and other officers of the City, in cooperation with Public Financial Systems, Inc., financial consultants to the City, are hereby authorized and directed to prepare on behalf of the City an official statement to be distributed to potential purchasers of the Bonds. official statement shall contain the statement of Terms and Conditions of Sale attached hereto and such other information as shall be deemed advisable and necessary to describe accurately the City and the security for, and terms and conditions of, the Bonds. It is hereby determined that it is necessary and beneficial Prior to the delivery of the Sale. \of sale hereinafter prescribed for the purpose of receiving sealed bids and The City Clerk is hereby authorized and directed Such Adopted by the City Council on February 21, 1989. myor ' .- City Clerk 60 2/21/89 60 . *--- --- . NOTICE OF BOND SBLE $2,100,000 GENERAL OBIZGATION RECREATIONAL FACILITY BONDS, SERIES 1989 CITY OF EDINB, MINNESOTA NOTICE IS HEREBY GIVEN that sealed bids for the purchase of $2,100,000 General Obligation Recreational Facility Bonds, Series 1989 (the Bonds), of the City of Edina, Minnesota (the City), will be received at the office of Public Financial Systems, Inc., 512 Nicollet Mall, Suite 550, Minneapolis, Minnesota 55402 until 11:OO o'clock a.m., on Monday, March 20, 1989, at which time the bids will be opened and tabulated. 7:OO p.m., that same date to consider the bids and award the sale of the Bonds. The Bonds will be issued for the purpose of financing the construction of improvements to the City's municipal Golf course. fully registered bonds of single mat&ities, in the denomination of $5,000 or any integral multiple thereof, vi11 be dated, as originally issued, as of April 1, 1989, and will mature on January 1 in the following years and amounts: . The City Council will meet in the City Hall in the City at The Bonds will be issuable as - Year Amount Year Amount - Year Amount 1992 $ 65,000 1998 $ 95,000 2004 $140 , 000 1993 70 , 000 1999 100,000 2005 145 , 000 1994 70 , 000 2000 105,000 2006 160 , 000 1995 75 , 000 2001 115,000 2007 170 , 000 1996 80,000 2002 120,000 2008 180 , 000 1997 85 , 000 2003 130,000 2009 195 , 000 Interest will be payable on each January 1 and July 1 commencing January 1, 1990, . to the registered owners of the Bonds appearing of record in the bond register as of the 15th day (whether or not a business day) of the immediately preceding month. prepayment at the option of the City and in whole or in part, and if in part, in inverse order of maturities and by lot assigned in proportion to their principal amount within a maturity, on January 1, 1998 and any interest payment date thereafter, at a price equal to the principal amount thereof to be redeemed plus accrued interest to the date of redemption. issue of the Bonds will be furnished by Dorsey & Whitney, of Minneapolis, Minnesota. information may be obtained from the undersigned or from Public Financial Systems, 512 Nicollet Hall, Suite 550, Minneapolis, Minnesota 55402, telephone 612-333-9177, financial consultants to the City. Dated: February 21, 1989. Bonds maturing in 1999 and thereafter are subject to redemption and A legal opinion with respect to each Copies of a statement of Terms and Conditions of Sale and additional BY ORDER OF THE CITY COUNCIL Marcella M. Daehn, City Clerk Terms and Conditions of Sale $2.100.000 G.O. Recreational Facilitv Bonds Sealed bids for the purchase of $2,100,000 General Obligation Recreational Facility Bonds, Series 1989 (the Bonds) of the City of Edina, Minnesota (the City) will be received at the offices of Public Financial Systems, Inc., until 11:OO a.m., on Monday, March 20, 1989, when they will be opened, read and tabulated. The bids will be presented to the City Council for consideration at a meeting to be held at the City Hall at 7:OO p.m. on the same date. the terms and conditions upon which the bids for the Bonds will be received, the sale thereof awarded and the Bonds issued. The Bonds will be issued for the purpose of financing improvements to the municipal golf course in accordance with the provisions of Minnesota Statutes, Chapter 475 and Minnesota Laws 1961, Chapter 655. The Bonds will bear a date of original issue as of April 1, 1989, will be in fully registered form and in denominations of $5,000 or any integral multiple thereof, This is a statement of mose me. Denomination and Maturities I 2/21/89 61 of single maturities, and will mature on January 1 in the following years and amounts : - Year Amount Year Amount Year Amount 1992 $ 65,000 1998 $ 95,000 2004 $140,000 1993 70,000 1999 100,000 2005 145,000 1994 70,000 2000 105,000 2006 160,000 1995 75,000 2001 115,000 2007 170,000 1996 80,000 2002 120,000 2008 180,000 1997 85,000 2003 130,000 2009 195,000 Redemption The Bonds maturing in 1999 and subsequent years will each be subject to redemption and prepayment, at the option of the City, in whole or in part and if in part in inverse order of maturities and by lot within a maturity, on January 1, 1998 and any interest payment date thereafter, at a price equal to the principal amount thereof to be redeemed plus accrued interest to the date of redemption. Interest will be payable on January 1, 1990 and semiannually thereafter on each July 1 and January 1, to the registered owners of the Bonds appearing of record in the bond register as of the close of business on the 15th day (whether or not a business day) of the immediately preceding month. must bear interest from date of original issue until paid at a single, uniform rate, not exceeding the rate specified for Bonds of any subsequent maturity. rate must be expressed in an integral multiple of 1/8 or 5/100 of 1%, not exceeding the rate specified for Bonds of any subsequent maturity. The City will designate and contract with a bank, financial institution or trust company to act as Bond Registrar, Transfer Agent and Paying Agent (the Registrar). The Bond Register will be kept, principal and interest will be paid to the registered owner of each Bond and transfers of ownership will be effected by the Registrar. Registrar for such services. and appoint a successor. Within 40 days after the sale, the City will deliver to the Registrar the printed Bonds ready for completion and authentication. Bonds must notify the Registrar, at least five business days before delivery of the Bonds, of the persons in whose names the bonds will be initially registered and the authorized denominations of the Bonds to be originally issued. notification is not received by that date, the Bonds will be registered in the name of the original purchaser and will be issued in denominations corresponding to the principal maturities of the Bonds. On the day of closing, the City will furnish to the purchaser the opinion of bond counsel hereinafter described, an arbitrage certification and a certificate verifying that no litigation in any manner questioning the validity of the Bonds is then pending or, to the best knowledge of officers of the City, threatened. Payment for the Bonds must be received by the City at its designated depository on the date of closing in immediately available funds. An opinion as to the validity of the Bonds and the exemption from taxation of the interest thereon will be furnished by Dorsey h Whitney, of Minneapolis, Minnesota and will be printed on the Bonds. valid and binding general obligations of the City enforceable in accordance with their terms, except to the extent to which enforceability may be limited by state or United States laws relating to bankruptcy, reorganization, moratorium or creditors' rights. Sealed bids must be mailed or delivered to the undersigned and must be received prior to the time established above for the opening of bids. unconditional. A good faith deposit in the amount of $42,000 must be submitted with each bid. The good faith deposit must be in the form of a certified or Interest Pawent Dates and Rates All Bonds of the same maturity Each Bond Registrar. Transfer Agent and Paying Apent The City will pay the reasonable and customary charges of the The City reserves the right to remove the Registrar Deliverv The original purchaser of the If &Pal Opinion The legal opinion will state that the Bonds are Me of Bid and Award Each bid must be 2/21/89 cashiers check or bank draft. as liquidated damages if the bid is accepted and the bidder fails to comply therewith. The good faith deposit will be returned to the purchaser at the closing for the Bonds. interest from date of Bonds to stated maturities less any cash premium or plus any discmt) will be deemed the most favorable. $2,069,000 plus accrued interest on all of the Bonds will be considered and the City reserves the right to reject any and all bids and to waive any informality in any bid. The good faith deposit will be retained by the City The bid authorizing the lowest net interest cost (total No oral bid and no bid of less than 62 62 CUSIP Numbers The City vi11 assume no obligation for the assignment or printing of CUSIP numbers on the Bonds or for the correctness of any numbers printed thereon, but will permit such numbers to be assigned and printed at the expense of the purchaser, if the purchaser waives any delay in delivery occasioned thereby. Information for bidders and bidding forms may be obtained fromthe undersigned or from Public Financial Systems, Inc., 512 Nicollet Mall, Suite 550, Minneapolis, Minnesota 55402, telephone 612-333-9177, financial consultants to the City. Dated: February 21, 1989 The motion for the adoption of the foregoing resolution was duly seconded by Member Kelly, and upon vote being taken thereon, the following voted in favor thereof: Kelly, Paulus, Rice, Smith, Richards and the following voted against the same: None whereupon said resolution was declared duly passed and adopted, signed by the Mayor and his signature attested by the City Clerk. BY ORDER OF TBE CITP COUNCIL CLAIMS PAID approve payment of claims as per pre-list dated 1/31/89: $803,632.93, Art Center $8,101.28, Swimming Pool Fund $24.88, Golf Course Fund $13,043.31, Recreation Center Fund $10,965.86, Gun Range Fund $451.45, Edinborough Park $9,506.64, Utility Fund $20,877.45, Liquor Dispensary Fund $267,558.30, Imp. Bond Redemption #2 $59,000.00, Total $1,193,162.10 and for confirmation of payment of the following Claims dated 2/21/89: General Fund $123,494.05, Art Center $2,280.96, Golf Course Fund $4,296.59, Recreation Center Fund $197,639.92, Gun Range Fund $371.26, Edinborough Park $12,525.24, Utility Fund $33,352.17, Storm Sewer Utility $1,025.21, Liquor Dispensary Fund $100,657.67, Construction Fund $5,739.31, Total $481,382.38. Motion vas made by Member Kelly and was seconded by Member Paulus to General Fund Motion carried on rollcall vote, five ayes. There being no further business on the Council Agenda, Mayor Richards declared the meeting adjourned at 9:25 p.m.