1996-01-25 CC Agenda/PacketALBERTVILLE CITY COUNCIL
SPECIAL MEETING
January 25, 1996
Albertville City Hall 7:00 PM
PRESENT: Mayor Michael Potter, Councilmembers Curt Muyres,
Duane Berning, and John Vetsch, City Administrator Garrison Hale,
City Attorney Mike Couri, City Engineer Pete Carlson, and City
Financial Consultant Bob Thistle
10 Mayor Potter called the special meeting of the Albertville
City Council to order. The purpose of the meeting it to consider
CSAH 37/19, Transportation Study (Freeway Ramp), Parkside 3rd
Addition Sewer Access and appointment of two additional
consolidation committee members.
Mayor Potter adopted the agenda by consensus.
City Engineer Carlson opened the meeting by discussing the
CSAH 37/19 Realignment. Carlson focused on the right-of-way and
what the property owners would find acceptable for acquisition.
John -George, Inc.
- Drainage
- Assessments
- R/W Turnback
- 1996 Construction
Andy Savitski
Drainage
Assessments
- Disruption and Parking
L & D Trucking
- Drainage
Access Points
Parking
Peterson
Land Swaps
Mayor Potter and City Attorney Couri discussed with the
Council alternatives to the property owners requests. Couri
discussed timing and the fact the window of opportunity to bring
everything together may be 1996.
Carlson believes that L & D Trucking will be most impacted by
the new road relocation.
Engineer Carlson moved to drainage. John -George Inc. requests
an off -site detention pond using a storm sewer system. A shared
ALBERTVILLE CITY COUNCIL
SPECIAL MEETING
January 25, 1996
Page 2 of 3
system would be a plus to others. Andy Savitski wants extended
parking in back of his building by the culvert in lieu of a ditch.
L & D Trucking wants the ditch relocated to the property line.
Peterson appears unaffected by drainage. Don Barthel would be
interested in cooperating on a drainage project.
Carlson asked the Council for a "Northwest Drainage Study" to
use for answering questions. Mayor Potter further discussed that
Feneis Brothers (Marx Property) Senior Housing were interested in
cooperating on joint drainage concerns.
Mayor Potter explained a proposed plan on a ditch relocation
that may solve several property owners' problems.
Carlson felt three properties in the CSAH 37/19 project would
be most benefited --Darkenwald, Savitski and Peterson. Carlson
also suggested looking at the Drainage Study as a part of a Chapter
429 process.
[Councilmember Anderson entered the meeting at 7:58 PM]
Berning made a motion to authorize the City Engineer to
prepare a Northwest Area Drainage Study. Vetsch seconded the
motion. All voted aye.
Carlson discussed and continued on right-of-way. Berning
expressed the need to further define the financial side including
assessments. Muyres concurred that approving the project requires
a financial program that is acceptable for the City's long-term
financial health.
Financial Consultant Thistle was present to discuss the City's
Capital Improvement Plan and financial program needs. Thistle
distributed a complete analysis detailing the following bond sales:
North Frontage Road Sanitary Sewer Ext. ($80,000) - 10 years
CSAH 19/37 Intersection Realignment ($365,000) - 20 years
North Frontage Road & I-94 Water Ext. ($180,000) - 10 years
Fire Hall ($480,000) - 10 years
(Copies of the proposed schedules are attached to these minutes.)
City Administrator Hale discussed commercial/residential
projects in the planning stage. City Attorney Couri explained "the
chicken and the egg problem". Mayor Potter mentioned timing and
the low current interest rates.
The Council discussed the priority of projects and the size of
future debt levy. Potter asked the Council what they thought on
realigning CSAH 37/19. Couri felt the project would pay off over
�` 10-20 years. Darkenwalds may not wait for the future. Potter
ALBERTVILLE CITY COUNCIL
SPECIAL MEETING
January 25, 1996
Page 3 of 3
explained the project is needed, from a transportation study and
solves a future problem and Darkenwald may develop their site other
than the proposed road project.
Councilmember Muyres asked for comment by all Council members.
Everyone thought this was a "do" project.
Anderson made a motion authorizing the City Engineer and
Attorney to proceed with CSAH 19/37 Intersection Realignment
Project right-of-way acquisition. Vetsch seconded the motion. All
voted aye.
Engineer Carlson held discussion on the Transportation Study
(Freeway Ramp). He reminded the Council the estimated cost of the
study is $20,000. Attorney Couri mentioned a retail project would
need traffic studies and questioned whether the Transportation
Study should coordinate with such a study.
Muyres made a motion to table the Transportation Study
(Freeway Ramp) indefinitely until a future need is identified.
Berning seconded the motion. All voted aye.
Mayor Potter moved to Parkside 3rd Addition and discussed
concepts for sewer line placement. Carlson discussed ideas on
sewer lines and lift stations and to allow Parkside 3rd to use the
existing Westwind lift station.
Mayor Potter moved to the Consolidation Commission.
Muyres made a motion to appoint John Vetsch and Duane Berning
as candidates for the Consolidation Committee for the Cities of
Albertville and Otsego. Anderson seconded the motion. Anderson,
Muyres and Potter voted aye. Berning and Vetsch voted no. The
motion carried.
Muyres made amotion to adjourn at 9:28 PM. Anderson seconded
the motion. All voted aye.
111xW14,
Michael Potter, Mayor
Garrison L.Hale, Deputy Clerk
x
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61).
City of Albertville, Minnesota
$625,000 G.O. Improvement Bonds and $480,000 Lease Revenue Bonds
Estimated Dollar Impact of Additional Debt
Assumptions:
Improvement Bonds
Dated: 5-1-96
Par Amount $625,000
Not Rated
Three Projects: $80,000 N. Frontage Rd.San. Sewer Ext 10 Years 100% Assessed
$365,000 CSAH 19/37 Intersection 20 Years 20% Assessed
$180,000 N. Frontage Rd.& 1-94 Water Ext. 10 Years 100% Assessed
Underwriters Discount $15 / Bond
$1,000,000 County State Aid Not Included in CSAH Project
Lease Revenue Bonds
Dated:
5-1-97
- Par Amount:
$480,000
Not Rated
Term:
10 Years
Interest Rates:
50 Basis Points above G.O.
Reserve Fund:
10% of Par Amount
Underwriters Discount:
$15 / Bond
Trustee Fees:
$4,000
Annual Appropriation Paid From Tax Levy
Other Debt
Tax Levy Estimate for Current Debt provided by the City
Prepared by: Springsted Incorporated (1/25/96)
City of Albertville, Minnesota
3.0. Obligation Bonds, Series 1996
10 Year and 20 Year Issues Combined
Prepared January 19, 1998
BY SPRINWTED incorporate
Dated:
5- 1-1996
Mature:
2- 1
First Interest:
2- 1-1997
Year of
Year of
Total
Projected
Total
Levy
Mat.
Principal
Rates
Interest
Principal P
d, Interest
105%
Assessment
Net
(1)
(2)
(3)
of Total
Income Requirement
(4)
(5)
(6)
(7)
(8)
(9)
1996
1998
20,000
4.80%
58,814
78,814
82,755
54,049
28,706
1997
1999
45,000
4.70%
32,688
77,688
81,572
50,157
31,415
1998
2000
45,000
4.80%
30,573
75,573
79,352
48,174
31,178
19W
2001
45,000
4.W%
28,413
73,413
77,084
46,192
30,892
2000
2002
45,000
5.Do%
26,208
71,208
74,768
44,209
30,559
2001
2003
45,000
5.10%
23,958
68,958
72,406
42,227
30,179
2002
2004
45,000
5.20%
21,693
66,663
89,996
40,244
29,752
2003
2005
35,000
5.30%
19,323
54,323
57,039
38,262
18,777
2004
2006
35,000
5.40%
17,468
52,468
55,091
36,279
18,812
2005
2007
35,000
5.50%
15,578
50,578
53,107
34,297
18,810
2006
2008
20,000
5.80$
13,653
33,653
35,336
6,315
2007
2009
20,000
5.70%
12,533
32,533
34,160
6,D48
228,021
2008
2010
20,000
5.75%
11,393
31,393
32,963
5,782
,112
27,181
2009
2011
20,000
5.80%
10,243
30,243
31,755
5,515
26,240
2010
2012
20,000
5.85%
9,083
29,083
30,537
5,249
25,288
2011
2013
25,000
5.90%
7,913
32,913
34,559
4,982
29,577
2012
2014
25,000
5.95%
6,438
31,438
33,010
4,716
28,294
2013
2015
25,000
6.00%
4,950
29,950
31,448
4,449
26,999
2014
2016
25,000
6.00%
3,450
28,450
29,873
4,183
25,690
2015
2017
30,000
6.50%
1,950
31,960
33,548
3,916
29,632
TOTALS: 825,000 356,292
Bond Years: 6,298.75 Annual Interest:
Avg. Maturity: 10.08 Plus Discount:
Avg. Annual Rate: 5.657% Net Interest:
T.I.C. Rate: 5.801% N.I.C. Rate:
19% Net Tax Capacity: _
Total Levy (Average of Levy Years: 1996-2015)
Column 9: _
981,292 1,030,359 485,245
356,292
9,375
365,667
5.805%
Tax Capacity
Rate
1,117,900
27,256 2.438%
545,114
Interest rates are estimates; changes may cause significant alterations of this schedule.
The actual underwriter's discount bid may also vary.
City of
Albertville, Minnesota
Prepared
January
23, 19%
General
Obligation Bonds, Series
19W
By SPRIN08TED Incorporated
N. Frontage Rd.
Sanitary Sewer Ext.
Dated:
5- 1-19M
Mature:
2- 1
First Interest:
2- 1-1907
Total
Projected
Total
Year of
Year of
Principal
105%
Assessment
Net
Annual
Levy
Mat.
Principal
Rates
Interest
Interest
of Total
Income Requirement
Surplus
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
1996
1998
5,000
4.W%
7,018
12,018
12,619
13,728
0
1,109
1997
1999
10,000
4.70%
3,780
13,780
14,469
12,752
1,717
0
1998
2000
10,000
4.80%
3,310
13,310
13,976
12,224
1,752
0
1999
2001
10,000
4.90%
2,830
12,830
13,472
11,696
1,778
0
2000
2002
10,000
5.00%
2,340
12,340
12,957
11,168
1,789
0
2001
2003
10,000
5.10%
1,840
11,840
12,432
10,840
1,792
0
2002
2004
10,000
5.20%
1,330
11,330
11,897
10,112
1,785
0
2003
2005
5,000
5.30%
810
5,810
6,101
9,584
0
3,483
2004
2006
5,000
5.40%
545
5,545
5,822
9,056
0
3,234
2005
2007
5,000
5.W%
275
5,275
5,539
8,528
0
2,989
TOTALS: 80,000
Bond Years:
470.00
Avg. Maturity:
5.88
Avg. Annual Rate:
5.123%
T.I.C. Rate:
5.412%
24,078 104,078 109,284
Annual Interest:
24,078
Plus Discount:
1,200
Net Interest:
25,278
N.I.C. Rate:
5.378%
109,488 10,611
Interest rates are estimates; changes may cause significant alterations of this schedule.
The actual underwriter's discount bid may also vary.
City of Albertville, Minnesota
General Obligation Bonds, Series 1996
C3rW 19/37 Intersection
Prepared January 19, 19%
By SPAINOSTED Incorporated
Dated:
5- 1-1996
Mature:
2- 1
First Interest:
2- 1-1997
Total
Projected
Total
Year of Year of
Principal
105%
Assessment
Net
Levy
Mat.
Principal
Rates
Interest
& Interest
of Total
Income Requirement
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
1996
1998
0
4.60%
35,942
35,942
37,739
9,432
28,307
1997
19"
15,000
4.70%
20,538
35,538
37,315
8,713
28,602
1998
2000
15,000
4.30%
19,833
34,833
36,575
8,446
28,129
1999
2001
15,000
4.90%
19,113
34,113
35,819
8,180
27,639
2000
2002
15,000
5.00%
18,378
33,378
35,047
7,913
27,134
2001
2003
15,000
5.10%
17,628
32,628
34,259
7,647
26,812
2002
2004
15,000
5.20%
16,863
31,863
33,456
7,380
26,076
2003
2005
15,000
5.30%
16,083
31,083
32,637
7,114
25,523
2004
2006
15,000
5.40%
15,288
30,288
31,802
6,847
24,955
2005
2007
15,000
5.50%
14,478
29,478
30,952
6,581
24,371
2006
2008
20,000
5.60%
13,653
33,653
35,336
6,315
29,021
2007
2009
20,000
5.70%
12,533
32,533
34,160
6,048
28,112
2008
2010
20,000
5.75%
11,393
31,393
32,963
5,782
27,181
2009
2011
20,000
5.80%
10,243
30,243
31,755
5,515
26,240
2010
2012
20,000
5.85%
9,083
29,083
30,537
5,249
25,288
2011
2013
25,000
5.90%
7,913
32,913
34,559
4,982
29,577
2012
2014
25,000
5.95%
6,438
31,438
33,010
4,718
28,294
2013
2015
25,000
6.00%
4,950
29,950
31,448
4,449
26,999
2014
2016
25,000
8.00%
3,450
28,450
29,873
4,183
25,690
2015
2017
30,000
6.50%
1,950
31,950
33,548
3,916
29,632
TOTALS:
365,000
275,750
640,750
672,790
129,408
543,382
Bond Years:
4,733.75
Annual
Interest:
275,750
Avg. Maturity:
:2.97
Plus Discount:
5,475
Avg. Annual
Rate:
5.825%
Net Interest:
281,225
T.I.C. Rate:
5.951%
N.I.C.
Rate:
5.941%
Interest rates are estimates; changes may cause significant alterations of this schedule.
The actual underwriter's discount bid may also vary.
City of Albertville, Minnesota
General Obligation Bonds, Series 1998
N. Frontage Rd. & I-94 Water Ext.
Dated: 5- 1-1996
Mature: 2- 1
First Interest: 2- 1-1997
Year of
Year of
Levy
Mat.
Principal
Rates
(1)
(2)
(3)
(4)
1998
1998
15,000
4.W%
1997
1999
20,000
4.70%
1996
2000
20,000
4.804
1999
2001
20,000
4.-%%
2000
2002
20,000
5.00%
2001
2003
20,000
5.10$
2002
2004
20,000
5.20%
2003
2005
15,000
5.30%
2004
2006
15,000
5.40%
2005
2007
15,000
5.50%
TOTALS: 180,000
Bond Years: 1,095.00
Avg. Maturity: 6.08
Avg. Annual Rate: 5.157%
T.I.C. Rate: 5.437%
Prepared January 19, 1998
By SPRINOSTED Incorporated
Total
Projected
Total
Principal
105%
Assessment
Net
Annual
Interest
& Interest
of Total
Income Requirement
Surplus
(5)
(8)
(7)
(8)
(9)
(t0)
15,855
30,855
32,398
30,889
1,509
0
8,370
28,370
29,789
28,892
1,097
0
7,430
27,430
28,802
27,504
1,298
0
8,470
28,470
27,794
26,316
1,478
0
5,490
25,490
28,765
25,128
1,837
0
4,490
24,490
25,715
23,940
1,775
0
3,470
23,470
24,644
22,752
1,892
0
2,430
17,430
18,302
21,564
0
3,262
1,835
18,835
17,467
20,376
0
2,909
825
15,825
16,818
19,188
0
2,572
56,465
Annual Interest:
Plus Discount:
Net Interest:
N.I.C. Rate:
236,465 248,292 246,349
58,465
2,700
59,165
5.403%
10,688
Interest rates are estimates; changes may cause significant alterations of this schedule.
The actual underwriter's discount bid may also vary.
City of Albertville, Minnesota
Lease Revenue Bonds
10 Year Issue
Dated: 5- 1-1997
Mature: 2- 1
First Interest: 2- 1-1998
Prepared January 19, 19M
By SPRIN03TED Incorporated
Total
Reserve
Total
Year of
Year of
Principal
Earnings
Net
Levy
Mat.
Principal
Rates
Interest
& Interest
5.00% Requirement
(1)
(2)
(3)
(4)
(5)
(8)
(7)
(8)
1997
1998
0
0.00%
20,513
20,513
1,800
18,713
1998
1999
35,000
5.20%
27,350
62,350
2,400
59,960
1999
2000
40,000
5.30%
25,530
85,530
2,400
63,130
2000
2001
40,000
5.40%
23,410
83,410
2,400
61,010
2001
2002
45,000
5.50%
21,250
66,250
2,400
63,850
2002
2003
45,000
5.60%
18,775
63,775
2,400
61,375
2003
2004
50,000
5.70%
16,255
66,255
2,400
63,855
2004
2005
50,000
5.80%
13,405
63,405
2,400
61,005
2005
2006
55,000
5.90%
10,505
65,505
2,400
63,105
2008
2007
60,000
6.00%
7,260
67,260
2,400
64,860
2007
2008
80,000
6.10%
3,660
83,660
50,400
13,260
TOTALS:
480,000
187,913
667,913
73,800
594,113
Bond Years:
3,230.00
Annual Interest:
187,913
Avg. Maturity:
6.73
Plus Discount:
7,200
Avg. Annual Rate:
5.818%
Net Interest:
195,113
T.I.C. Rate:
6.078%
N.I.C. Rate:
6.041%
Interest rates are
estimmtes;
changes may cause
significant
alterations of
this schedule.
The actual underwriter's discount bid may also.
vary.