HomeMy WebLinkAbout2011-09-07 PACKET 03.A.COTTAGE GROVE CITY COUNCIL
City of Cottage Grove, Minnesota
Special Meeting
June 1, 2011
The City Council of the City of Cottage Grove, Washington County, held a Special
Meeting on June 1, 2011, at the Cottage Grove City Hall, 7516 80 Street South,
Cottage Grove. Mayor Bailey called the meeting to order at 6:03 p.m.
ROLL CALL
The following were present: Mayor Myron Bailey, Council Member Jen Peterson,
Council Member Justin Olsen, Council Member Dave Thiede, and Council Member
Derrick Lehrke.
Absent: None
Also Present: Ryan Schroeder, City Administrator; Caron Stransky, City Clerk; Robin
Roland, Finance Director; John McCool, Senior Planner; Corrine Heine, City Attorney -
Kennedy & Graven; Jennifer Levitt, City Engineer; Craig Woolery, Public Safety
Director; and Les Burshten, Public Works Director.
Mayor Bailey presided, over
Mayor Bailey stated that the purpose of the Special Meeting was to discuss the options
available to finance the City's Public Safety /City Hall facility.
Finance Director Roland introduced Shelly Eldridge of Ehlers & Associates who is the
City's representative of our financial advising firm.
The City Council reviewed the reports from Shelly Eldridge of Ehlers & Associates Inc.,
included in the Agenda Packet, and discussed the four (4) financing options:
1. Issuance of General Obligation Capital Improvement Plan Bonds pursuant to
Minnesota Statute Section §485.521;
2. Lease Arrangement under Minnesota Statutes, Section 465.71;
3. Lease Arrangement through a private placement with Bank of America's Bank of
America Public Capital Corp.; and
4. Cash financing.
Cottage Grove City Council
June 1, 2011 Special Meeting
Finance Director Roland then distributed and reviewed a memorandum she prepared to
recap the preliminary budget and financing scenarios for the Public Safety /City Hall
project.
Finance Director Roland stated that there is an item on the agenda for action by City
Council on this matter this evening and Staff has put together a suggested motion at
that time should the City Council wish to act on it.
At 7:12 p.m., the City Council temporarily adjourned the special meeting to the open
forum portion of the meeting.
Prepared by,
Caron M. Stransky
City Clerk