HomeMy WebLinkAbout2020/10/26 - ADMIN - Minutes - City Council - Regular Official minutes
Special city council meeting
St. Louis Park, Minnesota
Oct. 26, 2020
1. Call to order
Mayor Spano called the special meeting to order at 6:00 p.m.
1a. Roll call
Councilmembers present: Mayor Jake Spano, Tim Brausen, Rachel Harris, Larry Kraft, Anne
Mavity, Nadia Mohamed, and Margaret Rog
Councilmembers absent: none
Staff present: City Manager (Mr. Harmening), City Attorney (Mr. Mattick), Deputy City
Manager/Human Resources Director (Ms. Deno), Engineering Director (Ms. Heiser), Senior
Engineering Project Manager (Mr. Sullivan), Senior Management Analyst (Ms. Solano)
Guests: Stacy Kvilvang and Liz Diaz, Ehlers
2. Consent items
2a. Resolution supporting environmental response fund grant – Dakota-Edgewood
Trail Bridge (4019-2000). Resolution No. 20-155
It was moved by Councilmember Brausen, seconded by Councilmember Mavity, to adopt
Resolution No. 20-155 to support the application for an Environmental Response Fund
(ERF) Grant from Hennepin Country for the Dakota-Edgewood Trail Bridge (4019-2000).
The motion passed 7-0.
3. Resolutions, ordinances, motions and discussion items
3a. General obligation bonds, series 2020A. Resolution No. 20-156
Ms. Kvilvang stated the General Obligation Bonds were awarded this morning to the city
in the amount of $15.540 million to be used for city bridge projects, Connect the Park,
bikeways, and utility improvements in 2021.
Ms. Kvilvang added that the city’s AAA bond rating was upheld, with a stable outlook,
due to the city’s conservative fiscal planning, strong budgetary flexibility , good liquidity,
strong debt and contingency profile, with overall higher market values . Ms. Kvilvang
stated an additional $1.46 million capital will also be deposited into the bond fund for
future projects.
DocuSign Envelope ID: 9F69A768-7571-4A42-8493-2DA0A331703C
City council special meeting -2- Oct. 26, 2020
Councilmember Kraft asked why the additional capital was deposited. Ms. Kvilvang
stated because this was a premium bid, the city has the option to keep the funds and
use them for future projects.
It was moved by Councilmember Brausen, seconded by Councilmember Harris, to adopt
Resolution No. 20-156 awarding the sale of general obligation (G.O.) bonds, series
2020A to Raymond James and Associates.
The motion passed 7-0.
4. Adjournment
The special city council meeting was adjourned at 6:15 p.m.
______________________________________ ______________________________________
Melissa Kennedy, city clerk Jake Spano, mayor
DocuSign Envelope ID: 9F69A768-7571-4A42-8493-2DA0A331703C