HRA 04/11/1985 - 6746TH6 CITY
HOUSI
and
RJ MVELCif l NT
AUTHORITY
Y
MEMO TO: CHAIRKAN1M-MEMBERS OF THE FRIDLEY HOUSING AND REDEVELOPMENT.
AUTHORITY
FROM NASIM M. QURESHI ,-- -- DIRECTOR
DATE: APRIL 3, 1985
SUBJECT 'CANCELLATION OF HRA MEETING OF APRIL 11, 1985
Please see the attached memo from Sid Inman regarding the refunding of
the bonds It seem that the "underwriters will not be ready for the
April-meeting, but will be ready for the May 9, 1985 meeting.
There are no other items which require immediate action by the Housing
and Redevelopment Authority, so unless any members of the HRA desire to
have &.meeting, there is no need for meeting from the staff point of
view.
We will have no HRA meeting on April 11, 1985, unless we hear differently
from the HRA by Monday, April 8, 1985.
NMQ/ms
Enc.
r•-
CITT OF PRIDES?
MSMOlA•DDM
TO: BASIN M. QURESBI, CITY MANAGER
FROM: SID I•MAN, DIRECTOR OF CENTRAL SSRVICSS
SUBJECT: BRA SCHEDULE
DATE: APRIL. 29 1985
The following to a synopsis of the activities regarding the BRA
Refunding and an update of the new schedule. As you are aware, the
activities by Miller A Schroeder regarding the Refunding were put on
hold at the time the conflict between Ehlers A Association and
Miller A Schroeder developed. On March 18, 1985. when the City
Council passed a resolution directing the staff to work with the !RA
and sell the Refunding Bonds, we by memorandum (copy attached)
notified Miller i Schroeder to continue processing. They have rerun
the numbers and presented them to the insurance companies on April
It 1985. Based on the immediate response from the insurance
oompaniea, Mr. Graves has informed me that they will not be able to
make the April 11, 1985 meeting. This is due to the time the
insurance companies need to evaluate and negotiate over the interest
rates.
Therefore, we should plan to have the final resolutions on the May
9, 1985 BRA meeting agenda at which time we will finalize the entire
process.
SCI:sh
3/0/ #/1
CITT OF FRmm
MEMORANDUM
TO: NASD! M. QuissBI, CITI MANAGER
PROM: SID INMLN, DIRECTOR OF CENTRAL SERVICES
SUBJECT: MU BOND REFUNDING
DATE: MARCH 190 1985
At the March 18, 1985 Council Meeting, the City of Fridley took
under advisement the Questions revolving around the decision to
refund the BRA Bonds. The Council was told that at the present, a
window in the interest rates exists which would allow for G.O.
(General Obligation) Refunding of the BRA Bonds. In reviewing this
with both Miller and Schroeder, and Ehlers and Associates, both
parties agreed that there was the potential to do such a refunding
with G.O. Bonds. This type of a refunding with 0.0. Bonds could
potentially save the City of Fridley BRA from =50,000 to $80,000 in
present day dollars. It should be pointed out that the assumption
of the $50,000 to $80,000 savings is based on projected interest
rates and neither party could or would guarantee this figure at the
time of sale, or guarantee how long the window would be available.
Therefore, the City of Fridley was left with two choices.
1. Refinance the existing BRA debt with G.O. Refunding Bonds which
could potentially save the BRA $50,000 to $809000 but would
continue the G.O. responsibility to the City of Fridley
taxpayers.
2. Refund using Revenue Bonds which potentially does not save any
money or might cost a small amount of $109000 to $20,0009 but
due to the insurance feature it removes the General Obligation
attachment to the City.
After reviewing these issues, the City Council made it very clear
that it was their intent to remove the G.O. requirement even though
It may cost more. They were additionally concerned that the window
that now exists may not be available at the time of sale and that we
would have lost valuable time using the G.O. process. Therefore,
they did pass the resolution authorizing the staff to work with the
BMA on continuing the negotiations for the Revenue Bonds.
At the BRA ■eeting, the BRA directed us to send Miller and
Schroeder•s evaluation of Ehlers & Associates' information to Ehlers
S Associates and allow them three days to review the information.
Since the only information Mr. Ehlers presented was regarding G.O.
Refinancing and considering the Couneilts opinion against that type
of refinancing, it appears to ■e that we now have a mute issue.
Therefore, the BRAte only decision at this time is to refund using
Revenue Bonds or to not refund at all. Since they have made it very
clear it is their intent to refund, I think it is obvious that we
continue on with the refunding effort.
TO: BASIN M. QOI RSHI, CITi M AGEE
A MWZCT: HIV HONDIi0
DATE: MARCH 19, 1985
PAGI Tito
It appears to me that W. Ehlers can still serve a purpose to the
City and the BRA by helping us review some of the information from
!tiller. I recommend that we ask him to specifically review all
associated ezpendtitures of the refunding to determine whether or
not they are in line with industry averages in that area. I am
assuming this would oost us less than a $1,0000 and I highly
recommend the BRA doing this. Also, I have asked Dick Graves of
Miller and Schroeder, and Lent Richey of O'Connor i Hannan to
prepare a final schedule of say and all action needed by both the
City Council and the BRA for review. I have requested this be done
as soon as possible.
SCI : sh
cc: Mr. Bob Ehlers
Mr. Dick Graves
Mr. Lent Richey
3/0/6/6
ow
CITYOF
FWDLEY
CIVIC CENTER • 6431 UNIVERSITY AVE. N.E. FRIDLEY. MINNESOTA 55432 • PHONE 16121571- 1.350
nkrob 29, 1985
Mr. Paul Ruud, County Engineer
Anoka County Court House
325 Z. Main Street
Anoka, Minnesota 55303
Dear Mr. Ruud:
Pu 85-41
Re: University (Hwy 47) and
Mississippi St. (C.S.A.H.6)
Intersection
As we have discussed, the City is proceeding with some of the improvements
along Mississippi Street in support of the Center City Redevelopment. This
work will be concentrated on the sidewalk and areas Inward. That portion
of our construction from the sidewalk outward to the road will be
coordinated with the road improvement in 1986.
To clarify your letter of October 20, 1980, the following is understood:
1. The County Vill:
a. Design the intersection improvement as proposed by the City.
b. Obtain necessary agreements with MnDot, the City and the
County.
e. Contract the improvement for completion in 1986.
d. Dill the City for it's share of concrete curbing, median
brickwork, and signal improvements if required.
2. The City will:
a. Construct the sidewalk within these areas in 1985, credit for
this work will be allowed at the time the overall project is
implemented.
b. Coordinate with HSP to relocate and bury their power lines
along Mississippi Street between University Avenue and the
Burlington Northern Railroad tracks.
If there are any concerns with the statements above, please let ■e know so
that any misunderstandings can be clarified.
Wwwrely your&.
ohn 0. Flora
Public Yorks Director
JOF:Jmo
316iv3
OtAECTORATE oc 'J
L OF o�o .
PUBLIC WORKS �-- --
fND MEMORANDUM
OAT( x/27/85 PW 85 -79
MIDI! j"W-john fi. Flora Public Wks. Di rector t0 •'11
0� �w p
5 0ACT Nasim ureshi, City Mana er
HWY 65/W. Moore Lake Drive Intersection
We have received an agreement from Short - Elliott- Hendrickson to design the intersection
improvements for the 100 - Twin /Highway 65 intersection area. The agreement establishes
a not to exceed cost of $ 3o,7so. oo.
The HRA has authorized the execution of this agreement/ and funding for this design
work.
Recommend you execute the attached agreement.
As authorized by the HRA and City Council, by separate letter, I will request
Dave Newman to investigate the purchase of the residential property, 5747 Central Avenue NE,
located at the intersection of Old Central and Hathaway Lane. While construction
is not scheduled until 1986, it would be appropriate to initiate and finalize
this property acquisition before that time.
JGF:jmo
Attachments
i
a SHORT- ELLIOTT- HENDRICKSON, INC.
oil *MMM
� CONSULTING ENGINEERS
ST. PAUL, MINNESOTA • CHIPPEWA FALLS. WISCONSIN
WAUSAU. WISCONSIN
March 21, 1985 RE: FRIDLEY, MINNESOTA
HIGHWAY 65 i WEST MOORE LAKE ROAD
SEH FILE NO: 84142
Mr. John G. Flora,
Public Works Director
City of Fridley
6431 University Avenue N.E.
Fridley, MN 55432
Dear Mr. Flora:
Based on our conversations, we have modified the short contract
extension which we previously sent to you on March 8, 1985. The
modification includes an extension of the design area 'to include
an area west of Highway 65.
We have also modified the cost in the contract to reflect the
additional work which we must undertake. We have also modified
the signature block in accordance with your recommendation.
We hope that the City and the Housing and Redevelopment
Authority will find these contract terms satisfactory and that
we will be able to begin work shortly. We appreciate the
opportunity to provide these services to the City.
Sincerely,
SHORT- ELLIOTT- BENDRICRSON, INC.
Glen Van Wormer,
Chief Transportation Engineer
cih
Enclosure
300 GOPHER BUILDING • 222 EAST LITTLE CANADA ROAD • ST. PAUL. MINNESOTA 55117 • PHONE 16121 484 -02 72
l
4
AGREEMENT FOR ENGINEERING SERVICE '
BETWEEN
CITY OF FRIDLEY, MINNESOTA
AND
s
SHORT- ELLIOTT- SENDRICKSON, INC.
An Agreement was made on the 11th Day of April in
the City of Fridley, hereinafter called the CI
HENDRICKSON, INC., 222 East Little Canada Road,
hereinafter called the ENGINEER. This Agreement
engineering services and was completed in the
time.
the year 1984 between
TY and SHORT- ELLIOTT-
St. Paul, Minnesota,
provided for specific
stipulated scheduled
The City now requires additional professional engineering services for
preparation of plans and specifications.
Now, therefore, the CITY and the ENGINEER for the consideration
hereinafter set forth agree as follows:
1. The ENGINEER agrees to perform professional services as stated in
the Proposal for Roadway Design for Central Avenue, Hathaway Lane
and adjacent streets for Fridley, Minnesota, dated November 12,
1984 except as modified herein.
2. The period of services noted as Section IV in the Agreement shall
be modified to reflect the project schedule as shown in the
contract except that the following changes shall be made:
a) The anticipated authorization date is April 15, 1985.
b) The time periods of ninety (90) days and seventy -five (75)
days do not include the time required for Mn /DOT approvals.
C) The design schedule will permit construction oY the project in
1986.
3. Payments to the ENGINEER, as noted in Section V of the Agreement;
and as project cost in the proposal are modified to reflect a cost
"Not to Exceed" of $ 30,750. This is based on Appendices "A" and
"B" attached to this Agreement.
4. Additional work, such as increases in the scope of work beyond that
shown in Appendices "A" and "B ", work at the intersection of Rice
Creek Road and Central Avenue or work at the intersection of Lynde
and Polk Street will be considered extra work for which a fee will
be negotiated.
5. All other terms of the Agreement shall remain in effect.
APPROVED:
HOUSING AND REDEVELOPMENT AUTHORITY
CITY OF FRIDLEY, MINNESOTA
BY:
Nasim Oureshi,
H.R.A. Executive Director
ATTACHMENT:
APPENDIX "A" - DESIGN AREA
APPENDIX "B" - DESIGN AREA
SHORT- ELLIOTT- HENDRICKSON, INC.
BY:
Glen Van Wormer,
Chief Transportation Engineer
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