by megan hopps
SUN PRESS Newspapers
The Dayton City Council met Tuesday, Oct. 22 at 7 p.m. at city hall to discuss various project progressions and review the city’s financial credit score information. Nick Anhut, representing Ehlers and Associates which is the City of Dayton’s financial advisor, gave a presentation regarding the consideration providing the issuance of the sale of $2.335 million revenue bonds. Anhut announced that the city’s credit rating was raised from an AA- credit rating to a AA rating. Dayton is now in the top third of the cities in the state which means that more buyers will be inclined to purchase city bonds. Anhut described that the city’s financial strengths are economics and budgetary flexibility. Other strengths include the city’s management and financial policies as well as the liquidity of the cities assets. One item recognized as a weakness is the city’s debt, although, he added, that many developing cities usually access debt service during periods of development. The city did receive three bids with the low bid coming from UBS financial services. Due to the nature of the low bid, the city can reduce the size of the bonds. The bonds are set to close on Nov. 20 which is when those funds will become available for project use.
City Engineer Vince Vandertop gave a presentation regarding the approval of Territorial Road/Rush Creek Road utility improvement project assessment goals. Construction on this road will begin within coming weeks and property owners along this road were notified of the proposed changes. The city will accept pre-paid assessments until Nov. 22. Should residents along this road choose to pre-pay, they have the opportunity to avoid interest charges. Any unpaid assessments will be reported to the county by the end of November and from there it will be added to any unpaid property owner’s property tax over a period of ten years at a four percent interest rate.
In other council business an agreement was written to the City of Maple Grove for review of the Sundance Woods project. The city has been in contact with Maple Grove regarding shared use of certain aspects of the project including: access to Fernbrook, road and utility access to Maple Grove properties south of the development, a future second water supply connection at Fernbrook, future Maple Grove property utility connections along Rush Creek Trail and the future Territorial Road design and finally, the storm water management for properties along Rush Creek Tr. The agreement asks for Maple Grove to share the costs of these aspects of the Sundance Woods Development project.
Furthermore, Associate City Planner Matthew Gindele gave a presentation overview of the preliminary plat of Dayton Highlands fifth addition. He reviewed the budget for the project with the council and added this stage of the development meets all the city’s requirements including lot size.
Zachary Reserve five single family lot subdivision north of natures crossing. Applicant is requesting rezoning which will allow for a variety of lot sizes within a single sub-division.
Contact Megan Hopps at [email protected]