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Record of Proceedings

Eagan City Council Meeting – February 18, 2025

City Council — Tuesday, February 18, 2025
BodyEagan, Minnesota
SessionCity Council
DateTuesday, February 18, 2025
StatusFILED
Video Record
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Transcript — Verbatim
3:27

Well, welcome everybody, and I do mean everybody to the February eighteenth regular meeting of the Egan City Council.

3:33

It's our second regular meeting of the month of February.

3:40

And uh and that's good because we're down a few people tonight.

3:45

Councilmember Fields unfortunately won't be able to join us for the meeting tonight.

3:49

Uh, and our usual leader, uh, City Administrator Diane Miller is not able to join us.

3:56

Uh, she had uh a delay uh in being able to get here.

3:59

Uh, she's fine, but unable to make the meeting, so uh in her steed, uh, assistant city administrator uh Sarah Ang will uh lead us through this meeting, and I'm sure she'll do a fabulous job of it.

4:10

So uh with that, Ms.

4:11

Ang, are there any changes the agenda tonight?

4:13

No changes, Mr.

4:14

Mayor.

4:14

Uh, Council Any changes the agenda.

4:16

Motion.

4:18

To adopt the agenda as presented.

4:20

Second.

4:20

It's moved and seconded.

4:22

Uh, any additional conversation on the agenda.

4:25

Seeing none, all in favor I.

4:27

And opposed, nay.

4:28

That motion carries, and we have an agenda.

4:30

Uh, we have no recognition and presentation, so I'll move right to our consent agenda.

4:34

Uh, are there any members of the public who are here on an item that appears in the consent agenda?

4:38

Wanted to say that item acted on separately or had questions on it.

4:43

Seeing none, I'll bring it back to the council.

4:44

Council same question.

4:46

For motion.

4:46

Council Member Backer.

4:50

That's moved and seconded.

4:51

So any additional conversation on the consent agenda.

4:55

Seeing none.

4:55

All in favor I.

4:57

And opposed, nay.

5:00

And we've adopted the consent agenda for the evening.

5:04

With that.

5:08

We have no public hearings.

5:10

I'll go to old business.

5:11

We have one item of old business.

5:13

It is to receive uh bids and adopt resolutions awarding the sale of 19,370,000 in general obligations, tax abasement bonds series 2025A for those keeping score at home.

5:33

In December, Council authorized the issuance of bonds to be sold to finance improvements to Egan's Community Center and Utility Systems.

5:41

We received 11 bids this morning, and City Council action is required to approve the bond sale results.

5:46

Tammy Umda from Northland Securities is here to present the results in more detail.

5:52

Mayor Council, good evening.

5:54

Tammy Umdahl with Northland Security serving as advisor to the city and accepting the 11 bids from this morning.

6:01

As noted, the bonds are being issued to finance improvements to the community center.

6:05

The bonds are general obligation bonds and um 20-year life of the bonds.

6:10

The low bid that was received was for from excuse me, Fidelity Capital Markets out of Boston, Massachusetts.

6:18

The ratings was affirmed.

6:20

Moody's affirmed the triple A rating.

6:22

If you had a chance to read the report, a very um strong um report with respect to their methodology and that rating of that triple A.

6:32

The final paramount of the bonds for your action is 18,250,000, which is different than the original notice.

6:39

The reason for that is fidelity bid with premium.

6:43

And that premium was used to reduce the power amount.

6:46

So the final amount will be 18 million two fifty in this um bidding environment or market for a number of years.

6:53

Um most general obligation bonds are bid with some premium, and that is the underwriter's desire to have coupons that reflect the current um market condition and investor interest.

7:04

So it reduces the power amount.

7:06

Um the total payments to the city as a result of that decision to use premium to reduce power amount has no impact on the city.

7:15

The final um true interest cost that was bid was at 3.67% from Fidelity.

7:20

I'm rounding.

7:21

And I would note the cover bid was very close at that 3.665.

7:26

With that, Mayor Council, I would recommend that um you approve the resolution awarding the bonds to Fidelity in the amount of 18,250,000.

Discussion Breakdown — Share of Meeting
Procedural█████████████████████████████████████████████70%
Capital Improvement Planning███████████████████30%
Summary of Proceedings

Eagan City Council Meeting – February 18, 2025

The Eagan City Council held its second regular meeting of February 2025 on Tuesday, February 18, at 6:30 PM in the Eagan Municipal Center. Councilmember Fields was absent, and City Administrator Diane Miller was unable to attend (assistant city administrator Sarah Ang led the meeting). The council approved a lengthy consent agenda and conducted one significant old business item: the award of $18,250,000 in General Obligation Tax Abatement Bonds for improvements to the Community Center and utility systems.

Consent Calendar

  • Approved minutes from the January 21 regular meeting, January 21 EDA meeting, and January 28 special council meeting.
  • Approved personnel items.
  • Approved check registers for January 31 and February 7, 2025.
  • Approved contracts.
  • Approved changes of manager for several liquor licenses: Applebee’s (on-sale), Cub Foods (off-sale 3.2 malt), Walmart #1786 (off-sale), Merwin Liquors (off-sale), Costco #1363 (off-sale), Kwik Trip #662 (off-sale 3.2 malt), and West End Trap Club (on-sale 3.2 malt).
  • Waived license, permit, and rental fees for Eagan’s Juneteenth event.
  • Approved plans and specifications for two 2025 Street Improvement contracts (25‑01 and 25‑02) and scheduled bid openings.
  • Approved Change Order No. 1 for Contract 24‑20 (Large Diameter Sewer CCTV – Area 3).
  • Awarded Contract 25‑09 (2025 Well Rehabilitations) and Contract 25‑06 (2025 Sanitary and Storm Sewer Pipe Lining).
  • Approved acceptance of a Heritage Lane Highway Easement from Dakota County, a final plat for Lawrence Addition, and a final plat/planned development/easement vacation for Yankee Heritage 28 (21st Century Bank).
  • Canceled the February 25 Advisory Planning Commission meeting.
  • Adopted a resolution calling for a March 4, 2025 public hearing on establishing a housing improvement area (Townhomes of Widgeon Woods).
  • Authorized the City Attorney to acquire a right‑of‑way/drainage/utility easement from Gopher Resource, LLC at Highway 149 & Yankee Doodle Road.
  • Directed preparation of ordinance amendments to City Code Chapter 2 regarding departmental control and appointments.
  • Approved an on‑sale and Sunday liquor license for Residence Inn Eagan (CNTL Catering, LLC).
  • Declared miscellaneous city property as surplus.
  • (All consent items were approved unanimously, per the mayor’s call.)

Discussion Items

  • Bond Sale – $19,370,000 G.O. Tax Abatement Bonds, Series 2025A (Old Business) The council received bids for bonds to finance improvements to Eagan’s Community Center and utility systems. Tammy Umdahl of Northland Securities presented the results: 11 bids were received; the low bid came from Fidelity Capital Markets (Boston, MA). Moody’s affirmed the city’s AAA rating. Because the bid included a premium, the final par amount was reduced from $19,370,000 to $18,250,000. The true interest cost was 3.67% (the cover bid was 3.665%). The council voted unanimously to adopt a resolution awarding the bonds to Fidelity in that amount.

Key Outcomes

  • Bond award: Approved resolution awarding $18,250,000 in General Obligation Tax Abatement Bonds, Series 2025A, to Fidelity Capital Markets at a true interest cost of 3.67%.
  • Consent agenda: Approved unanimously, covering all routine items listed above.
  • Council comments: Councilmember Backer congratulated the Eagan Fire and Community Development departments for their “Souper Bowl” food drive, noting the city broke a record for the largest single‑organization contribution to Eagan’s Open Door food shelf.
  • Adjournment: Meeting ended with a motion to adjourn, seconded, and carried.

Meeting Transcript

Well, welcome everybody, and I do mean everybody to the February eighteenth regular meeting of the Egan City Council. It's our second regular meeting of the month of February. And uh and that's good because we're down a few people tonight. Councilmember Fields unfortunately won't be able to join us for the meeting tonight. Uh, and our usual leader, uh, City Administrator Diane Miller is not able to join us. Uh, she had uh a delay uh in being able to get here. Uh, she's fine, but unable to make the meeting, so uh in her steed, uh, assistant city administrator uh Sarah Ang will uh lead us through this meeting, and I'm sure she'll do a fabulous job of it. So uh with that, Ms. Ang, are there any changes the agenda tonight? No changes, Mr. Mayor. Uh, Council Any changes the agenda. Motion. To adopt the agenda as presented. Second. It's moved and seconded. Uh, any additional conversation on the agenda. Seeing none, all in favor I. And opposed, nay. That motion carries, and we have an agenda. Uh, we have no recognition and presentation, so I'll move right to our consent agenda. Uh, are there any members of the public who are here on an item that appears in the consent agenda? Wanted to say that item acted on separately or had questions on it. Seeing none, I'll bring it back to the council. Council same question. For motion. Council Member Backer. That's moved and seconded. So any additional conversation on the consent agenda. Seeing none. All in favor I. And opposed, nay. And we've adopted the consent agenda for the evening. With that. We have no public hearings. I'll go to old business. We have one item of old business. It is to receive uh bids and adopt resolutions awarding the sale of 19,370,000 in general obligations, tax abasement bonds series 2025A for those keeping score at home. In December, Council authorized the issuance of bonds to be sold to finance improvements to Egan's Community Center and Utility Systems. We received 11 bids this morning, and City Council action is required to approve the bond sale results. Tammy Umda from Northland Securities is here to present the results in more detail. Mayor Council, good evening. Tammy Umdahl with Northland Security serving as advisor to the city and accepting the 11 bids from this morning. As noted, the bonds are being issued to finance improvements to the community center. The bonds are general obligation bonds and um 20-year life of the bonds. The low bid that was received was for from excuse me, Fidelity Capital Markets out of Boston, Massachusetts. The ratings was affirmed. Moody's affirmed the triple A rating. If you had a chance to read the report, a very um strong um report with respect to their methodology and that rating of that triple A. The final paramount of the bonds for your action is 18,250,000, which is different than the original notice.

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