BROOKINGS – The Brookings City Council will discuss helping South Dakota State University obtain a loan for nearly $10 million at Tuesday night’s meeting at the City & County Government Center.
An executive session begins at 5:30 p.m., with the regular meeting starting at 6 p.m.
There will be a public hearing on the proposal to issue revenue bonds in a principal amount not to exceed $9.7 million to finance projects on behalf of the SDSU Foundation, according to an attachment to the agenda, available on the city’s website.
“The City Council previously gave preliminary approval to serve as a conduit financing entity for the SDSU Foundation to assist with their loan in an amount not to exceed $10 million for purposes of financing certain building projects for SDSU. This specific issuance is for the Phase II expansion of the Performing Arts Center and the future renovation of Frost Arena/HPER Center in an aggregate amount not to exceed $9.7 million,” according to the attachment.
Through the conduit financing, the city of Brookings will be a “pass-through” or “conduit” disburser of funds from the private lenders to the SDSU Foundation, the attachment said.
“The important consideration here is that the City of Brookings has no legal, moral or general obligation for the payments or this debt,” according to the attachment. “What’s more, this debt issuance does not have any impact on the city’s bond rating or our credit worthiness. Finally, it does not impact our ability to issue any debt in 2018.”
The city has done this for the SDSU Foundation and other entities in the past.
On another topic, Craig Pahl, chair of the Brookings Empowerment Project, will lead a presentation on transitional housing as part of a return-to-work program.
In the consent agenda, the councilors will deal with a preliminary plat approval of 10 residential lots and a tract of land for future storm water improvements along an undeveloped section of 15th Street South. The proposed lots would be constructed in what is now an empty field lined by trees on three sides. The proposal will extend 15th Street South from Main Avenue South east to a future intersection with Seventh Avenue South.
“The city plans to construct portions of both Seventh Avenue South and 15th Street South to connect to the existing street network as described by the 2011 Brookings Area Master Transportation Plan,” according to the attachment.
The preliminary plat was approved at a meeting of the Planning Commission Nov. 7. Commission members also discussed connecting Seventh Avenue South from where it dead-ends at the Bark Park to where it dead-ends just north of Remington in a residential community. It was mentioned at the Planning Commission meeting that extending Seventh Avenue all the way through would cause it to cut across a walking/bike path and would necessitate taking out a line of trees along the west edge of McClemans Park. There was concern for public safety that the street would cut across the walking/bike path and run right alongside the McClemans Park and the Bark Park.
Also on Tuesday’s City Council agenda:
• A first reading to introduce an ordinance amending a zoning ordinance pertaining to the height and location of fences, walls and hedges at intersections. The public hearing is set Dec. 12.
• A first reading on changing the speed zones on Sixth Street east 17th Avenue to 35 mph, and on 20th Street South between Main Avenue South and Western Avenue South to 25 mph. The second reading is set Dec. 12.
• Under contracts and change orders, the council will consider awarding the contract for building the new restrooms at Sexauer Park to Clark Drew Construction for $208,000.
• The council will discuss re-zoning the land at the northeast corner of 22nd Avenue and Minnesota Drive, where Dairy Queen now sits. “The property is nonconforming in the B-4 District as the lot area does not meet the 40,000-square foot minimum and the building does not meet the setbacks. The lot and existing building location will meet the size and setback requirements in the B-2 District,” according to the attachment.
Contact Jodelle Greiner at jgreiner@brookingsregister.com.
