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EDA MINUTES May 11, 2015 DRAFT CITY OF LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY MINUTES DATE : May 11, 2015 TIME STARTED : 6:05 p.m. TIME ENDED : 6:18 p.m. MEMBERS PRESENT : EDA Members Kusterman, Reinert, Rafferty, Stoesz and Roeser MEMBERS ABSENT : none OTHERS PRESENT: : Administrator Jeff Karlson; Community Development Director Michael Grochala; Finance Director Al Rolek; Public Safety Director Swenson; City Clerk Julie Bartell The meeting was called to order at 6:05 p.m. by President Roeser. CONSIDERATION OF THE MINUTES OF MARCH 23, 2045 Economic Development Authority(EDA) Member Kusterman moved to approve the March 23, 2015 minutes. EDA Member Rafferty seconded the motion. Motion carried on a voice vote. CONSIDERATION OF RESOLUTION NO. 15-02,AUTHORIZING THE EXECUTION AND DELIVERY OF A GROUND LEASE, LEASE PURCHASE AGREEMENT,AND RELATED DOCUMENTS Finance Director Rolek reviewed his written report. The EDA has previously approved the issuance of Lease Revenue Bonds for financing a new fire station facility. The EDA resolution authorizes execution of a ground lease for the fire station property and a related lease-purchase agreement. He noted that the term of the lease will continue through retirement of the bond financing. He introduced Attorney Julie Eddington, of Kennedy and Graven,bond counsel on the matter. EDA President Roeser acknowledged that the action before the EDA is a mechanism related to bond financing for the new fire station. He noted the good credit rating of the city. Finance Director Rolek explained that there will be a separate bond call for the bonds issued through the EDA. This action is about getting a lease in place to allow the improvements through the EDA. The EDA members discussed the yearly cost of the bonds and the financing and construction schedule overall for the fire station project. EDA member Reinert moved to approve EDA Resolution No. 15-02. EDA Member Rafferty seconded the motion. Motion carried on a voice vote. 1