HomeMy WebLinkAbout06-22-1998 EDA MinutesCITY OF LINO LAKES
ECONOMIC DEVELOPMENT AUTHORITY
MINUTES
DATE: Monday, June 22, 1998
MEMBERS
PRESENT: C. Lyden, C. Dahl, K. Sullivan
MEMBERS
ABSENT: J. Bergeson, A. Neal
OTHERS
PRESENT: Brian Wessel, Mary Divine, Jerry Shannon
CONSIDERATION OF MINUTES
EDA Member Lyden moved to approve the minutes from the June 8, 1998 EDA meeting. EDA
Member Dahl seconded the motion. Motion passed unanimously.
CONSIDERATION OF RESOLUTION NO. 98-02 AWARDING THE SALE OF $5,350,000
LEASE REVENUE BONDS, SERIES 1998A (CIVIC COMPLEX)
Mr. Jerry Shannon from Springsted, Inc. explained to the Authority that this resolution awarded
the sale of the bonds for the Civic Complex to the successful bidder, Cronin and Company, Inc. at
a net effective rate of 5.26%. The resolution also authorizes the execution of lease agreements
with the city and all related documents.
He added that Moody's rating of the EDA moved upward from Baa to Baal, and the city's rating
from Baal to A3. The favorable interest rate on the bonds was due to the rating increase and a
good market. EDA Member Lyden asked if it were possible to pay the bonds off early without
penalty. Mr. Shannon said in the future it would be possible to refinance the bonds.
Mr. Shannon said that the city will lease the site to the EDA until the bonds are repaid, and when
all the required lease payments are made, the land and the building will be owned by the city.
EDA Member Lyden moved to approve Resolution No. 98-02. EDA Member Dahl seconded the
motion. Motion passed unanimously.
ADJOURNMENT
EDA Member Dahl moved to adjourn at 6:15 p.m. EDA Member Lyden seconded the motion.
Motion passed unanimously.