HomeMy WebLinkAbout12-28-2015 EDA Packet LINO LAKES
ECONOMIC DEVELOPMENT AUTHORITY
MEETING
Monday, December 28, 2015
6:00 P.M.
City Council Chambers
AGENDA
1. Call to Order and Roll Call
2. Consideration of Minutes of May 11, 2015
3. Consideration of Resolution No. 15-04 Approving Purchase and Sale Agreement
with D.R. Horton Inc.-Minnesota, Legacy at Woods Edge Property
4. Adjourn
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.
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EDA MINUTES May 11, 2015
DRAFT
CONSIDERATION OF RESOLUTION NO. 15-03,APPROVING POST-ISSUANCE
COMPLIANCE PROCEDURE AND POLICY FOR TAX-EXEMPT GOVERNMENTAL
BONDS
Finance Director Rolek reviewed his written report. He explained that, at the advice of bond
counsel, staff is recommending that the city adopt a formal compliance procedure and policy for
the issuance of bonds. The policy recommended is identical to one passed by the EDA in 2012.
EDA Member Reinert noted the policy on arbitrage and Mr. Rolek explained that the language
serves to prevent issuance of bonds for investment purposes.
The council also reviewed the total cost of the current bonds, including financing costs.
EDA member Rafferty moved to approve EDA Resolution No. 15-03. EDA Member
Kusterman seconded the motion. Motion carried on a voice vote.
NEW BUSINESS
EDA President Roeser remarked that the EDA may want to begin meeting more regularly to
discuss such matters as stimulation of economic development in the city.
ADJOURNMENT
There being no further business, EDA Member Rafferty moved to adjourn. EDA Member
Stoesz seconded the motion. Motion carried on a voice vote.
The meeting was adjourned at 6:18 p.m.
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