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Mounds View EDA December 14, 2009 <br />Regular Meeting Page 2 <br /> <br /> 44 <br />6. CONSENT AGENDA 45 <br /> 46 <br />None. 47 <br /> 48 <br />7. EDA BUSINESS 49 <br />A. Resolution 09-EDA-255, Authorizing the Redemption and Prepayment of the 50 <br />Authority’s Taxable Tax Increment Revenue Bonds, Series 2001. 51 <br /> 52 <br />Finance Director Beer explained that Tax Increment Revenue Bonds, series 2001, were issued by 53 <br />the EDA on behalf of Mounds Vista (The Mermaid) to construct a hotel and other improvements 54 <br />around the bowling and entertainment complex. These bonds were eligible to be called on 55 <br />August 1, 2008, but at that time, the hotel was eligible for sale so it was not considered. That 56 <br />sale is now completed. The outstanding balance to be called is $345,000 and given the fact the 57 <br />bonds pay 7.5% interest, there is an opportunity to save about $38,000 if the bonds are called and 58 <br />retired early. Staff recommends approval of the resolution. 59 <br /> 60 <br />Commissioner Mueller thanked Finance Director Beer for his report and noted it indicates that in 61 <br />addition to saving almost $38,000, the City has sufficient TIF resources to facilitate the 62 <br />premature call of the bonds and not negatively impact the financing of the street projects. She 63 <br />commented that Finance Director Beer has shown great resourcefulness to find ways for the City 64 <br />to be more fiscally responsible. 65 <br /> 66 <br />MOTION/SECOND: Mueller/Stigney. To Waive the Reading and Adopt Resolution 09-EDA-67 <br />255, Authorizing the Redemption and Prepayment of the Authority’s Taxable Tax Increment 68 <br />Revenue Bonds, Series 2001. 69 <br /> 70 <br />President Flaherty concurred with Commissioner Mueller’s comments and asked when this 71 <br />District was originally scheduled to be closed. Finance Director Beer advised this TIF District 72 <br />will decertify in December of 2013. 73 <br /> 74 <br /> Ayes – 5 Nays – 0 Motion carried. 75 <br /> 76 <br />B. Resolution 09-EDA-256, Appointing Members to the Economic Development 77 <br />Commission (EDC). 78 <br /> 79 <br />Assistant Clerk-Administrator Crane advised there are three open EDC seats with terms that 80 <br />expire December 31, 2009. The EDC met on November 20, 2009 to consider the five 81 <br />applications and recommends the reappointment of Jason Helgemoe, Gary Meehlhause, and 82 <br />Torri Johnson. 83 <br /> 84 <br />MOTION/SECOND: Gunn/Hull. To Waive the Reading and Adopt Resolution 09-EDA-256, 85