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Mounds View EDA October 8, 2001 Regular Meeting Page 2 8. EDA BUSINESS A. Discussion and Consideration of EDA Resolution 01-EDA-153, a Resolution Providing for the Issuance and Sale of the EDA’s Taxable Tax Increment Bonds, Series 2001, and Approving Execution of Various Agreements. Community Development Director Ericson indicated Resolution 01-EDA-153 would provide for the issuance and sale of Tax Increment Bonds and approve the execution of various agreements. He then indicated that the sale authorizes bonds for the Mermaid project in an amount not to exceed $850,000 and an interest rate not to exceed 7.75%. He further indicated that this agreement is the culmination of two or three years of Staff time to bring this matter to conclusion. Community Development Director Ericson indicated that the Halls have begun work on the banquet center and the hotel component and noted that the hotel would be an AmericInn with 70 rooms. MOTION/SECOND: Quick/Thomas. To Waive the Reading and Approve Resolution 01-EDA- 153, a Resolution Providing for the Issuance and Sale of the EDA’s Taxable Tax Increment Bonds, Series 2001, and Approving Execution of Various Agreements. Vice President Stigney asked Mr. O’Meara if, in light of the current economic conditions, the interest rate on the bonds would be lower than 7.75%. Mr. O’Meara indicated that as of Friday the bonds were projected to be 7.5% and noted that these are revenue bonds not general obligation bonds and, therefore, the interest rate is slightly higher. Vice President Stigney asked if Mr. O’Meara receives a commission on the bonds. Mr. O’Meara indicated he is an attorney and works for a fee not a commission. He then indicated that the placement agent’s fee may be a percentage of the bond but said it is more or less fixed. Ayes – 5 Nays – 0 Motion carried. 9. ADJOURNMENT President Sonterre adjourned the meeting at 9:23 p.m. Respectfully submitted, Recorded and transcribed by: Joan Lenzmeier