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HomeMy WebLinkAbout07-24-2000PROCEEDINGS OF THE MOUNDS VIEW EDA CITY OF MOUNDS VIEW RAMSEY COUNTY, MINNESOTA Regular Meeting July 24, 2000 Mounds View City Hall 2401 Highway 10, Mounds View, MN 55112 7:43 P.M. CALL MEETING TO ORDER ROLL CALL: Coughlin, Quick, Stigney, and Thomason. NOT PRESENT: Marty. 1. AGENDA ADDITIONS A. Approve agenda of July 24, 2000 President Coughlin asked the Commission if anyone would like to add items to the agenda. MOTION/SECOND: Thomason/Quick. To approve the agenda of EDA for July 24, 2000, as presented. Ayes – 4 Nays – 0 Motion carried. 2. APPROVAL OF EDA MINUTES A. Approve minutes of June 12, 2000. President Coughlin noted Commissioner Thomason has requested the ability to abstain since she was not present at that meeting. MOTION/SECOND: Quick/Stigney. To approve the minutes of EDA for June 12, 2000, as presented. Ayes – 3 Nays – 0 Abstain - 1 (Thomason) Motion carried. 3. SPECIAL ORDER OF BUSINESS None. Mounds View EDA July 24, 2000 Regular Meeting Page 2 4. CONSENT AGENDA None. 5. EDA BUSINESS A. Consideration of Resolution Designating EDA Financial Advisor and Authorizing the Expenditure of Tax Increment Funds for Professional Services. Economic Development Coordinator Parrish stated the Office of the State Auditor’s TIF Division (OSA) has been conducting a review of Mounds View’s TIF records, reports, and practices for approximately a year. This was not an official audit, rather it was a review that many cities undergoing. Throughout the course of their evaluation, the OSA requested and the City produced a substantial number of documents. He advised that while a range of issues were addressed and reconciled, in the end the OSA’s primary concern was with the accounting and reporting of funds in the OSA’s TIF Authority Reports and the City’s Comprehensive Annual Financial Report. The OSA’s particular concerns are expressed in their two most recent letters. In essence, there was a disparity between the way expenditures were reported in the OSA’s 1998 Authority Report and the City’s 1998 Comprehensive Annual Financial Report (CAFR). The numbers are in agreement. Thus, the difference is in form rather than substance. It was suggested by the OSA that the City amend the TIF plans to incorporate transfers into the respective TIF budgets to prevent any future non-compliance situations. Additionally, in the process of researching information for the OSA, staff did identify a few deficiencies that also need to be addressed. In particular, TIF budgets need to be clarified for reporting purposes and modified to reflect potential future expenditures. The City’s TIF attorney, James O’Meara, recommended the City retain the services of a financial consultant to address the issues identified by both the City and OSA. After discussions with several firms, Ehlers & Associates was the only firm identified with the capacity and expertise to adequately assist Mounds View on the above referenced matters. Ehlers & Associates provides a range of public financial advisory services, and are particularly well known for their expertise in the area of tax increment finance. Aside from this particular project, staff would like to solidify the relationship with Ehlers & Associates by designating them as public finance advisors to the EDA. MOTION/SECOND: Quick/Thomason. To Waive the Reading and Approve Resolution No. 00-EDA-131, a Resolution Authorizing the Expenditure of Tax Increment Funds for Professional Services and Designating EDA Financial Advisor. Vice President Stigney noted two firms that have been used in the past and asked if they had been Mounds View EDA July 24, 2000 Regular Meeting Page 3 contacted. Economic Development Coordinator Parrish advised that Community Partners has been used and were contacted but indicated a willingness to not become involved in this since it goes beyond their expertise. Casserly, Molzahn & Associates, which merged with Casman and Rowe, has limited their work somewhat in this regard as well. He stated Ehlers & Associates allows the City to get into the accounting and day-to-day activity and is highly regarded related to TIF activity. President Coughlin stated he has been impressed with the work of Ehlers & Associates and understands they have a high reputation in the field of TIF. Ayes – 4 Nays – 0 Motion carried. 6. REPORTS President Coughlin stated an EDC meeting will be held Thursday, July 27, 2000, at 7:30 a.m. and the meeting will be televised. No other reports were considered. 7. ADJOURNMENT President Coughlin adjourned the meeting at 7:50 p.m. Respectfully submitted, Recorded and transcribed by: Carla Wirth TimeSaver Off Site Secretarial, Inc.