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Home My WebLink About09-09-2002 CITY OF MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY MEETING AGENDA Monday, September 9, 2002 6:30 p.m. 1. CALL TO ORDER 2. ROLL CALL: President Sonterre, Vice President Stigney, Commissioner Quick, Commissioner Marty, Commissioner Thomas 3. APPROVAL OF AGENDA 4. APPROVAL OF MINUTES A. August 12, 2002 EDA Minutes. 5. CONSENT AGENDA 6. EDA BUSINESS A. Resolution 02-EDA-165 Amending the 2001 Budget of the EDA Fund and the TIF District Funds for Projects Authorized During 2001 and for Transfers to the Debt Service Funds. 7. REPORTS 8. NEXT EDA MEETING 9. ADJOURNMENT PROCEEDINGS OF THE MOUNDS VIEW EDA CITY OF MOUNDS VIEW RAMSEY COUNTY, MINNESOTA Regular Meeting August 12, 2002 Mounds View City Hall 2401 Highway 10, Mounds View, MN 55112 6:36 P.M. 1. CALL MEETING TO ORDER 2. ROLL CALL: Stigney, Quick, Thomas and Marty NOT PRESENT: Sonterre. 3. APPROVAL OF AGENDA MOTION/SECOND: Quick/Thomas. To Approve the Agenda for August 12, 2002 as presented. Ayes – 3 Nays – 0 Motion carried. 4. APPROVAL OF EDA MINUTES A. May 13, 2002 Minutes MOTION/SECOND: Thomas/Quick. To Approve the Minutes of May 13, 2002 as Presented. Ayes – 3 Nays – 0 Motion carried. Commissioner Marty arrived at 6:38 p.m. 5. SPECIAL ORDER OF BUSINESS None. 6. UNFINISHED BUSINESS None. Mounds View EDA August 12, 2002 Regular Meeting Page 2 7. CONSENT AGENDA None. 8. EDA BUSINESS A. Resolution 02-EDA-167, Approving Developer Payment for Building N, Silver Lake Pointe, Midwest I.V., and Zep Manufacturing Projects. Economic Development Coordinator Backman indicated that the correct name should be Zep Manufacturing not Zap Manufacturing. Economic Development Coordinator Backman indicated there are five projects that are pay as you go development agreements that have developer payments and four of those have payments due in August. Economic Development Coordinator Backman indicated that the developers of the Silver lake Pointe project have approved of the payment schedule set out in the memorandum from February of this year. MOTION/SECOND: Quick/Thomas. To Approve Resolution 02-EDA-167, a Resolution Authorizing Payment of Pay-As-You-Go Development Payments for Building N, Silver Lake Pointe, Midwest IV, and Zep Manufacturing Projects. Ayes – 4 Nays – 0 Motion carried. 9. REPORTS A. July 22, 2002 EDA Minutes will be approved on August 26, 2002. 10. NEXT EDA MEETING: August 26, 2002 11. ADJOURNMENT Vice President Stigney adjourned the meeting at 6:41 p.m. Respectfully submitted, Recorded and transcribed by: Joan Lenzmeier TimeSaver Off Site Secretarial, Inc. Item No. 6 Type of Business: EDA WK: Work Session; PH: Public Hearing; CA: Consent Agenda; EDA:EDA Business City of Mounds View Staff Report To: Honorable Mayor and City Council From: Charles Hansen, Finance Director Item Title/Subject: Resolution 02-EDA-165 Amending the 2001 Budget of the EDA Fund and the TIF District Funds for Projects Authorized During 2001 and for Transfers to the Debt Service Funds Date of Report: September 5, 2002 The original 2001 budget for the EDA Fund contained a certain amount of money for development projects. Specific projects weren’t identified since they can’t be known until a developer comes in with a proposal. During 2001, the City Council adopted six resolutions supporting five projects. These far exceeded the level of activity anticipated by the budget. Although the resolutions authorized support for projects, identified revenue sources, and set maximums on the amounts to be expended; they didn’t amend the budget. It is now necessary to adopt a year-end resolution to amend the budget to reflect the projects authorized by the City Council. In March 2002, I presented a proposal to the City Council to reorganize the City’s system of funds. This was approved by Resolution 5735. A key feature of this proposal was to take the TIF District funds and split them into distinct special revenue and debt service funds. This was proposed to happen as of December 31, 2001 and provide separate accounting of the debt service activity beginning in 2002. Resolution 5737 had authorized the transfers needed to set up year-end balances in the debt service funds. Discussions with the City’s auditors, MMKR and Co., resulted in a decision that it would be better to present the 2001 annual financial report as though the separate debt service funds had existed all along. This requires a higher level of transfers from the TIF Districts to the debt service funds than just to set up year-end balances in the debt service funds. Respectfully Submitted, Charles Hansen RESOLUTION NO. 02-EDA-165 MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY COUNTY OF RAMSEY STATE OF MINNESOTA RESOLUTION AMENDING THE 2001 BUDGET OF THE EDA FUND AND THE TIF DISTRICT FUNDS FOR PROJECTS AUTHORIZED DURING 2001 AND FOR TRANSFERS TO THE DEBT SERVICE FUNDS WHEREAS, the City Charter, Section 7.08 gives the City Council authority to amend the budget by resolution; and WHEREAS, during the year 2001, the Economic Development Authority approved several projects in the E.D.A. Fund that were to be funded by a variety of grants, developer fees, bond sales, and transfers from the TIF Funds; and WHEREAS, the above projects were approved as follows: Project Resolution Amendment to Budget Highway 10 Revitalization Resolution 01-EDS-145 $95,000 Acquisition 3016 Cty Rd H2 Resolution 01-EDA-148 $155,000 Edgewood Regional Pond Resolution 01-EDA-149 $111,662 Edgewood Regional Pond Resolution 5587 $511,874 Acquisition 2091 Hillview Resolution 01-EDA-150 $100,000 Sale of TIF Revenue Bonds Resolution 01-EDA-153 $737,900 TOTAL $1,711,436 WHEREAS, most of these projects were completed in 2001, but one, the Edgewood Regional Pond continued into 2002; and WHEREAS, the City Council adopted Resolution 5735 on March 25, 2002 that authorized a reorganization of funds which included the creation of bond debt service funds separate from the TIF District Funds; WHEREAS, the City’s auditors recommended that the 2001 Annual Financial Report be presented as though these debt service funds had existed from the beginning of the year. NOW, THEREFORE BE IT RESOLVED, THAT the 2001 E.D.A. Fund Budget be amended to the following: REVENUES: State Grants $24,256 Developer fees 23,423 Bond sales 737,900 Transfers from TIF Districts 846,792 Total Revenues $1,632,371 EXPENDITURES: Personnel $86,830 Supplies 930 Contractual Services 1,083,726 Capital outlay 460,885 Total Expenditures $1,632,371 Resolution No. 02-EDA-165 September 9, 2002 Page 2 BE IT FURTHER RESOLVED, THAT the 2001 TIF District Funds Budget be amended to the following: TIF District #1 TIF District #2 TIF District #3 REVENUES: Tax increments $1,413,066 $114,514 $473,214 Investment income 81,000 7,200 25,000 Miscellaneous 64,306 Total Revenues $1,558,372 $121,714 $498,214 EXPENDITURES: Contractual $12,160 $500 $500 Pay-as-you-go 60,845 55,048 70,326 Transfer to EDA 468,650 378,142 Transfer to TIF #4 26 Transfer to Debt Service 1,085,125 179,952 216,418 Total Expenditures $1,626,780 $235,500 $665,412 Adopted by the Board of Commissioners of the Mounds View Economic Development Authority this 9th day of September 2002. ________________________________ Richard Sonterre, President ATTEST: ________________________________ Kathleen F. Miller, Executive Director Motion by: Second: Sonterre: Stigney: Marty: Thomas: Quick: