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"f Housing and Redevelopment Authority Meeting Minutes May 13, 2003 • Page 2 1 Mr. Prosser stated the resolution for discussion tonight would allow Ehlers to go out for bid on 2 the lease revenue bonds for the public works facilities and fire station. 3 4 Commissioner Faust asked if an amount was needed for this resolution. Mr. Prosser stated this 5 was the case. 7 Motion by Faust to adopt H.R.A. Resolution 03-007, re: Lease Purchase Revenue Bonds for the 8 Public Facilities Upgrade in the amount of $5,529,000 and to have a report from Ehlers & 9 Associates on May 28, 2003. 10 11 Discussion: 12 Commissioner Sparks asked if the costs were reduced if the amount could be paid down from the 13 sale of the fire station. Mr. Gilligan stated this could be paid down to reduce the resident's 14 expense over the 20 years. Mr. Prosser indicated it would be as if the Council expended less. He 15 noted the HRA would not be able to expend more than needed as required through these bonds. 16 17 Chair Hodson noted after hearing discussions tonight from the public, he is more inclined to go 18 towards the task forces recommendation of the $6.2 million with the 4' bay and additional 19 community space at the fire station; and the additional storage space at the public works 20 building. He noted he does not want to see comers cut with these facilities but appreciates the 41 need to keep costs down. Chair Hodson noted this decision has been delayed for 20 years and needs action. He stated the $5.5 million is less than the $6.2 million and indicated he hopes the 23 costs come in less than predicted by the task force. Chair Hodson indicated he would overlook 24 this whole project to keep costs low for the residents. 25 26 Commissioner Horst noted there may be other funding options available as previously explained 27 by Mr. Morrison. Mr. Momson stated there could be some monies available from the water 28 filtration bids and stated the Kenzie Development would positively affect the tax base for all 29 residents. 30 31 Commissioner Faust stated if there was sentiment for $6.2 million he would agree to an 32 amendment to his motion. Commissioner Horst stated he felt the $5.5 was adequate for this 33 time. 34 35 Mr. Prosser pointed out that bonds can only be issued in $5,000 increments, which would need 36 to be stated within the motion. 37 38 A friendly amendment was made to the motion by Commissioner Horst to have the bonding 39 amount be $5,530,000. 40 41 Motion carried unanimously. 42 0 IV. STAFF REPORTS. 45 None.