072610 EDA AgPCITY OF SHOREWOOD 5755 COUNTRY CLUB ROAD
ECONOMIC DEVELOPMENT AUTHORITY MEETING COUNCIL CHAMBERS
MONDAY, JULY 26, 2010 7:30 P.M., or immediately following
Regular City Council Meeting
AGENDA
1. CONVENE ECONOMIC DEVELOPMENT AUTHORITY MEETING
A. Roll Call
PresidentLizee
Bailey
Turgeon
Woodruff
Zerby
B. Review Agenda
2. APPROVAL OF MINUTES
A. EDA Minutes of July 27, 2009 (Att.- Minutes)
3. CONSENT
A. Treasurer's Report (Art.- Treasurer's report)
4. NEW BUSINESS
A. Selection of Officers (Art.- Executive Director's memorandum)
5. ADJOURN
CITY OF SHOREWOOD 5755 COUNTRY CLUB ROAD
ECONOMIC DEVELOPMENT AUTHORITY MEETING COUNCIL CHAMBERS
MONDAY, JULY 27, 2009 7:30 P.M., or immediately following
Regular City Council Meeting
MINUTES
DRAFT
1. CONVENE ECONOMIC DEVELOPMENT AUTHORITY MEETING
President Lizde called the meeting to order at 8:51 P.M.
A. Roll Call
Present. President Lizde; Boardinembers Bailey, Turgeon, Woodruff and Zerby; Executive
Director /Secretary Heck; Assistant Executive Director Nielsen; Assistant Treasurer
Burton
Absent: None
B. Review Agenda
Turgeon moved, Zerby seconded, approving the agenda as presented. Motion passed 510.
2. APPROVAL OF MINUTES
A. EDA Minutes of July 28, 2008
Turgeon moved, Bailey seconded, approving the EDA Meeting Minutes of July 28, 2008, as
presented. Motion passed 5/0.
3. CONSENT
President Lizde reviewed the items on the consent agenda.
Zerby moved, Turgeon seconded, approving the Motions Contain on the Consent Agenda.
A. Treasurer's Report
B. Approval of Verified Claims List
Motion passed 510.
4. NEW BUSINESS
A. Selection of Officers
Executive Director Heck stated the EDA By -Laws state the selection of officers needs to be made during
its annual meeting in July. The current appointed officers are: President— Christine Lizde; Vice President
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CITY OF SHOREWOOD ECONOMIC DEVELOPMENT AUTHROITY MEETING
July 2 9 1, 2099'
Page 2of2��
- Laura Turgeon; Treasurer — Richard Woodruff; Executive Director /Secretary — Brian Heck; Assistant
Treasurer — Bonnie Burton; and Assistant Executive Director — Brad Nielsen.
Zerby moved, Bailey seconded, approving the Economic Development Authority Officer
appointments the same as those approved on July 28, 2008. Motion passed 510.
5. ADJOURN
Turgeon moved, Zerby seconded, Adjourning the Shorewood Economic Development Authority
Meeting of July 27, 2009, at 8:55 P.M. Motion passed 5/0.
RESPECTFULLY SUBMITTED
Christine Freeman, Recorder
ATTEST
Christine Lizee, President
Brian Heck, Executive Director
5755 Country Club Road
Shorewood, Minnesota 55331 -8926
952.960.7905 FAX: 952.474.0128
pl Kl • � ) k/I
Date:
July 26, 2010
To:
EDA President and Commissioners
From:
Richard Woodruff, Treasurer
Brian Heck, Executive Director
Re:
Annual EDA Treasurer's Report and Financial Statement
The EDA By -Laws require that the Treasurer shall file the Authority's financial statement with the secretary at
least once per year. This memorandum and the City's annual audit report provide compliance with that
requirement. The City's Comprehensive Annual Financial Report for the year ended December 31, 2009
reported:
"The Economic Development Authority (EDA) of the City was created pursuant to Minnesota statutes 469.090
through 469.108 to carry out economic and industrial development and redevelopment consistent with policies
established by the Council. It is comprised of the members of the City Council and has a December 31 year
end. The EDA activities are blended and reported in the debt service and capital project funds. Separate
financial statements are not issued for this component unit."
No major activity took place in 2009 save for the refunding of the 2002 series Public Safety Bonds in February
2009 in the amount of $8.495 million. This refunding was financed with proceeds from the 2007 series bond
issue that has been invested with the trustee (U.S. Bank), pending this event. The only other notable event was
the completion of the City Hall Renovation that began in 2008 and funded with $1,310,000 bond issue.
The 2003 series was refunded February 1, 2010 in the amount of $2.110 million. This refunding is not
reflected in the attached year -end 2009 statements.
As can be seen from the attached excerpts from the financial statements, the total amount of EDA Lease
Revenue Bonds outstanding at year end was $13,295,000, including the City Hall project bonds. Note that the
City Hall bonds are callable in 2016.
The attached notes also provide detailed information about the Public Safety Facility Bonds outstanding at
year end, along with annual debt service requirements.
Northland Securities currently is conducting a review of bond refunding possibilities and a report is
forthcoming to the EDA Board and Shorewood Council.
#3A
The financial statements below are excerpts from the 12/31/2009 Comprehensive Annual Financial Report
and are provided for the convenience of the Commission.
Long -term debt. At the end of the current fiscal year, the City had total bonded debt outstanding of $16,460,000. Of
this amount, $13,295,000 is lease revenue bonds and $3,165,000 is general obligation revenue bonds. While all of the
City's bonds have revenue streams, they are all backed by the full faith and credit of the City.
Outstanding Debt
Govern nentalActivities Business -type Activities
Increase Increase
2009 2008
General
lease bonds
isated absences
733
2
2009
21,412
Total
The City's total debt decreased $8,848,588 (35 percent) during the current fiscal year. This is primarily due to the
refunding of $8,100,000 of Lease Revenue bonds.
SHOREWOOD ECONOMIC DEVELOPMENT AUTHORITY
5755 Country Club Road
Shorewood, MN 55331 -8926
952 - 960 -7900 FAX: 952-474-0128
MEMORANDUM
DATE:
July 21, 2010
TO:
EDA Board of Commissioners
FROM:
Brian Heck, Executive Director
RE:
Selection of Officers
The Selection of Officers is made at the EDA's annual meeting in July. The EDA By -Laws state the
positions of Vice President and Treasurer shall be members of the Board and shall be elected at the
annual meeting. The By -Laws further state that no commissioner may serve as President and Vice
President at the same time.
The current appointed Officers include:
President— Christine Liz6e (The President shall be the Mayor of the City of Shorewood)
Vice - President — Laura Turgeon (Presides in the absence of the President). The Board may determine
who shall serve as Vice - President.
President Pro -Tem — Appointed to serve in the absence of both the President and Vice - President. The
Board decided to leave this position vacant. If the Board wishes to fill this position it will
need to select someone for it.
Treasurer — Richard Woodruff (The Treasurer shall receive and be responsible for Authority money,
etc. The Board may determine who shall serve as Treasurer.
Assistant Treasurer — (Vacant) - (The Assistant Treasurer shall be the Director of Finance)
Secretary — Brian Heck (The Secretary shall be the City Administrator).
Executive Director — Brian Heck (The Executive Director shall be the City Administrator).
Assistant Executive Director — Brad Nielsen (The Assistant Executive Director shall serve as the
Director of Planning.
Action Needed:
The Board may determine who to appoint to the positions of Vice - President, Treasurer, and President
Pro -Tem (if the Board wishes to continue the position of President Pro -Tem).