01-24-11 EDA Agenda PacketCITY OF SHOREWOOD 5755 COUNTRY CLUB ROAD
ECONOMIC DEVELOPMENT AUTHORITY MEETING COUNCIL CHAMBERS
MONDAY, JANUARY 24, 2011 Immediately following the
Regular Council Meeting
AGENDA
1. CONVENE ECONOMIC DEVELOPMENT AUTHORITY MEETING
A. Roll Call
President Lizée _____
Hotvet _____
Siakel _____
Woodruff _____
Zerby _____
B. Review Agenda
2. APPROVAL OF MINUTES
A. EDA Minutes of July 26, 2010 (Att.- Minutes)
3. NEW BUSINESS
A. Selection of Officers (Att.- Executive Director’s memorandum)
B. Authorize Wire Transfers for Bond Payments (Treasurer’s memorandum)
4. ADJOURN
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CITY 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
MINUTES
1. CONVENE ECONOMIC DEVELOPMENT AUTHORITY MEETING
President Lizée called the meeting to order at 8:07 P.M.
A. Roll Call
Present. President Lizée; Boardmembers Bailey, Turgeon, Woodruff and Zerby; Executive
Director/Secretary Heck; and Assistant Executive Director Nielsen
Absent: None
B. Review Agenda
Woodruff moved, Zerby seconded, approving the agenda as presented. Motion passed 5/0.
2. APPROVAL OF MINUTES
A. EDA Minutes of July 27, 2009
Turgeon moved, Zerby seconded, approving the EDA Meeting Minutes of July 27, 2009, as
presented. Motion passed 5/0.
3. CONSENT
President Lizée reviewed the items on the consent agenda.
Bailey moved, Turgeon seconded, approving the Motions Contain on the Consent Agenda.
A. Treasurer’s Report
Motion passed 5/0.
4. NEW BUSINESS
Turgeon suggested the officer selection remain the same as those selected during the EDA’s annual meeting
held on July 27, 2009.
CITY OF SHOREWOOD ECONOMIC DEVELOPMENT AUTHORITY MEETING
July 26, 2010
Page 2 of 2
A. Selection of Officers
Woodruff moved, Turgeon seconded, approving the Economic Development Authority Officer
appointments of:
President – Christine Lizée
Vice President – Laura Turgeon
Treasurer – Richard Woodruff
Executive Director/Secretary – Brian Heck
Assistant Treasurer – Finance Director
Assistant Executive Director – Brad Nielsen
Motion passed 5/0.
5. ADJOURN
Turgeon moved, Zerby seconded, Adjourning the Shorewood Economic Development Authority
Meeting of July 26, 2010, at 8:10 P.M. Motion passed 5/0.
RESPECTFULLY SUBMITTED,
Christine Freeman, Recorder
Christine Lizée, President
ATTEST:
Brian Heck, Executive Director
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SHOREWOOD ECONOMIC DEVELOPMENT AUTHORITY
5755 Country Club Road
Shorewood, MN 55331-8926
952-960-7900 FAX: 952-474-0128
MEMORANDUM
DATE:
January 12, 2011
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 Officers appointed at the annual meeting in July included:
President – Christine Lizée (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 – Bruce DeJong (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 be the Director
of Planning).
The position of Vice-President is in need of appointment, as Laura Turgeon is no longer on the
Board. In following with what has traditionally been done in the past, Scott Zerby would be
appointed as Vice-President. If the Board wishes to fill the President Pro-Tem position, it will need
to select someone.
Action Needed:
The Board may determine to appoint Scott Zerby to the position of Vice-President, or select someone
else; and
The Board may determine to appoint someone to President Pro-Tem (if the Board wishes to continue
the position of President Pro-Tem) or leave this position vacant.
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SHOREWOOD ECONOMIC DEVELOPMENT AUTHORITY
5755 Country Club Road
Shorewood, MN 55331-8926
952-960-7900 FAX: 952-474-0128
MEMORANDUM
DATE: January 12, 2011
TO: EDA Board of Commissioners
FROM: Bruce DeJong, Assistant Treasurer
RE: Authorize Wire Transfers for Bond Payments
The EDA has three invoices that need to be paid by February 1, 2011 for the Public
Safety Refunding Bonds.
Staff would like authorization to process these payments for this
year and all other future bond payment by wire transfer rather than check.
Mailing checks runs the risk of lost or delayed mail and requires action sometimes well in
advance of the due date in order for the paying agent to have collected funds on hand to make the
payment. Federal wire transfer of the funds is more reliable and better controlled by staff. Most
EDAs use this method for their debt service payments.
Options
The options identified for the EDA are:
Authorize staff to write checks to meet the paying agent the due date of five days prior to
2/1/11, or
Authorize staff to pay debt service by wire transfer as recommended on that attached
resolution.
Staff Recommendation
Staff recommends that the City Council adopt the resolution as presented.
Attachment: Resolution
SHOREWOOD ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 11-
A RESOLUTION AUTHORIZING WIRE TRANSFERS FOR BOND PAYMENTS
WHEREAS
, the Shorewood Economic Development Authority authorizes all payments for
goods and service according to state statute; and,
WHEREAS
, the Shorewood Economic Development Authority believes it to be safer and more
efficient to process these payments through wire transfer;
NOW, THEREFORE, BE IT RESOLVED
by the Economic Development Authority of the
City of Shorewood that the authority to make bond payments by wire transfer and to pay
usual and customary claims for any month when a regularly scheduled meeting is not
held is hereby granted to the
Executive Director (City Administrator) and Assistant
Treasurer (Finance Director).
Adopted by the Board of Commissioners of the Shorewood Economic Development Authority
this 24th day of January, 2011.
ATTEST: Christine Lizée, President
Brian W. Heck, Executive Director