10-26-15 EDA Mtg MinutesCITY OF SHOREWOOD 5755 COUNTRY CLUB ROAD
ECONOMIC DEVELOPMENT AUTHORITY MEETING COUNCIL CHAMBERS
MONDAY, OCTOBER 26, 2015 Immediately following Regular City
Council Meeting
MINUTES
1. CONVENE ECONOMIC DEVELOPMENT AUTHORITY MEETING
President Zerby called the meeting to order at 9 :12 P.M.
A. Roll Call
Present. President Zerby; Boardmembers Labadie, Siakel, Sundberg and Woodruff; Executive
Director /Secretary Joynes; Assistant Treasurer DeJong; Assistant Executive Director
Nielsen; and Attorney Keane
Absent: None
B. Review Agenda
Sundberg moved, Woodruff seconded, approving the agenda as presented. Motion passed 510.
2. APPROVAL OF MINUTES
A. EDA Minutes of July 27, 2015
Labadie moved, Siakel seconded, approving the EDA Meeting Minutes of July 27. 2015, as
presented. Motion passed 510.
3. NEW BUSINESS
A. Public Safety Facilities Bond Refunding
Assistant Treasurer DeJong explained the Shorewood Economic Development Authority (EDA) has
received copies of adopted resolutions from the Excelsior Fire District (EFD) Board, the South Lake
Minnetonka Police Department (SLMPD) Coordinating Committee, the City of Deephaven and the City
of Shorewood requesting the EDA issue refunding bonds for the 2007A, 2007B and 2007C series bonds
for the public safety facilities. The 2007A series is for the Fire Department facility located in Shorewood.
The 2007B series is for the SLMPD facility located in Shorewood. The 2007C series is for the Fire
Department facility located in Deephaven. The reason for doing this is to save on interest expenses. It is
anticipated the total savings would be in excess of $350,000 over the life of the bonds which is 2022 and
2023. The EDA Board is being asked to give preliminary authorization to do this by adopting the
resolution included in the meeting packet. It is anticipated that the bond sale would be a negotiated sale
which would be similar to what was done for the 2007 series refunding bonds. He noted this bond sale is
somewhat complicated because five cities are involved.
Shorewood staff and EDA staff have been approaching selected underwriters in the Twin Cities who are
familiar with the situation from previous bond issues. It is anticipated the results would be received by
October 29. The plan is to price the bonds the week of December 7. That should be presented to Council
and the EDA Board on December 14.
CITY OF SHOREWOOD ECONOMIC DEVELOPMENT AUTHORITY MEETING
October 26, 2015
Page 2 of 2
Boardmember Sundberg asked if there would be any downside to doing this. Assistant Treasurer DeJong
responded absolutely not.
Boardmember Woodruff stated a couple of weeks ago he asked Assistant Treasurer DeJong if the EDA
would be able to get a little discount off the rate provided before for services to issue the refunding
bonds. The paper work would be every similar to that prepared in 2006/2007 for the issuance of
refunding bonds in 2007. He asked Assistant Treasurer DeJong if he has gotten an answer to that. DeJong
stated there have not been discussions about the bond counsel fee yet.
Sundberg moved, Labadie seconded, Adopting RESOLUTION NO. 15 -001, "A Resolution Giving
Preliminary Approval to Issuance of Refunding Bonds Related to Certain Public Safety Facilities."
Motion passed 5/0.
B. Adoption of a Post Insurance Policy
Assistant Treasurer DeJong explained the federal rules on bonds for municipalities have changed since
the last time the EDA issued bonds so the EDA needs to implement a compliance policy. Shorewood
Council adopted such a policy for the City before the sale of the General Obligation Water Revenue
Refunding Bonds in 2013. The meeting packet contains a copy of document titled Post - Issuance
Compliance Procedure and Policy for Tax - Exempt Governmental Bonds for Council's approval.
Siakel moved, Woodruff seconded, approving the Post - Issuance Compliance Procedure and Policy
for Tax - Exempt Governmental Bonds. Motion passed 510.
4. ADJOURN
Woodruff moved, Siakel seconded, Adjourning the Shorewood Economic Development Authority
Meeting of October 26, 2015, at 9:19 P.M. Motion passed 5/0.
RESPECTFULLY SUBMITTED,
Christine Freeman, Recorder