07-14-16 EDA Mtg MinCITY OF SHOREWOOD 5755 COUNTRY CLUB ROAD
ECONOMIC DEVELOPMENT AUTHORITY MEETING COUNCIL CHAMBERS
MONDAY, DECEMBER 14, 2015 7:30 P.M. or Immediately following
Regular City Council Meeting
MINUTES
1. CONVENE ECONOMIC DEVELOPMENT AUTHORITY MEETING
President Zerby called the meeting to order at 9:23 P.M.
A. Roll Call
Present. President Zerby; Boardmembers Labadie, Siakel, and Woodruff; Executive
Director /Secretary Joynes; Assistant Treasurer DeJong; Assistant Executive Director
Nielsen; and Attorney Keane
Absent: Boardmember Sundberg
B. Review Agenda
Labadic moved, Siakel seconded, approving the agenda as presented. Motion passed 4/0.
2. APPROVAL OF MINUTES
A. EDA Minutes of October 26, 2015
Woodruff moved, Siakel seconded, approving the EDA Meeting Minutes of October 26, 2015, as
presented. Motion passed 4/0.
3. NEW BUSINESS
A. Ratify Public Safety Facilities Refunding Bond Sale
Assistant Treasurer DeJong noted a lot of paperwork has been required for the public safety facilities
refunding bond sale. The meeting packet contains information about the ratification of the bond sale and
the call on the outstanding bonds. He stated Martha Ingram with Kennedy & Graven, the Shorewood
Economic Development Authority's (FDA's) bond counsel, prepared the paperwork. He then stated that
in the resolution for the Series 2016B bonds "fire facility" needs to be replaced with "police facility".
President Zerby stated the Shorewood Council and the Shorewood EDA Board has discussed the
refunding a number of times and had been provided with a great deal of detail. He appreciated all of the
work that has gone into preparing for the sale by staff and the financial advisors.
Zerby moved, Siakel seconded, Adopting RESOLUTION NO. 15 -002, "A Resolution Ratifying the
Sale of Public Safety Fire Facility Lease Revenue Refunding Bonds, Series 2016A (City of
Shorewood, Minnesota Lease Obligations) and Providing for the Redemption of Bonds Refunded
Thereby "; Adopting RESOLUTION NO. 15 -003, "A Resolution Ratifying the Sale of Public Safety
Police Facility Lease Revenue Refunding Bonds, Series 2016B (City of Shorewood, Minnesota
Lease Obligations) and Providing for the Redemption of Bonds Refunded Thereby "; and,
CITY OF SHOREWOOD ECONOMIC DEVELOPMENT AUTHORITY MEETING
December 14, 2015
Page 2 of 2
Adopting RESOLUTION NO. 15 -004 "A Resolution Ratifying the Sale of Public Safety Fire
Facility Lease Revenue Refunding Bonds, Series 20160 (City of Shorewood, Minnesota Lease
Obligations) and Providing for the Redemption of Bonds Refunded Thereby."
Boardmember Woodruff stated from his vantage point it would have been helpful to have been provided
with a flowchart that showed which bonds were replacing other bonds. He noted that the documents
appear to be in order. Assistant Treasurer DeJong stated that Ms. hlgram had provided him with a
flowchart like that.
Motion passed 4/0.
4. ADJOURN
Labadie moved, Siakel seconded, Adjourning the Shorewood Economic Development Authority
Meeting of December 14, 2015, at 9:26 P.M. Motion passed 4/0.
RESPECTFULLY SUBMITTED,
Christine Freeman, Recorder