08-12-13 EDA Agenda Packet
CITY OF SHOREWOOD 5755 COUNTRY CLUB ROAD
ECONOMIC DEVELOPMENT AUTHORITY MEETING COUNCIL CHAMBERS
MONDAY, AUGUST 12, 2013 Immediately following Regular City
Council Meeting
AGENDA
1. CONVENE ECONOMIC DEVELOPMENT AUTHORITY MEETING
A. Roll Call
President Zerby _____
Hotvet _____
Siakel _____
Sundberg _____
Woodruff _____
B. Review Agenda
2. APPROVAL OF MINUTES
A. EDA Minutes of August 13, 2012 (Att.- Minutes)
3. CONSENT
A. Treasurer’s Report (Att.- Treasurer’s report)
4. NEW BUSINESS
A. Selection of Officers (Att.- Executive Director’s memorandum)
5. ADJOURN
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CITY OF SHOREWOOD 5755 COUNTRY CLUB ROAD
ECONOMIC DEVELOPMENT AUTHORITY MEETING COUNCIL CHAMBERS
MONDAY, AUGUST 13, 2012 Immediately following Regular City
Council Meeting
MINUTES
1. CONVENE ECONOMIC DEVELOPMENT AUTHORITY MEETING
President Lizée called the meeting to order at 8:30 P.M.
A. Roll Call
Present. President Lizée; Boardmembers Hotvet, Siakel, Woodruff and Zerby; Executive
Director/Secretary Joynes; Assistant Treasurer DeJong; and, Assistant Executive Director
Nielsen
Absent: None
B. Review Agenda
Zerby moved, Woodruff seconded, approving the agenda as presented. Motion passed 5/0.
2. APPROVAL OF MINUTES
A. EDA Minutes of September 26, 2011
Woodruff moved, Zerby seconded, approving the EDA Meeting Minutes of September 26, 2011, as
presented. Motion passed 5/0.
3. CONSENT
President Lizée reviewed the item on the consent agenda.
Zerby moved, Woodruff seconded, Approving the Motion Contained on the Consent Agenda.
A. Treasurer’s Report
Motion passed 5/0.
4. NEW BUSINESS
A. Selection of Officers
Executive Director Joynes explained the Shorewood Economic Development Authority (EDA) Bylaws
stipulate the Board must select officers during its annual meeting. The position of President must be the
Mayor of Shorewood, the Executive Director/Secretary shall be the City Administrator, the Assistant
Treasurer shall be the Director of Finance, and the Assistant Executive Director shall be the Director of
CITY OF SHOREWOOD ECONOMIC DEVELOPMENT AUTHORITY MEETING
August 13, 2012
Page 2 of 2
Planning. The positions of Vice President and Treasurer are members of the EDA Board and they shall be
appointed at the annual meeting. There is an option to appoint a President Pro-Temp also.
Woodruff moved, Hotvet seconded, approving the Economic Development Authority Officer
appointments of:
President – Christine Lizée
Vice President – Scott Zerby
Treasurer – Debbie Siakel
Executive Director/Secretary – Bill Joynes
Assistant Treasurer – Bruce DeJong
Assistant Executive Director – Brad Nielsen
Motion passed 5/0.
5. ADJOURN
Woodruff moved, Zerby seconded, Adjourning the Shorewood Economic Development Authority
Meeting of August 13, 2012, at 8:32 P.M. Motion passed 5/0.
RESPECTFULLY SUBMITTED,
Christine Freeman, Recorder
Scott Zerby, President
ATTEST:
William S. Joynes, Executive Director
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SHOREWOOD ECONOMIC DEVELOPMENT AUTHORITY
5755 Country Club Road
Shorewood, Minnesota 55331-8926
952-960-7900FAX: 952.474.0128
M E M O R A N D U M
Title / Subject:Treasurer’s Report
Meeting Date:
August 12, 2013
From:
Debbie Siakel
Reviewed by:
Bill Joynes and Bruce DeJong
The Economic Development Authority bylaws require a Treasurer’s report at the annual meeting.
This report is presented to fulfill that requirement.
The EDA is listed as a component unit of the City of Shorewood in the annual financial report. The
activities of the EDA were limited to receipt of lease revenues and payment of bond debt service.
The Economic Development Authority (EDA) of the City was created in 2001 to carry out economic
and industrial development and redevelopment consistent with policies established by the Council. Its
board is comprised of members of the City Council. The EDA activities are blended with the city’s
annual financial report and separate financial statements are not issued for this component unit.
Revenue bonds outstanding at year end 12/31/12 are as follows:
Issue Maturity Outstanding Balance
Public Safety Fire Facility, 2007A 02/01/23 $ 3,725,000
Public Safety Police Facility, 2007B 02/01/23 3,865,000
Public Safety Fire Facility, 2007C 02/01/22 1,390,000
Public Project Bonds, 2008A 12/01/28 1,190,000
Total Lease Revenue Bonds $ 10,170,000
The EDA has no separate assets at this time and all moneys in the bond funds are reserved for future
debt service.
Attached are the Year to Date Balance Sheets for each these funds.
8-07-2013 02:44 PM CITY OF SHOREWOOD PAGE: 1
YEAR TO DATE BALANCE SHEET
AS OF: JUNE 30TH, 2013
307-2007A EDA Debt - W Fire
BEGINNING M-T-D Y-T-D CURRENT
ACCT NO# ACCOUNT NAME BALANCE ACTIVITY ACTIVITY BALANCE
_________________________________________________________________________________________________________________
ASSETS
307-10100 CASH AND INVESTMENTS 13,097.24 0.00 6,810.00CR 6,287.24
307-10300 CASH WITH FISCAL AGENT 0.00 0.00 0.00 0.00
307-10400 INVESTMENTS AT COST 0.00 0.00 0.00 0.00
307-10410 ALLOW FOR UNREALIZED INVEST GA 0.00 0.00 0.00 0.00
307-10450 ACCRUED INTEREST RECEIVABLE 0.00 0.00 0.00 0.00
307-11500 ACCOUNTS RECEIVABLE 0.00 0.00 0.00 0.00
307-11900 LEASE RECEIVABLE 3,480,000.00 0.00 0.00 3,480,000.00
307-13200 DUE FROM OTHER GOVERNMENTS 0.00 0.00 0.00 0.00
TOTAL ASSETS 3,493,097.24 0.00 6,810.00CR 3,486,287.24
============== ============== ============== ==============
LIABILITIES
307-20100 AP PENDING (DUE TO POOL) 745.00CR 0.00 745.00 0.00
307-20800 DUE TO OTHER FUNDS 0.00 0.00 0.00 0.00
307-22200 DEFERRED REVENUES 3,480,000.00CR 0.00 0.00 3,480,000.00CR
307-24100 FUND BALANCE RESERVED FOR DEBT 12,352.24CR 0.00 0.00 12,352.24CR
TOTAL LIABILITIES 3,493,097.24CR 0.00 745.00 3,492,352.24CR
TOTAL REVENUES 0.00 0.00 330,306.25CR 330,306.25CR
TOTAL EXPENDITURES 0.00 0.00 336,371.25 336,371.25
TOTAL FUND EQUITY 0.00 0.00 6,065.00 6,065.00
______________ ______________ ______________ ______________
TOTAL LIABILITIES & EQUITY 3,493,097.24CR 0.00 6,810.00 3,486,287.24CR
============== ============== ============== ==============
8-07-2013 02:44 PM CITY OF SHOREWOOD PAGE: 1
YEAR TO DATE BALANCE SHEET
AS OF: JUNE 30TH, 2013
308-2007B EDA Debt - Police
BEGINNING M-T-D Y-T-D CURRENT
ACCT NO# ACCOUNT NAME BALANCE ACTIVITY ACTIVITY BALANCE
_________________________________________________________________________________________________________________
ASSETS
308-10100 CASH AND INVESTMENTS 2,853.51 0.00 6,805.00CR 3,951.49CR
308-10300 CASH WITH FISCAL AGENT 0.00 0.00 0.00 0.00
308-11900 LEASE RECEIVABLE 3,610,000.00 0.00 0.00 3,610,000.00
TOTAL ASSETS 3,612,853.51 0.00 6,805.00CR 3,606,048.51
============== ============== ============== ==============
LIABILITIES
308-20100 AP PENDING (DUE TO POOL) 740.00CR 0.00 740.00 0.00
308-22200 DEFERRED REVENUES 3,610,000.00CR 0.00 0.00 3,610,000.00CR
308-24100 FUND BALANCE 2,113.51CR 0.00 0.00 2,113.51CR
TOTAL LIABILITIES 3,612,853.51CR 0.00 740.00 3,612,113.51CR
TOTAL REVENUES 0.00 0.00 338,038.75CR 338,038.75CR
TOTAL EXPENDITURES 0.00 0.00 344,103.75 344,103.75
TOTAL FUND EQUITY 0.00 0.00 6,065.00 6,065.00
______________ ______________ ______________ ______________
TOTAL LIABILITIES & EQUITY 3,612,853.51CR 0.00 6,805.00 3,606,048.51CR
============== ============== ============== ==============
8-07-2013 02:44 PM CITY OF SHOREWOOD PAGE: 1
YEAR TO DATE BALANCE SHEET
AS OF: JUNE 30TH, 2013
309-2007C EDA Debt - E Fire
BEGINNING M-T-D Y-T-D CURRENT
ACCT NO# ACCOUNT NAME BALANCE ACTIVITY ACTIVITY BALANCE
_________________________________________________________________________________________________________________
ASSETS
309-10100 CASH AND INVESTMENTS 760.87 0.00 1,977.00CR 1,216.13CR
309-10300 CASH WITH FISCAL AGENT 0.00 0.00 0.00 0.00
309-11900 LEASE RECEIVABLE 1,285,000.00 0.00 0.00 1,285,000.00
TOTAL ASSETS 1,285,760.87 0.00 1,977.00CR 1,283,783.87
============== ============== ============== ==============
LIABILITIES
309-20100 AP PENDING (DUE TO POOL) 740.00CR 0.00 740.00 0.00
309-22200 DEFERRED REVENUES 1,285,000.00CR 0.00 0.00 1,285,000.00CR
309-24100 FUND BALANCE 20.87CR 0.00 0.00 20.87CR
TOTAL LIABILITIES 1,285,760.87CR 0.00 740.00 1,285,020.87CR
TOTAL REVENUES 0.00 0.00 137,236.25CR 137,236.25CR
TOTAL EXPENDITURES 0.00 0.00 138,473.25 138,473.25
TOTAL FUND EQUITY 0.00 0.00 1,237.00 1,237.00
______________ ______________ ______________ ______________
TOTAL LIABILITIES & EQUITY 1,285,760.87CR 0.00 1,977.00 1,283,783.87CR
============== ============== ============== ==============
8-07-2013 02:44 PM CITY OF SHOREWOOD PAGE: 1
YEAR TO DATE BALANCE SHEET
AS OF: JUNE 30TH, 2013
310-2008 City Bldg Debt Svcs
BEGINNING M-T-D Y-T-D CURRENT
ACCT NO# ACCOUNT NAME BALANCE ACTIVITY ACTIVITY BALANCE
_________________________________________________________________________________________________________________
ASSETS
310-10100 CASH AND INVESTMENTS 3,213.14 0.00 25,225.00CR 22,011.86CR
310-10300 CASH WITH FISCAL AGENT 0.00 0.00 0.00 0.00
310-10400 INVESTMENTS AT COST 0.00 0.00 0.00 0.00
310-10410 ALLOW FOR UNREALIZED INVEST GA 0.00 0.00 0.00 0.00
310-10450 ACCRUED IN INTEREST RECEIVABLE 0.00 0.00 0.00 0.00
310-11500 ACCOUNTS RECEIVABLE 0.00 0.00 0.00 0.00
310-13200 DUE FROM OTHER GOVERNMENTS 0.00 0.00 0.00 0.00
TOTAL ASSETS 3,213.14 0.00 25,225.00CR 22,011.86CR
============== ============== ============== ==============
LIABILITIES
310-20100 AP PENDING (DUE TO POOL) 0.00 0.00 0.00 0.00
310-20800 DUE TO OTHER FUNDS 0.00 0.00 0.00 0.00
310-22200 DEFERRED REVENUES 0.00 0.00 0.00 0.00
310-24100 FUND BALANCE RESERVED FOR DEBT 3,213.14CR 0.00 0.00 3,213.14CR
TOTAL LIABILITIES 3,213.14CR 0.00 0.00 3,213.14CR
TOTAL REVENUES 0.00 0.00 0.00 0.00
TOTAL EXPENDITURES 0.00 0.00 25,225.00 25,225.00
TOTAL FUND EQUITY 0.00 0.00 25,225.00 25,225.00
______________ ______________ ______________ ______________
TOTAL LIABILITIES & EQUITY 3,213.14CR 0.00 25,225.00 22,011.86
============== ============== ============== ==============
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SHOREWOOD ECONOMIC DEVELOPMENT AUTHORITY
5755 Country Club Road
Shorewood, MN 55331-8926
952-960-7900 FAX: 952-474-0128
MEMORANDUM
MEETING DATE:
August 12, 2013
TO:
EDA Board of Commissioners
FROM:
William S. Joynes, Executive Director
RE:
Selection of Officers
The Selection of Officers was made at the EDA’s last meeting on August 13, 2012. 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 August 13, 2012, meeting included:
Vice-President – Scott Zerby (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 – Debbie Siakel (The Treasurer shall receive and be responsible for Authority money, etc.
(The Board may determine who shall serve as Treasurer).
The Bylaws state the following shall serve as Officers:
President – Scott Zerby (The President shall be the Mayor of the City of Shorewood).
Assistant Treasurer – Bruce DeJong (The Assistant Treasurer shall be the Director of Finance).
Secretary – William Joynes (The Secretary shall be the City Administrator).
Executive Director – William Joynes (The Executive Director shall be the City Administrator).
Assistant Executive Director – Brad Nielsen (The Assistant Executive Director shall be the Director
of Planning).
Action Needed:
The Board will need to determine who shall be appointed to serve as Vice-President, President Pro-
Tem (if the Board determines to fill this position), and Treasurer.