072202 EDA Min
}-
.
.
.
CITY OF SHOREWOOD
ECONOMIC DEVELOPMENT AUTHORITY MEETING
MONDAY, JULY 22, 2002
5755 COUNTRY CLUB ROAD
COUNCIL CHAMBERS
TIME: 8:00 P.M. or Immediately
following Regular Council Meeting
MINUTES
1. CONVENE ECONOMIC DEVELOPMENT AUTHORITY MEETING
President Love called the meeting to order at 10:24 P.M.
A.
Roll Call
Present:
President Love; Commissioners Garfunkel, Lizee, Turgeon, and Zerby; and Executive
Director Dawson; Assistant Executive Director Nielsen; Assistant Treasurer Burton;
Engineer Brown and EDA Financial Consultant Paul Donna
Absent:
Commissioner Lizee
B.
Review Agenda
President Love reviewed the Agenda and without objection from the Board, moved forward with the
meeting.
2. APPROVAL OF MINUTES
A.
EDA Minutes of June 24, 2002
Turgeon moved, Zerby seconded, approving the EDA Minutes of June 24, 2002, as presented.
Motion passed 4/0.
3. CONSENT
A. Treasurer's Report
Executive Director Dawson explained the EDA by-laws required the Authority's financial statement be
filed with the secretary at least once per year. He then reviewed the City's Comprehensive Annual
Financial Report for the Year ended 12/31/2001 regarding the EDA and went on to review the financial
statements excerpted from that financial report.
B. Amendment of Resolution regarding Reimbursement of Costs for South Lake
Minnetonka Public Safety Facilities Project
Executive Director Dawson stated on October 22, 2001, the EDA adopted a "reimbursement resolution"
for the public safety facilities project. He noted the scope of this resolution to be simple and broad in
effort to comply with Internal Revenue Service regulations regarding the extent to which costs incurred
were expected to be covered by the financing issue. The EDA's existing resolution called for a
reimbursement of $10 million. The amendment to the resolution would restated the "maximum principal
amount of debt for the project" to be $12,365,000 consistent with the cap on project costs approved by the
governing boards of the police and fire departments as well as the member cities.
Garfunkel moved, Zerby seconded, Adopting RESOLUTION NO. 02-003, "A Resolution Declaring
the Official Intent of the Economic Development Authority of the City of Shorewood to Reimburse
Certain Expenditures from the Proceeds of Bonds to be Issued by the Authority." Motion passed 4/0.
)
.
.
.
,>
SHOREWOOD ECONOMIC DEVELOPMENT AUTHORITY MEETING
July 22, 2002
Page 2 of 2
4.
NEW BUSINESS
A. Selection of Officers
The Board agreed all positions on the Board be maintained as currently held, with John Garfunkel serving
as Vice-President; Scott Zerby serving as Treasurer; and Christine Lizee serving as President Pro Tem.
Turgeon moved, Zerby seconded, Approving the Selection of Officers to remain as previously held
for the Year 2001-2002 for the following year. Motion passed 4/0.
B. Resolution regarding Intent to Issue Financing for South Lake Minnetonka Public
Safety Facilities Project
Assistant Treasurer Burton explained the proposed resolution to the Board, noting the resolution
'expressed intent to issue lease-revenue financing with August 29, 2002 as the issuance date. She also
explained this resolution to be a formality in the financing process, and would not obligate the financing
to be issued; however, it would not commit Shorewood to issue the financing.
Zerby moved, Turgeon seconded, Adopting RESOLUTION NO. 02-002. "A Resolution Providing
of the Issuance and Sale of Public Project Revenue Bonds Series 2002 and 2003."
President Love stated this resolution would clearly demonstrate all Boards involved with the Joint Public
Safety Facilities project clearly understood actions being taken, and the resolution would also allow for
future actions to be able to move the project forward.
Motion passed 4/0.
5. OTHER BUSINESS
Paul Donna, EDA Financial Consultant with Juran and Moody, then provided the Board with a brief
presentation of the features of lease-revenue purchase financing as well as the benefits of bank-qualified
tax-exempt obligations. He also reviewed the methodology of the bond sale process being contemplated
this evening as a result of previous actions taken by the Board. He discussed the process of bond issuance
and noted similarities and differences between other local municipalities funding mechanisms and the
EDA actions taken this evening with regard to the Public Safety Facilities Project.
6. ADJOURN
Turgeon moved, Zerby seconded, adjourning the Shorewood EDA Meeting of July 22, 2002, at
11:01 P.M. Motion passed 4/0.
RESPECTFULL Y SUBMITTED,
Sally Keefe,
Recording Secretary
Woody Love, President