10-24-22 EDA Agenda Packet
ECONOMIC DEVELOPMENT AUTHORITY MEETING 5755 COUNTRY CLUB ROAD
CITY COUNCIL SPECIAL MEETING COUNCIL CHAMBERS
MONDAY OCTOBER 24, 2022 6:15 P.M.
AGENDA
1. CONVENE ECONOMIC DEVELOPMENT AUTHORITY MEETING
A. Roll Call
President Labadie _____
Siakel _____
Johnson _____
Callies _____
Gorham_____
B. Review and Approval of the Agenda
2. APPROVAL OF MINUTES
A. EDA minutes of June 13, 2022 meeting Minutes
3. NEW BUSINESS
A. Resolution authorizing the EDA to exercise the full call
option on the 2017A Lease Revenue Refunding Bonds Assistant Treasurer Memo
Resolution 22-2
4. ADJOURN
Item 2A
EDA Meeting
CITY OF SHOREWOOD 5755 COUNTRY CLUB ROAD
ECONOMIC DEVELOPMENT AUTHORITY COUNCIL CHAMBERS
MONDAY, JUNE 13, 2022
MINUTES
1. CONVENE ECONOMIC DEVELOPMENT AUTHORITY MEETING
President Labadie called the meeting to order at 5:30 P.M.
A. Roll Call
Present: President Labadie; Commissioners Johnson (arrived at 5:38 p.m.), Siakel, Gorham
and Callies; Executive Director Shukle; City Attorney Shepherd; Finance Director
Rigdon; Planning Director Darling; Director of Public Works Brown; and City
Engineer Budde
Absent: None
B. Review Agenda
Siakel moved, Labadie seconded, approving the agenda as presented.
Motion passed.
2. APPROVAL OF MINUTES
Siakel moved, Callies seconded, approving the EDA meeting minutes of October 26, 2020,
as presented. Motion passed 4/0.
3. NEW BUSINESS
A. Appoint 2022 Officers
Executive Director Shukle stated that at the first meeting the EDA holds each year they are
required to appoint officers for that year. He stated that this is the first meeting in 2022 and noted
that staff is recommending the Board adopt the current slate of officers to serve out the remainder
of 2022.
President – Jennifer Labadie
President Pro-Tem – Debbie Siakel
Executive Director/Secretary – City Administrator
Assistant Treasurer – Finance Director
Assistant Executive Director – Planning Director
Callies moved, Siakel seconded, to approve the slate of officers as presented. Motion
passed 4/0.
B. Accept Improvements and Authorize Final Payment for Drainage and Concrete
Project at the Shorewood Public Safety Building
CITY OF SHOREWOOD ECONOMIC DEVELOPMENT AUTHORITY MEETING MINUTES
June 13, 2022
Page 2 of 3
City Engineer Budde reviewed that at the December 28, 2020, EDA meeting, the EDA awarded
the contract for concrete and drainage improvements at Shorewood Public Safety Project to G.F.
Jedlicki. G.F. Jedlicki completed all work associated with the project and is requesting final
payment and acceptance of the work.
City Engineer Budde stated staff has reviewed the estimate, verified quantities, and recommends
approval of the resolution for final acceptance and payment for the concrete and drainage
improvements at Shorewood Public Safety Project and final payment in the amount of $21,135.70
to G.F. Jedlicki.
Siakel moved, Gorham seconded, Adopting EDA RESOLUTION NO. 22-1, “A Resolution
Accepting Improvements and Authorizing Final Payment for Stormwater and Concrete
Improvements at the Shorewood Public Safety Building” and Accepting the Final Payment
to G.F. Jedlicki in the amount of $21,135.70. Motion passed 4/0.
C. Consider Authorizing Purchase Agreement Location: 5660 County Road 19
Planning Director Darling reviewed that in 2012, the City finalized the Smithtown Crossings
redevelopment study and purchased a vacant property at 24620 Smithtown Road. In 2014, the
EDA acquired the exclusive option to purchase the property at 5660 County Road 19 and the
agreement term of 120 months expires in September of 2024.
Planning Director Darling stated staff recommends entering into a closed session to discuss
potential acquisition of the parcel per the offer in the Agreement and/or develop an offer; provide
direction to staff. City Attorney provided the legal rationale as to the need for a closed session.
Commissioner Johnson arrived.
CLOSED MEETING
Labadie moved, Siakel seconded, to close the meeting, pursuant to Minnesota Statutes
13D.05, subd. 3(c)(3), the meeting may be closed to develop and/or consider offers for the
purchase of real property at 5660 County Road 19, Shorewood, MN 55331. Motion passed
5/0.
President Labadie closed the EDA meeting at 5:39 p.m.
President Labadie reconvened the EDA meeting by re-opening the meeting at 6:31 p.m.
City Attorney Shepherd stated that during the closed session the EDA considered authorization
of a purchase agreement for the property at 5660 County Road 19.
Callies moved, Johnson seconded, to release the option agreement on 5660 County Road
19. Motion passed 5/0.
4. ADJOURN
Johnson moved, Gorham seconded, Adjourning the Economic Development Authority
Meeting of June 13, 2022, at 6:33 P.M. Motion passed 5/0.
CITY OF SHOREWOOD ECONOMIC DEVELOPMENT AUTHORITY MEETING MINUTES
June 13, 2022
Page 3 of 3
ATTEST:
Jennifer Labadie, President
Sandie Thone, City Clerk
City of Shorewood Council Meeting Item
3A
Title/Subject: Prepayment of the 2017A EDA Public Project Lease
Revenue Refunding Bonds
MEETING
TYPE
Meeting Date: October 24, 2022
REGULAR
Prepared By: Joe Rigdon, Assistant Treasurer
Reviewed By: Ed Shukle, Interim Executive Director
Attachments: Letter from Shannon Sweeney of David Drown Associates
Resolution
Background: The EDA issued 2008A Public Project Revenue Bonds to finance City
facilities. Those 2008A bonds were refinanced in 2017. There is a call option on the
2017A bonds allowing for the prepayment of bonds on December 1, 2022.
The City has annually allocated property tax levy funds of approximately $95,000 per
year to pay for the debt service on the 2017A bonds. By utilizing reserves in the General
Fund, it is recommended that the 2017A remaining bond principal of $515,000 be paid
on December 1, 2022.
Financial or Budget Considerations: If the transfer of $515,000 of funds from the
General Fund to the 2017A debt service fund is authorized, the approximate $95,000
annual property tax levy for the 2017A debt service will be eliminated.
Recommended Action: Staff recommends approval of a resolution providing for the
redemption and prepayment of the Shorewood Economic Development Authority public
project lease revenue refunding bonds, series 2017A.
Next Steps and Timeline: If the authorization of the bond prepayment is approved on
October 24, 2022, the redemption of bonds will occur on December 1, 2022.
Mission Statement: The City of Shorewood is committed to providing residents quality public
services, a healthy environment, a variety of attractive amenities, a sustainable tax base, and
sound financial management through effective, efficient, and visionary leadership. Page 1
EXTRACT OF MINUTES OF A MEETING OF THE
ECONOMIC DEVELOPMENT AUTHORITY OF THE
CITY OF SHOREWOOD, MINNESOTA
HELD: OCTOBER 24, 2022
Pursuant to due call and notice thereof, a regular meeting of the Economic Development
Authority of the City of Shorewood, Hennepin County, Minnesota, was duly held at the City
Hall on October 24, 2022, at 6:15 p.m., for the purpose, in part, of authorizing the call for
redemption and prepayment of the Shorewood Economic Development Authority Public Project
Lease Revenue Refunding Bonds, Series 2017A (City of Shorewood, Minnesota Lease
Obligation).
The following members were present:
and the following were absent:
Member _______________ introduced the following resolution and moved its adoption:
RESOLUTION # 22-2
RESOLUTION PROVIDING FOR THE
REDEMPTION AND PREPAYMENT OF THE
SHOREWOOD ECONOMIC DEVELOPMENT AUTHORITY
PUBLIC PROJECT LEASE REVENUE REFUNDING BONDS,
SERIES 2017A
A. WHEREAS, the Economic Development Authority of the City of Shorewood (the
“Authority”) hereby determines and declares that it is necessary and expedient to call for
redemption and prepayment all outstanding principal of the Authority's $950,000 original
principal amount Shorewood Economic Development Authority Public Project Lease Revenue
Refunding Bonds, Series 2017A, dated May 2, 2017, which mature after December 1, 2022; and
B. WHEREAS, Bonds are callable, in whole only, on December 1, 2022, and any
day thereafter, at a price of par plus accrued interest, as provided in the resolution of the
Authority duly adopted on April 24, 2017, authorizing the issuance of the Bonds; and
C. WHEREAS, the redemption on December 1, 2022, of all outstanding principal
amount of Bonds maturing after December 1, 2022, is consistent with covenants made with the
holders thereof; and is necessary and desirable for the reduction of debt service cost to the City;
NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority of
the City of Shorewood, Minnesota, as follows:
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1. Redemption of Bonds. The Bonds shall be redeemed and prepaid on December 1,
2022, in accordance with the terms and conditions set forth in the Notice of Call for Redemption
attached hereto as Exhibit A, which terms and conditions are hereby approved and incorporated
herein by reference.
The motion for the adoption of the foregoing Resolution was duly seconded by Member
__________________ and, after a full discussion thereof and upon a vote being taken thereon,
the following voted in favor thereof:
and the following voted against the same:
Whereupon the Resolution was declared duly passed and adopted.
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STATE OF MINNESOTA
COUNTY OF HENNEPIN
ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF SHOREWOOD
I, the undersigned, being the duly qualified and acting Executive Director of the
Economic Development Authority of the City of Shorewood, Minnesota, DO HEREBY
CERTIFY that I have compared the attached and foregoing extract of minutes with the original
thereof on file in my office, and that the same is a full, true and complete transcript of the
minutes of a meeting of the Authority duly called and held on the date therein indicated, insofar
as such minutes relate to providing for the call for redemption and prepayment of all outstanding
principal of the Authority’s Public Project Lease Revenue Refunding Bonds, Series 2017A.
WITNESS my hand on October 24, 2022.
________________________________
Executive Director
1717438v1 3
EXHIBIT A
NOTICE OF CALL FOR REDEMPTION
SHOREWOOD ECONOMIC DEVELOPMENT AUTHORITY
PUBLIC PROJECT LEASE REVENUE REFUNDING BONDS,
SERIES 2017A
ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF SHOREWOOD,
HENNEPIN COUNTY, MINNESOTA
NOTICE IS HEREBY GIVEN that by order of the Economic Development Authority of the City
of Shorewood, Hennepin County, Minnesota, there have been called for redemption and
prepayment on
December 1, 2022
those outstanding bonds of the Authority designated as Public Project Lease Revenue Refunding
Bonds, Series 2017A, and totaling $515,000 in principal amount, maturing in the year listed
below:
Maturity
2028*
* denotes Term Bond
The bonds are being called at a price of par plus accrued interest on December 1, 2022, on which
date all interest on the bonds will cease to accrue. Holders of the bonds hereby called for
redemption are requested to present their bonds for payment at City Hall, City of Shorewood,
5755 Country Club Road, Shorewood, Minnesota, 55331.
Dated: October 24, 2022
BY ORDER OF THE ECONOMIC DEVELOPMENT AUTHORITY
/s/ , Executive Director
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