10-24-22 EDA Mtg Minutes ApprovedCITY OF SHOREWOOD 5755 COUNTRY CLUB ROAD
ECONOMIC DEVELOPMENT AUTHORITY COUNCIL CHAMBERS
MONDAY, OCTOBER 24, 2022 6:15 P.M.
MINUTES
1. CONVENE ECONOMIC DEVELOPMENT AUTHORITY MEETING
President Labadie called the meeting to order at 6:35 P.M.
A. Roll Call
Present. President Labadie; Commissioners Gorham, and Callies; City Attorney Shepherd;
Interim City Administrator Shukle; City Clerk/HR Director Thone; Assistant
Treasure/Finance Director Rigdon; Planning Director Darling; Director of Public
Works Brown; and, City Engineer Budde
Absent: Commissioners Johnson and Siakel
B. Agenda
Callies moved, Gorham seconded, to Approve the Agenda, as presented. All in favor,
motion passed.
2. APPROVAL OF MINUTES
A. EDA Minutes of June 13, 2022
Gorham moved, Callies seconded, to Approve the EDA Minutes from June 13, 2022, as
presented. All in favor, motion passed.
A. Resolution Authorizing the EDA to Exercise the Full Call Option on the 2017A
Lease Revenue Refunding Bonds
Assistant Treasurer/Finance Director Rigdon stated that opportunities to reduce the tax levy have
been discussed previously and explained that this particular idea would pay off the 2017 building
bonds, that were originally issued by the EDA in 2008. He explained that the proposal is to pay
off the bonds by using General Fund Reserves. He stated that if the City takes this action, they
will be able to reduce the annual levy.
Councilmember Gorham asked what this would amount to for levy percentages.
Assistant Treasurer/Finance Director Rigdon stated that it should get the levy down to 5.5% which
began at 8.9%.
Councilmember Gorham explained that his goal was to get the levy as low as possible, so he
feels this is the right thing to do. He stated that he also thinks this is a good idea because he
expects the City will begin seeing material costs increases.
CITY OF SHOREWOOD ECONOMIC DEVELOPMENT MEETING MINUTES
OCTOBER 24, 2022
Page 2 of 2
Callies moved, Labadie seconded, Adopting RESOLUTION NO. 22-2, "A Resolution
Providing for the Redemption and Prepayment of the Shorewood Economic Development
Authority Public Project Lease Revenue Refunding Bonds, Series 2017A." All in favor,
motion passed.
4. ADJOURN
Gorham moved, Callies seconded, Adjourning the Economic Development Authority
Meeting of October 24, 2022, at 6:42 P.M. Motion passed 3/0.