Loading...
072406 EDA AgP CITY OF SHOREWOOD ECONOMIC DEVELOPMENT AUTHORITY MEETING MONDAY, JULY 24, 2006 5755 COUNTRY CLUB ROAD COUNCIL CHAMBERS Immediately Following Regular Council Meeting AGENDA 1. CONVENE ECONOMIC DEVELOPMENT AUTHORITY MEETING A. Roll Call President Love Lizee Turgeon _ Call ies Wellens B. Review Agenda 2. APPROVAL OF MINUTES A. EDA Minutes of July 25, 2005 (Att.- Minutes) 3. CONSENT A. Treasurer's Report (Att.- Treasurer's repoli) B. Approve Payment of Claims (Att. - Payment of Claims List) C. Declare West Side Police and Fire Station Project Closed (Att. Staff Memorandum) 4. NEW BUSINESS A. Selection of Officers (Att.- Executive Director's memorandum) 5. OTHER BUSINESS 6. ADJOURN CITY OF SHOREWOOD ECONOMIC DEVELOPMENT AUTHORITY MEETING MONDAY, JULY 25, 2005 5755 COUNTRY CLUB ROAD COUNCIL CHAMBERS 8:00 PM or Immediately Following Regular Council Meeting MINUTES 1. CONVENE ECONOMIC DEVELOPMENT AUTHORITY MEETING President Love called the meeting to order at 9:12 P.M. A. Roll Call Present: President Love; Boardmembers Callies, Lizee, Turgeon, and Wellens; Executive Director Dawson; Assistant Executive Director Nielsen, Assistant Treasurer Burton, and Attorney Keane Absent: None B. Review Agenda Without objection from the Board, President Love proceeded with the Agenda for the meeting. 2. APPROVAL OF MINUTES A. EDA Minutes of March 14, 2005 Wellens moved, Turgeon seconded, Approving the EDA Meeting Minutes of March 14, 2005, as presented. Motion passed 5/0. 3. CONSENT A. Treasurer's Report B. Approve Payment of Claims Administrator Dawson provided an overview of the payment of claims presented for consideration. Callies moved, Wellens seconded, Approving the Motions Contained on the Consent Agenda Motion passed 5/0. 4. NEW BUSINESS A. Selection of Officers Turgeon moved, Lizee seconded, Approving the Officers' appointments the same as for the current year. Motion passed 5/0. 5. OTHER BUSINESS No other business was presented. A CITY OF SHOREWOOD ECONOMIC DEVELOPMENT AUTHORITY MEETING MINUTES March 14, 2005 Page 2 of2 6. ADJOURN Wellens moved, Turgeon seconded, Adjourning the Shorewood Economic Development Authority Meeting of July 25, 2005, at 9:12 P.M. Motion passed 5/0. RESPECTFULLY SUBMITTED, Sally Keefe, Recording Secretary Woody Love, President ATTEST: Craig W. Dawson, Executive Director SHOREWOOD ECONOMIC DEVELOPMENT AUTHORITY 5755 Country Club Road Shorewood, Minnesota 55331-8926 952.474.3236 FAX: 952.474.0128 MEMORANDUM Date: July 18,2006 To: EDA President and Commissioners From: Martin Wellens, Treasurer Bonnie Burton, Assistant Treasurer Re: Annual EDA Financial Statement and Treasurer's Report The EDA By-Laws require that the Treasurer shall file the Authority's financial statement with the secretary at least once per year. This memorandum and the City's annual audit report are intended to provide compliance with that requirement. The City's Comprehensive Annual Financial Report for the year ended 12/31/2005 reported that "The Economic Development Authority (EDA) of the City was created pursuant to Minnesota statutes 469.090 through 469.108 to carry out economic and industrial development and redevelopment consistent with policies established by the Council. It is comprised of the members of the City Council and has a December 31 year end. The EDA activities are blended and repOlted in the debt service and capital project funds. Separate financial statements are not issued for this component unit." The attached financial statements are excerpts from the 12/31/2005 Comprehensive Annual Financial Report are provided for the convenience of the Commission. CITY OF SHOREWOOD, MINNESOTA Economic Development Authority BALANCE SHEET December 31, 2005 EDA Public Safety EDA Debt Service Facilities Proiect Fund Fund ASSETS Cash & Investments $ 169,664 $ 117,457 Lease Receivable 12,010,000 Due from other funds TOTAL ASSETS $ 169,664 $12,127,457 LIABILITIES Accounts & Contracts Payable $ 10,641 $ Due to other funds Deferred Revenue 12,010,000 TOTAL LIABILITIES $ 10,641 $ 12,010,000 EQUITY (DEFICIT) Fund Balance (deficit) 159,023 117,457 TOTAL LIABILITIES AND FUND BALANCE $ 169,664 $ 12,127,457 STATEMENT OF REVENUE & EXPENDITURES December 31, 2005 REVENUE Proceeds form Sale of Bonds $ $ Interest 5,816 281 Lease Payments 948,384 Miscellaneous 41,900 TOTAL REVENUE $ 5,816 $ 990,565 EXPENDITURES General Govt Public Safety $ 75,383 $ Debt Service 952,763 Capital Outlay Transfer Out TOTAL EXPENDITURES $ 75,383 $ 952,763 EXCESS (DEFICIENCY) OF REVENUE OVER EXPENDITURES $ (69,567) $ 37,802 FUND BALANCE, JANUARY 1 $ 228,590 $ 79,655 FUND BALANCE, DECEMBER 31 $ 159,023 $ 117,457 Shore wood Economic Developlnent Authority Check Approval List for 07/24/06 Council Check # Vendor Name Description Check Date Invoice # Amollnt 1179 US BANK W. FIRE 2002A FISCAL FE 9/13/2005 1559359 1179 US BANK POLICE 2002B FISCAL FE 9/13/2005 1559361 1179 US BANK E. FIRE 2002C FISCAL FE 9/13/2005 1559362 1179 US BANK W. FIRE 2003A FISCAL FE 9/13/2005 1559392 1179 US BANK POLICE 2003B FISCAL FE 9/13/2005 1559394 TOTAL FOR US BANK 1180 US BANK EDA- W. FIRE 2002A 1/19/2006 33446200- 1180 US BANK EDA- W. FIRE 2002A 1/19/2006 33446200- 1180 US BANK EDA- POLICE 2002B 1/19/2006 33448800- 1180 US BANK EDA- POLICE 2002B 1/19/2006 33448800- 1180 US BANK EDA-E. FIRE 2002C 1/19/2006 33448900- 1180 US BANK EDA-E. FIRE 2002C 1/19/2006 33448900- 1180 US BANK EDA-W. FIRE 2003A 1/19/2006 33513700- 1180 US BANK EDA-W. FIRE 2003A 1/19/2006 33513700- 1180 US BANK EDA- POLICE 2003B 1/19/2006 33513800- 1180 US BANK EDA- POLICE 2003B 1/19/2006 33513800- TOTAL FOR US BANK 1182 US BANK EDA-2003A W. FIRE-FISC 3/9/2006 1653694-1 1182 US BANK EDA-2003B POLICE-FISC 3/9/2006 1653695-1 1182 US BANK EDA-2002A W. FIRE-FISC 3/9/2006 1653822-1 1182 US BANK EDA-2002B W. POLlCE-FI 3/9/2006 1653848-1 1182 US BANK EDA-2002C E. FIRE-FISC 3/9/2006 1653851-1 TOTAL FOR US BliNK 1183 NORTHLAND SECURITIE FISCAL FEES - E.FIRE 20 4/5/2006 978 1183 NORTHLAND SECURITIE FISCAL FEES PUBLIC SA 4/5/2006 999 1183 NORTHLAND SECURITIE FISCAL FEES PUBLIC SA 4/5/2006 999 TOTAL FOR NORTHLAND SECURiTIES 1184 EXCELSIOR FIRE DISTRI EDA-CONSTRUCTION 6/13/2006 1184 EXCELSIOR FIRE DISTRI EDA-FURNITURE & FIXTU 6/13/2006 TOTAL FOR EXCELSiOR FIRE DiSTRiCT 1185 SO LK MTKA POLICE DE EDA REIM-FURNITURES 6/13/2006 0526 TOTAL FOR SO LK MTKA POLlCE DEPT 1186 US BANK EDA-W.FIRE 2003A-BOND 7/26/2006 1186 US BANK EDA-E.FIRE 2002C-BOND 7/26/2006 1186 US BANK EDA-POLlCE 2002B-BON 7/26/2006 1186 US BANK EDA-POLlCE 2003B-BON 7/26/2006 1186 US BANK EDA-W.FIRE 2002A-BOND 7/26/2006 T01~4.L FOR US BANK TOTAL CHECKS ( iu c tl II S I i. I.I(/{ C( Thursday. July 20, 2006 $1,000.00 $1,000.00 $1,000.00 $1,100.00 $1,100.00 $5,200.00 $92,823.75 $140,000.00 $96,677.50 $145,000.00 $49,526.25 $75,000.00 $25,980.00 $45,000.00 $50,000.00 $26,546.25 $746,553.75 $1,100.00 $1,100.00 $1,000.00 $1,000.00 $1,000.00 $5,200.00 $1,965.00 $500.00 $500.00 $2,965.00 $5,122.85 $10,863.93 $15,986.78 $7,000.00 $7,000.00 $25,451.25 $48,213.75 $94,140.00 $25,958.75 $90,373.75 $284,137.50 $1,067,043.03 SHOREWOOD ECONOMIC DEVELOPMENT AUTHORITY 5755 Country Club Road Shorewood, Minnesota 55331-8926 952.474.3236 FAX: 952.474.0128 MEMORANDUM TO: FROM: DATE: SUBJECT: EDA Commissioners f\ ~ Craig W. Dawson, Executive Director Vy July 20, 2006 Declaration of Completion of West Public Safety Facility The bond trustee has requested whether the public safety facilities have been completed, at least in terms of drawing on available bond proceeds. With a declaration of completion, proceeds are moved from an active "project fund" into an inactive "bond fund". They may be used for retirement of debt, but not for other expenses related to the facility. With the project declared complete, the trustee's fiscal fees will no longer be incurred for the proceeds in the "project fund". On May 3, the SLMPD Coordinating Committee authorized that the SLMPD portion of the West Facility (Bond Series 2002B and 2003B) be declared complete following payment of its last claim on the proceeds (which has since been done). On June 28, the EFD Board Committee authorized that the EFD portion of the West Facility (Bond Series 2002A and 2003A) be declared complete following payment of its last claim on the proceeds (which has since been done). There is still one claim that the EFD expects to submit for reimbursement from bond proceeds on the East Station (Bond Series 2002C), at which time it would declare the East Facility project complete. This action may occur within the next two months. RECOMMENDATION: Staff recommends that the EDA declare the SLMPD and EFD West Station projects complete, and so inform the bond trustee. Excelsior Fire District 24100 Smithtown Road Shorewood, Minnesota 55331 Interim Chief Dana George Office 952.960.1670 DATE: 7/17/06 TO: Shorewood EDA FROM: Interim Fire Chief Dana George RE: West Side Station Project Declared Complete At the June 28th 2006 Excelsior Fire District Board meeting the Fire Board Members voted 5/0 to declare the west side station project complete. The Fire Board is informing the Shorewood EDA to declare the west side station project complete for purposes of the use of bond proceeds and requesting the EDA to inform the bond trustee the project was declared complete. SOUTH LAKE MINNETONKA POLICE DEPARTMENT BRYAN T. LITSEY Chief of Police 24150 SMITHTOWN ROAD SHOREWOOD, MN 55331-8598 Office (952) 474-3261 Fax (952) 474-4477 July 19,2006 Mr. Craig W. Dawson Executive Director Shorewood Economic Development Authority 5755 Country Club Road Shorewood, Minnesota 55331-8926 Dear Craig: At its meeting held on May 3, 2006, the Coordinating Committee authorized the draw-down of the remaining funds in.the bond proceedsfortheSLMPD police station. Concurrent with this action, the Coordinating Committee declared the project complete in terms of the use of bond proceeds. On behalf of the SLMPD, I would like to recognize the assistance of the Shorewood EDA throughout this project which helped make it possible for our organization to have a state- of-the-art headquarters for the cOmmunity. Sincerely, ~ Bryan Litsey Chief of Police Cc: Coordinating Committee Members Operating Committee Members Serving the South Lake Minnetonka Communities of Excelsior, Greenwood, Shorewood and Tonka Bay SHOREWOOD ECONOMIC DEVELOPMENT AUTHORITY 5755 Country Club Road Shorewood, Minnesota 55331-8926 952.474.3236 FAX: 952.474.0128 MEMORANDUM TO: FROM: DATE: SUBJECT: EDA Board of Commissioners Craig W. Dawson, Executive Director Il t\. July 20, 2006 tJl--.> Annual Meeting - Selection of Officers The By-laws (Section 3.1) require that the Annual Meeting of the EDA occur on the fourth Monday of July, and State statute requires than an EDA meet at least once per year. The Annual Meeting has been scheduled to occur immediately following the City Council meeting on July 24. The only business identified that must occur at the annual meeting is the selection of the Vice- President and the Treasurer of the Board. The officers of the board are as follows: . President - shall be the Mayor of the City of Shorewood. Woody Love currently serves in this capacity. . Vice-President - shall preside in the absence of the President and may exercise all powers and perform all responsibilities of the President if the President cannot exercise or perform the same due to absence or other inability. Laura Turgeon currently serves as Vice-President. . President Pro Tem - when the President and Vice-President are absent or unable to be at any meeting, the Board may appoint any remaining Commissioner as President Pro Tem to preside at such meeting. Chris Lizee currently serves as President Pro Tem. . Treasurer - The Treasurer shall receive and be responsible for Authority money, etc., shall file the Authority's financial statement with its Secretary at least once a year as set by the Authority, and be responsible for the acts of the Assistant Treasurer. Marty Wellens currently serves as Treasurer. . Assistant Treasurer - shall be the Director of Finance. Bonnie Burton is the Assistant Treasurer. . Secretary - shall be the City Administrator. Craig Dawson is the Secretary. . Executive Director - shall be the City Administrator. Craig Dawson is the Executive Director. . Assistant Executive Director - shall be the Director of Planning. Brad Nielsen is the Assistant Executive Director. ACTION: The Board needs to select the Vice-President and Treasurer. It may also decide whether to select a President Pro Tem.