Loading...
041603 EDA AgP f ~-' ...;;.Q. CITY OF SHOREWOOD ECONOMIC DEVELOPMENT AUTHORITY MEETING WEDNESDAY, APRIL 16, 2003 5735 COUNTRY CLUB ROAD SOUTHSHORE CENTER IMMEDIATELY FOLLOWING CITY COUNcn. MEETING AGENDA 1. CONVENE ECONOMIC DEVELOPMENT AUTHORITY MEETING A. Roll Call President Love Garfunkel Liz6e Zerby _ Turgeon _ B. Review Agenda 2. APPROVAL OF MINUTES A. EDA Minutes of March 28,2003 (Att.- Minutes) 3. NEW BUSINESS A. Approve Amendments to Lease and Subleases for the EFD West/SLMPD Station B. Approve resolution for Bond Indenture C. Approve Bond Purchase Agreement 4. OTHER BUSINESS 5. ADJOURN ! " CITY OF SHOREWOOD ECONOMIC DEVELOPMENT AUTHORITY MEETING FRIDAY, MARCH 28, 2003 5755 COUNTRY CLUB ROAD COUNCIL CHAMBERS TIME: 6:00 or immediately following EFD BOARD Meeting MINUTES 1. CONVENE ECONOMIC DEVELOPMENT AUTHORITY MEETING President Love called the meeting to order at 7:00 P.M. A. Roll Call Present: President Love; Commissioners Garfunkel, Lizee, Turgeon, and Zerby; and Executive Director Dawson Absent: None B. Review Agenda Without objection from the Board, President Love proceeded with the Agenda for the evening. 2. APPROVAL OF MINUTES A. EDA Minutes of March 25. 2003 Lizee moved, Zerby seconded, Approving the EDA Meeting Minutes of March 25, 2003, as amended on Page 1, Change the Meeting Date from "Monday" to "Tuesday." Motion passed 5/0. 3. NEW BUSINESS A. Award of Bids and Authorize Assignment of Contracts for South Lake Minnetonka Public Safety Facility-West Side Zerby moved, Lizee seconded, Adopting RESOLUTION NO. 03-001, "A Resolution Awarding and Authorizing Assignment of Contracts for Bid Package No.2, Bid Divisions No.1 through 34 for the South Lake Minnetonka Public Safety Facilities Project EFD West/SLMPD Station." With the addition of the amendment including the words "up to bond financing amounts issued to date, and those contract awards and assignments exceeding CUI' rent financing would be executed contingent upon closing of supplementary financing on or before April 30, 2003." Motion passed 5/0. 4. OTHER BUSINESS Executive Director Dawson expressed appreciation to the Board for its support in working through financing issues associated with the West Side Public Safety Facility. President Love thanked the Board, and noted he appreciated the support of the Commission throughout the building process of the West Side Public Safety Facility project. 5. ADJOURN ECONOMIC DEVELOPMENT AUmORITY MEETING March 25, 2003 Page 2 of 2 ) / u Lizee moved, Zerby seconded, Adjourning the EDA Meeting of March 28, 2003, at 7:03 P.M. RESPECTFULL Y SUBMITTED, Sally Keefe, Recording Secretary Craig W. Dawson, Executive Director Woody Love, President r . SHOREWOOD ECONOMIC DEVELOPMENT AUTHORITY 5755 Country Club Road Shorewood. Minnesota 55331-8926 952.474.3236 FAX: 952.474.0128 MEMORANDUM FROM: DATE: SUBJECT: Shorewood EDA Shorewood City Council Excelsior Fire District South Lake Minnetonka Police Department Craig W. Dawson, Executive Director April 11, 2003 Explanation of Agenda Items for Meetings April 16, 2003 TO: Staff and consultants (financial advisor and bond counsel) have been working apace to meet the April 30 date to close on the bonds for the clean-up financing for the EFD WestlSLMPD Station. There are technical matters to take care of along the way; hence the need for meetings and action on April 16. 1) Technical Amendments to the Lease/Subleases The Shorewood EDA leases the fire and police facilities to the City of Shorewood which, in turn, subleases them to the EFD and SLMPD. The leases/subleases in place commit the parties to accept the lease payments that will result from the Series 2003A and 2003B Bonds (i.e., the clean-up financing). The lease/subleases are evidence of the commitment to the project for investors. Bond counsel Steve Bubul advises that the new payments are technically an amendment to the lease/subleases, and per the terms of the agreements authorization by all four of the parties is required. Mr. Bubul will be present at the meeting to answer questions regarding the technical changes. The EFD, SLMPD, City of Shorewood, and EDA will need to approve these amendments. 2) Bond Indenture The EDA will act on a resolution to approve the bond indenture. The bond indenture authorizes the issuance of the bonds per the terms and conditions listed in the indenture. An indenture is needed for the issuance of any bond. 3) Bond Purchase Agreement The EDA will act on this agreement, which will contain the terms and conditions of the sale with the underwriter (Northland Securities). The financial advisor likely will begin bond pricing on the afternoon of April 15, and conclude prior to the meetings. It appears that we will have little competition in the market for Minnesota issues those days.