010807 EDA AgP
CITY OF SHOREWOOD
ECONOMIC DEVELOPMENT AUTHORITY MEETING
MONDAY, JANUARY 8, 2007
AGENDA
5755 COUNTRY CLUB ROAD
COUNCIL CHAMBERS
8:00 PM or Immediately Following
Regular Council Meeting
1. CONVENE ECONOMIC DEVELOPMENT AUTHORITY MEETING
A. Roll Call
B. Review Agenda
2. APPROVAL OF MINUTES
A. EDA Minutes of December 18, 2006 (Att.- Minutes)
3. NEW BUSINESS
President Lizee
Woodruff
Turgeon _
Callies
Wellens
A. Selection of Officers (Att.- Executive Director's memorandum)
4. OTHER BUSINESS
5. ADJOURN
CITY OF SHOREWOOD
ECONOMIC DEVELOPMENT AUTHORITY MEETING
MONDAY, DECEMBER 18,2006
5755 COUNTRY CLUB ROAD
COUNCIL CHAMBERS
6:00 P.M.
MINUTES
1. CONVENE ECONOMIC DEVELOPMENT AUTHORITY MEETING
President Love called the meeting to order at 6:05 P.M.
A. Roll Call
Present:
President Love; Boardmembers Callies and
Assistant Executive Director Nielsen; Attorney
Director Dawson
Absent:
Boardmembers Lizee and Wellens
B.
Review Agenda
Without objection from the Board, President Love
Agenda for the meeting.
2. APPROVAL OF MINUTES
A. EDA Minutes of November
of November 27, 2006, as
Callies moved, Turgeon seconded, Approving
presented. Motion
A.
Bonds for Public Safety Facilities
3. NEW
Ilesolutions
jJ'ic:,}:',,::t,ij:::,,(:r};:
Executi~TllDirector Da~~~~;~~~ Northland Securities, Inc., reviewed the terms of the sale.
The;~i1lli~fPlVfD net savings ~ft~!~le and 2007C issues, related to fire facilities, had been
establisheoi~fh~328,573; the t~~l~;S of sale would yield net savings of $409,832. The net
interest costS!~MfT 4.15% on S~rlTs and 4.09% on Series 2007C. The minimum net savings for
the Series 2007~;i~&sue, relatechito the police facility, was established at $2242,672; the terms of the
proposed sale wo\l1>>iiYi.eld net.;4~vings of $328,573. The net interest cost on Series 2007B was 4.15%.
Closing on the bondS~mtWOAA1:rroccur in January 2007.
Callies moved, Turgeoxfseconded, Adopting
1. RESOLUTION NO. 06-002, "A Resolution Awarding the Sale of Public Safety Fire Facility
Lease Revenue Crossover Refunding Bonds, Series 2007 A";
2. RESOLUTION NO. 06-003, "A Resolution Awarding the Sale of Public Safety Fire Facility
Lease Revenue Crossover Refunding Bonds, Series 2007B"; and
3. RESOLUTION NO. 06-004, "A Resolution Awarding the Sale of Public Safety Fire Facility
Lease Revenue Crossover Refunding Bonds, Series 2007C".
Motion passed 3/0.
1#2A I
CITY OF SHOREWOOD ECONOMIC DEVELOPMENT AUTHORITY MEETING MINUTES
December 18,2006
Page 2 of2
4. ADJOURN
Turgeon moved, Callies seconded, Adjourning the Shorewood Economic Development Authority
Meeting of December 18,2006, at 6:16 P.M. Motion passed 5/0.
Christine l,izee, 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
TO:
FROM:
DATE:
SUBJECT:
EDA Board of Commissioners
Craig W. Dawson, Executive Director
January 4, 2007
Selection of Officers
Selection of officers has been made at the EDA's Annual Meeting of the EDA occur on the fourth
Monday of July (per Sec. 3.01 of the EDA's By-laws). However, the EDA will be closing on the
refunding bonds for the public safety facilities on January 25, and at the very least the EDA will need
to acknowledge that will be a different name with the office of President.
The only changes that must be considered are the President and President Pro Tern positions. The
officers of the Board follow:
. President - shall be the Mayor of the City of Shorewood. Chris Lizee will need to be
confirmed as President.
. 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 Tern - 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 Tern to
preside at such meeting. Chris Lizee has been serving as President Pro Tern. If the Board
wishes to continue this position, it will need to select someone for it.
. 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 confirm Chris Lizee as President, and to decide whether to select a
President Pro Tern.