072307 EDA AgPCITY OF SHOREWOOD 5755 COUNTRY CLUB ROAD
ECONOMIC DEVELOPMENT AUTHORITY MEETING COUNCIL CHAMBERS
MONDAY, JULY 23, 2007 Immediately Following
Regular Council Meeting
AGENDA
1. CONVENE ECONOMIC DEVELOPMENT AUTHORITY MEETING
A. Roll Call
President Lizee
Woodruff
Turgeon
Callies
Wellens
B. Review Agenda
2. APPROVAL OF MINUTES
A. EDA Minutes of January 8, 2007 (Att.- Minutes)
3. CONSENT
A. Treasurer's Report (Att.- Treasurer's report)
B. Approval of the Verified Claims List (Att. -Claims List)
4. NEW BUSINESS
A. Selection of Officers (Att.- Executive Director's memorandum)
5. OTHER BUSINESS
6. ADJOURN
CITY OF SHOREWOOD 5755 COUNTRY CLUB ROAD
ECONOMIC DEVELOPMENT AUTHORITY MEETING COUNCIL CHAMBERS
MONDAY, JANUARY 8, 2007 8:00 PM or Immediately Following
Regular Council Meeting
MINUTES
1. CONVENE ECONOMIC DEVELOPMENT AUTHORITY MEETING
President Pro-Tem Lizee called the meeting to order at 8:06 P.M.
A. Roll Call
Present: President Lizee; Boardmembers Callies, Turgeon, Wellens and Woodruff; Executive
Director Dawson; Assistant Executive Director Nielsen; Assistant Treasurer Burton;
Attorney Keane
Absent: None
B. Review Agenda
Without objection from the Board, President Lizee proceeded with the Agenda for the meeting.
2. APPROVAL OF MINUTES
A. EDA Minutes of December 18, 2005
Turgeon moved, Wellens seconded, Approving the EDA Meeting Minutes of December 18, 2006, as
presented. Motion passed 5/0.
3. NEW BUSINESS
A. Selection of Officers
Wellens moved, Woodruff seconded, Approving the Officers' appointments the same as for the
previous year with the exceptions that Chris Lizee was confirmed as President and Paula Callies
was confirmed as President Pro Tem. Motion passed 5/0.
4. OTHER BUSINESS
No other business was presented.
5. OTHER BUSINESS
No other business was presented.
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CITY OF SHOREWOOD ECONOMIC DEVELOPMENT AUTHORITY MEETING
January 8,2007
Page 2 of 2
6. ADJOURN
Wellens moved, Turgeon seconded, Adjourning the Shorewood Economic Development Authority
Meeting of January 8, 2007, at 8:10 P.M. Motion passed 5/0.
RESPECTFULLY SUBMITTED,
Christine Freeman, Recorder
ATTEST:
Christine Lizee, President
Craig W. Dawson, Executive Director
SHOREEOOD ECONOMIC DEVELOPMENT AUTHORITY
5755 Country Club Road
Shorewood, Minnesota 55331-8926
952.474.3236 FAX: 952.474.0128
MEMORANDUM
Date: July 19, 2007
To: EDA President and Commissioners
From: Martin Wellens, Treasurer
Bonnie Burton, Assistant Treasurer c; ~ -
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 12/31/2006 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 reported 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 1.2/31/2006 Comprehensive Annual Financial
Report are provided for the convenience of the Commission.
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CITY OF SHOREWOOD, MINNESOTA
Economic Development Authority
BALANCE SHEET
December 31, 2006
EDA Public Safety EDA Debt Service
Facilities Project Fund Fund
ASSETS
Cash & Investments $ 125,645 $ 135,602
Lease Receivable - 11,555,000
Due from other funds -
TOTAL ASSETS $ 125,645 $11,690,602
LIABILITIES
Accounts & Contracts Payable $ - $ -
Due to other funds -
Deferred Revenue - 11,555,000
TOTAL LIABILITIES $ - $11,555,000
EQUITY (DEFICIT)
Fund Balance (deficit) 125,645 135,602
TOTAL LIABILITIES
AND FUND BALANCE $ 125,645 $ 11,690,602
STATEMENT OF REVENUE & EXPENDITURES
December 31, 2006
REVENUE
Proceeds form Sale of Bonds $ - $ -
Interest 6,820 1,961
Lease Payments - 1,040,693
Miscellaneous - 19,547
TOTAL REVENUE $ 6,820 $ 1,062,201
EXPENDITURES
General Govt
Public Safety $ 40,198 $ -
Debt Service - 1,044,056
Capital Outlay -
TransferOut -
TOTAL EXPENDITURES $ 40,198 $ 1,044,056
EXCESS (DEFICIENCY) OF
REVENUE OVER EXPENDITURES $ (33,378) $ 18,145
FUND BALANCE, JANUARY 1 $ 159,023 $ 117,457
FUND BALANCE, DECEMBER 31 $ 125,645 $ 135,602
Shorewood economic Development Authority Check
Approval List for 07/23/2007 Council
Check # Vendor Nance Description Check Date Invoice # Amount
1190 US BANK TRUST N.A. EDA-2002A W.FIRE INT P 8/1/2007 33446200- $87,573.75
1190 US BANK TRUST N.A. EDA-20026 POLICE INT P 8/1/2007 33448800- $91,140.00
1190 US BANK TRUST N.A. EDA-2002C E.FIRE INT PY 8/1/2007 33448900- $46,713.75
1190 US BANK TRUST N.A. EDA-2003A W.FIRE INT P 8/1/2007 33513700- $24,738.75
1190 US BANK TRUST N.A. EDA-20038 INT PYMT 8/1/2007 33513800- $25,246.25
TOT.9L FOR L'S BANK'IRUST :V.A. $275,412.50
1191 US BANK EDA-2002A FISCAL FEES 8/1/2007 1860085
1191 US BANK EDA-20028 FISCAL FEES 8/1/2007 1860089
1191 US BANK EDA-2002C FISCAL FEES 8/1/2007 1860091
1191 US BANK EDA-20036 FISCAL FEES 8/1/2007 1860161
1191 US BANK EDA-20038 FISCAL FEES 8/1/2007 1860162
T07AL FOR IiS BANK
TOTAL CHECKS
$1,000.00
$1,000.00
$1,000.00
$1,100.00
$1,100.00
$5,200.00
$280,612.50
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Thursdcrv, July 19, 2007 Page I of I
SHOREWOOD ECONOMIC DEVELOPMENT AUTHORITY
5755 Country Club Road
Shorewood, Minnesota 55331-8926
952.474.3236 FAX: 952.474.0128
MEMORANDUM
TO: EDA Board of Commissioners
FROM: Craig W. Dawson, Executive Director
DATE: July 19, 2007
SUBJECT: 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 23. 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. Chris Lizee currently serves in this
capacity.
• Vice-President -shall preside in the absence of the President and may exercise ail powers and
perform all responsibilities of the President if the President cannot exercise or perform the
same due to absence or other inability. Laura Tur~eon 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. Paula Callies 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.
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