072406 EDA Min
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CITY OF SHOREWOOD
ECONOMIC DEVELOPMENT AUTHORITY MEETING
MONDAY, JULY 24, 2006 SCANNED
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 7:58 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
Associate Attorney Mayeron
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 July 25, 2005
Lizee moved, Wellens seconded, Approving the EDA Meeting Minutes of July 25, 2005, as
presented. Motion passed 5/0.
3. CONSENT
A. Treasurer's Report
B. Approve Payment of Claims
In response to a question from Treasurer Wellens, Assistant Treasurer Burton explained as part of the
financing arrangement US Bank was named the trustee for the funding of the five separate bond issues
(i.e. project funds). For its trustee services US Bank received a semi-annual $1,000 fiscal fee for each
project fund. Burton then explained the five project funds were interest bearing accounts yielding
approximately 4.75% interest; therefore, the interest income and fiscal fees basically offset each other.
Burton also explained when the projects were declared complete and the trustee accounts were closed the
fiscal fee payments would cease.
In response to a question from Treasurer Wellens, Assistant Treasurer Burton explained the EDA
invoiced the SLMPD and the EFD semi-annually for the debt service payments (i.e. the building costs).
The SLMPD and EFD in turn invoiced each of the member cities their portion of the debt service
payment. The SLMPD and EFD then submitted payment to the EDA, which as the fiscal agent paid the
trustee.
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CITY OF SHORE WOOD ECONOMIC DEVELOPMENT AUTHORITY MEETING
July 24, 2006
Page 2 of2
In response to a question from Treasurer Wellens, Assistant Treasurer Burton explained Northland
Securities fulfilled IRS reporting requirements for which it was compensated.
C. De~lare West Side Police and Fire Station Project Closed
Wellens moved, Lizee seconded, Approving the Motions Contained on the Consent Agenda. Motion
passed 5/0.
4. NEW BUSINESS
A. Selection of Officers
Lizee moved, Wellens seconded, Approving the Officers' appointments the same as for the current
year. Motion passed 5/0.
5. OTHER BUSINESS
No other business was presented.
6. ADJOURN
Turgeon moved, Lizee seconded, Adjourning the Shorewood Economic Development Authority
Meeting of July 24, 2006, at 8:04 P.M. Motion passed 5/0.
RESPECTFULLY SUBMITTED,
Christine Freeman, Recorder
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Woody Love, President
ATTEST:
Craig W. Dawson, Executive Director