HomeMy WebLinkAboutApril 20, 2004
0 0
0 ~NÓÒVE~
1685 CROSSTOWN BOULEVARD N.W. . ANDOVER, MINNESOTA 55304. (763) 755-5100
FAX (763) 755-8923 . WWW.CI.ANDOVER.MN.US
CITY OF ANDOVER
ECONOMIC DEVELOPMENT AUTHORITY
MEETING
April 20, 2004 -7:00 p.m. (During City Council Recess)
CITY COUNCIL CHAMBERS
AGENDA
1. Call to Order
2. Approve Resolution Approving Redevelopment Project Area and Plan/Community
Center Project - Finance
3. Approve Revenue Bond Resolution Authorizing Issuance of the Bonds/Community
0 Center Project - Finance
Other Business
4.
5. Adjourn
'0
C I T Y o F
NDOVE
....-~
,~
ANDOVER ECONOMIC DEVELOPMENT AUTHORITY MEETING
APRIL 20, 2004 - MINUTES
A Meeting of the Andover Economic Development Authority was called to order by President Mike
Gamache, April 20, 2004, 7:33 p.m., at the Andover City Hall, 1685 Crosstown Boulevard NW,
Andover, Minnesota.
Present: Commissioners Don Jacobson, Mike Knight, Ken Orttel, Julie
Trude
Absent: Voting resident members Fred Larsen and Robert Nowak; and
Non-voting resident members Edward Schultz
Also present: Executive Director, John Erar
Community Development Director, Will Neumeister
EDA Treasurer, Jim Dickinson
Assistant City Engineer, Todd Haas
City Attorney, William Hawkins
:~-) Others
APPROVE RESOLUTION APPROVING REDEVELOPMENT PROÆCT AREA AND
PLAN/COMMUNITY CENTER PROJECT
EDA Treasurer Dickinson stated as the Andover Community Center Project proceeded to an
ultimate decision by the City Council, a requirement for the fmancing plan by the EDA was the
creation of a Redevelopment Project Area and Plan for the Community Center Project. That
process was initiated on March 16, 2004 with the calling of a public hearing on the plan on April
20, 2004.
Mr. Dickinson discussed the information with the EDA.
Motion by Orttel, Seconded by Knight, to approve the attached resolution "Resolution Approving
Redevelopment Project Area and Plan".
Chairman Daninger of the Andover Planning Commission arrived at the EDA meeting and asked Mr.
Dickinson to review the reasons for this.
Mr. Dickinson reviewed the information.
C_J President Gamache asked if Chairman Daninger had any other questions. Chairman Daninger stated
he did not have any other questions and he would make sure to report this information to the
Planning Commission at their next meeting.
0 0
,¡'~ Andover Economic Development Authority Meeting
,_/ Minutes - April 20, 2004
Page 2
President Gamache stated they changed one item which may have helped the Planning Commission.
It was under the Redevelopment Program under number two, item number seven where they
removed the word "financial". Planning Commissioner Daninger stated one word makes a
difference to the Commission he is on.
Commissioner Knight stated he appreciates the diligence the Planning Commission has.
Commissioner Orttel stated the discussion is as much benefit as the vote and the Planning
Commission does an excellent job.
Commissioner Jacobson stated Exhibit B is incorrect and the correction made in the City Council
meeting should be reflected in this infonnation.
Commissioner Trude stated the correction would be on page three; item seven deleting "financial".
Motion carried unanimously. (Res. 004-04)
APPROVE REVENUE BOND RESOLUTION AUTHORIZING ISSUANCE OF THE
CJ BONDS/COMMUNITY CENTER PROJECT
EDA Treasurer Dickinson explained the EDA is called upon to provide lease revenue fmancing
for the project. He stated the bond total will vary slightly from what is in the report.
Mr. Steve Yanish, RBC Dain Rauscher, Inc. explained the EDA Bond infonnation to the
Commission. Mr. Yanish thought the bonds would be sold at 5.33 percent but they were actually
at 5.28 percent. The amount of bonds sold was $19,580,000. He stated they have had a lot of
interest in the bonds.
Commissioner Jacobson asked what the bonds were rated at. Mr. Yanish stated the bonds were
rated at "A".
President Gamache stated when looking at the bonds and looking at the City, they look at the
project but they also look at the City and its financial position. Mr. Yanish stated they look at the
City, the Council and how the City is run. They look at the City's financial condition as the
prime consideration.
Motion by Knight, Seconded by Trude, to approve the attached resolution, "Resolution
Authorizing the Issuance of$19,580,000 Public Facility Lease Revenue Bonds, Series 2004 (City
of Andover Community Center) and the Execution and Delivery of a Lease Agreement, Ground
CJ Lease Agreement and a Mortgage and Security Agreement and Indenture Trust in Connection
Therewith".
Commissioner Jacobson asked on page 2, sub-section three, what number should be in there.
Mr. Dickinson stated it should be $19,580,000.
0 0
Andover Economic Development Authority Meeting
I Minutes - April 20, 2004
Page 3
Motion carried unanimously. (Res. 005-04)
OTHER BUSINESS
There was none.
Motion by Jacobson, Seconded by Knight, to adjourn. Motion carried unanimously. The meeting
adjourned at 7:50 p.m.
Respectfully submitted,
Susan Osbeck, Recording Secretary
j
, )
',.../