HomeMy WebLinkAbout2014-06-18 HRA Regular Meeting • MINUTES
OF THE EDINA HOUSING AND REDEVELOPMENT AUTHORITY
HELD AT CITY HALL
JUNE 18, 2014
12:34 A.M.
CALL TO ORDER
Chair Hovland called the HRA meeting to order at 12:34 a.m.June 18, 2014.
ROLLCALL
Answering rollcall were Commissioners Bennett, Brindle, Sprague, Swenson and Chair Hovland.
APPROVAL OF MEETING AGENDA
Motion made by Commissioner Swenson, seconded by Commissioner Brindle
approving the Meeting Agenda.
Ayes: Bennett, Brindle, Sprague, Swenson, Hovland
Motion carried.
MINUTES OF THE REGULAR MEETING OF JUNE 3, 2014 APPROVED
Motion made by Commissioner Swenson, seconded by Commissioner Bennett,
approving the Minutes of the Meeting of the Edina Housing and Redevelopment
• Authority for June 3, 2014.
Ayes: Bennett, Brindle, Sprague, Swenson, Hovland
Motion carried.
RESOLUTION NO. 2014-03 AWARDING THE SALE OF PUBLIC PROJECT REVENUE
BONDS, SERIES 2014
Manager Neal called upon Mark Ruff, Ehlers and Associates, Inc., to present the results of the
Public Project Revenue Bond Sale, Series 2014. Mr. Ruff reviewed the proposed bonds, noting the
purpose was to provide financing for the construction of a sports dome, and certain park and ice
arena improvements. He reported three bids were received with Piper Jaffray & Company of
Minneapolis being the low bidder with a rate of 3.3142%. Mr. Ruff stated the size of the bond
issue changed from the projected amount to a reduction in bond proceeds needed for capitalized
interest, a premium bid, a reduction in underwriter's discount and a decrease in costs of issuance
resulting in a final bond amount of $16,155,000. Mr. Ruff concluded stating the term of the bond
would be twenty years as an annual appropriation beginning with 2016 payable.
Motion of Commissioner Swenson, seconded by Commissioner Sprague adopting
Resolution 2014-03 awarding the sale, prescribing the form and details and providing
for the payment of $16,155,000 Public Project Revenue Bonds, Series 2014 (City of
Edina Annual Appropriation Lease Obligations).
Ayes: Brindle, Sprague, Swenson, Hovland
Nay: Bennett
• Motion carried.
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Minutes/Edina Housing and Redevelopment Authority/June 18, 2014
REQUEST FOR PURCHASE - AWARD OF BID, CONTRACT 3, IMPROVEMENT P-23, SOT"
& FRANCE DISTRICT PARKING & WAYFINDING IMPROVEMENTS
Mr. Neal stated the proposed contract was part of the Parking and Wayfinding Improvement P-23
in the 50`h & France Business District. The City Council had awarded the other construction
projects, but this portion of the improvement would be funded by the HRA.
Motion of Commissioner Sprague seconded by Commissioner Brindle awarding the
contract for Bid Package 3, the Parking Structure Lighting Replace to the low bidder,
Bloomington Electric Company in the amount of$387,900.00.
ADJOURNMENT
Chair Hovland declared the meeting adjourned at 12:45 a.m.
Respectfully submitted,
Scott Neal, Executi e Director
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