HomeMy WebLinkAbout2005-08-16 HRA Regular Meeting • MINT,UES
'OF THE JOINT METING OF THE
EDINA HOUSING AND REDEVELOPMENT AUTHORITY
AND THE EDINA CITY COUNCIL
HELD AT CITY HALL
AUGUST 16, 2005
7:00 P.M.
ROLLCALL Answering rollcall were Commissioner/Member Housh, Masica, Swenson and
Chair Hovland.
CONSENT AGENDA APPROVED Motion made by Commissioner/Member Masica and
seconded by Commissioner/Member Housh approving the Consent Agenda for the Edina
Housing and Redevelopment Authority as presented.
Rollcall:
Ayes: Housh,Masica, Swenson,Hovland
Motion carried.
*MINUTES OF THE REGULAR MEETING OF THE EDINA HOUSING AND
REDEVELOPMENT AUTHORITY FOR AUGUST 2,2005,APPROVED Motion made by
Commissioner/Member Masica and seconded by Commissioner/Member Housh approving
• the Minutes of the regular meeting of the Edina Housing and Redevelopment Authority for
August 2, 2005.
Motion carried on rollcall vote—four ayes.
HRA RESOLUTION NO. 2005-2 SALE APPROVED FOR PUBLIC PROJECT
REVENUE BONDS — SERIES 2005 Director Hughes introduced Mark Ruff from Ehlers and
Associates that presented results of the sale of the Public Project Revenue Bonds. Mr. Ruff said
the Bonds will be issued by the HRA for two gymnasiums that will be constructed on the school
facility site. The total amount of the bond issue was $5,425,000 of Public Project Revenue
Bonds. Mr. Ruff indicated that five bids were received with the lowest bidder, Piper Jaffray &
Co., at a 4.0579 % interest rate on the twenty year bonds. He explained these revenue bonds have
a slightly lower bond rating than general obligation bonds but still have an excellent rating of Aa.
The range of bids on the twenty year bonds was from 4 %to 4 %z%. Mr. Ruff said fees were less
than anticipated as well as the true interest rate lower with over the life of the issue would be
about $265,000. Mr. Ruff recommended sale of the bonds to Piper Jaffray & Company providing
for the issuance and sale of$5,425,000 of Public Project Revenue Bonds, Series 2005. He added
the closing on the Bonds would be September 13, 2005.
Commissioner/Member Housh made a motion approving HRA Resolution No. 2005-2,
authorizing Revenue Bonds, Series 2005 City Of Edina annual appropriation lease
obligations.
Commissioner/Member Swenson seconded the motion.
Rollcall: Housh, Masica, Swenson, Hovland
Motion carried.
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RESOLUTION NO. 2005-71 APPROVING THE BOND SALE AUTHORIZING THE
EXECUTION OF A LEASE AGREEMENT PROVIDING for THE CONSTRUCTION
OF GYMNASIUMS AND THE LEASE THEREOF BY THE CITY, AND APPROVING
THE FORM OF A RESOLUTION AND AN OFFICIAL STATEMENT Mark Ruff
recommended adoption of the resolution authorizing construction of the gymnasiums at the
Community Center as well as the lease by the City for the gymnasiums.
Commissioner/Member Masica made a motion adopting Resolution No. 2005-71
Authorizing the Execution of a Lease Agreement Providing for the Construction of
Gymnasiums and the Lease Thereof by the City, and Approving the Form of a Resolution
and an Official Statement. Commissioner/Member Housh seconded the motion.
Rollcall:
Ayes: Housh, Masica, Swenson, Hovland
Motion carried.
RESOLUTION NO. 2005-70 APPROVING THE BOND SALE FOR GENERAL
OBLIGATION PERMANENT IMPROVEMENT REVOLVING FUND BONDS —
SERIES 2005E Mark Ruff, Ehlers & Associates indicated that the General Obligation
Permanent Improvement Revolving Fund Bonds, Series 2005E, were sold to Piper Jaffray &
Company at a true interest cost of$1,460,000. Five bids were received on the ten year bonds at a
true interest cost of$3.5851%. Mr. Ruff added when bids are taken, bids are calculated on the
basis of interest rates and ease. The bond buyers note the "reoffering yield" and noted little
difference between the AAA General Obligation Bonds and the Revenue Bonds. This
demonstrates the bond buying public has a high regard for the City of Edina.
Mr. Ruff recommended approval of the Bond Sale for the General Obligation Permanent
Improvement Revolving Fund Bonds — Series 2005 E to Piper Jaffray & Associates at
$1,460,000.
Commissioner/Member/Swenson made a motion adopting Resolution No. 2005-70
Awarding Sale, Prescribing the Form and Details and Providing for the Payment of
$1,460,000 General Obligation Permanent Improvement Revolving Fund Bonds,
Series 2005E.
Commissioner/Member Housh seconded the motion.
Ayes: Housh, Masica, Swenson, Hovland
Motion carried.
There being no further business on the Edina Housing and Redevelopment Authority
Agenda, Chair/Mayor Hovland declared the mee n journed a 7:12
Executive Director
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