HomeMy WebLinkAbout2009-10-06 HRA Regular Meeting MINUTES
OF THE EDINA HOUSING AND REDEVELOPMENT AUTHORITY
HELD AT CITY HALL
• OCTOBER 6, 2009
7:00 P.M.
ROLLCALL Answering rollcall were Commissioners Bennett, Brindle, Swenson and Chair
Hovland. Commissioner Housh was absent.
CONSENT AGENDA APPROVED Motion made by Commissioner Bennett and seconded by
Commissioner Brindle for approval of the Edina Housing and Redevelopment Authority
Consent Agenda as presented.
Rollcall:
Ayes: Bennett, Brindle, Swenson, Hovland
Motion carried.
*MINUTES OF THE REGULAR MEETING OF SEPTEMBER 15, 2009, APPROVED Motion
made by Commissioner Bennett and seconded by Commissioner Brindle approving the
Minutes of the Regular Meeting of the Edina Housing and Redevelopment Authority for
September 15, 2009.
Motion carried on rollcall vote - four ayes.
RESOLUTION NO. 2009-01 ADOPTED AUTHORIZING SALE OF BONDS SERIES 2009A AND
2009B, NOVEMBER 2, 2009 Jon North of Ehlers & Associates, Inc. reviewed the pre-sale report
for the proposed bond sale. He said that the current interest rates for bonds were at the lowest
• rate historically since 1967. Mr. North said the proceeds of the two bond issues were to fund the
remainder of the Public Works facility. The first bond Series 2009A in the amount of $2,595,000
would be issued by the HRA and purchased by the City of Edina as an investment. He said this
allowed the maximum prepayment flexibility. This bond's funding source would be an annual
appropriation and would not be a debt service levy.
Mr. North explained that Series 20098, in the amount of $6,125,000 was a public project revenue
bond and would be eligible for tax-exempt bonds. However, the recent federal stimulus package
offered a new type of bonding option know as Build America Bonds (BABs) that might possibly
benefit Edina. Mr. North said Ehlers will monitor which type of bond would be in the best interest
of the City before the actual bond sale. Both bonds were being issued per Minnesota Statutes
465.71.
The Council asked questions of Mr. Ehlers and staff about the proposed bond sale. Following
discussion, Member Swenson made a motion, seconded by Member Brindle to adopt
Resolution No. 2009-1 providing for the November 2, 2009, Sale of $2,595,000 Public
Project Revenue Bonds, Series 2009A and $6,125,000 Public Project Revenue Bonds,
Series 2009B.
Ayes: Bennett, Brindle, Swenson, Hovland.
Motion carried unanimously.
There being no further business on the Edina Housing and Redevelopment Au o ity Agenda,
Chair Hovland declared the meeting adjourned at 7:20 p.m.
•
xecutive Director