HomeMy WebLinkAbout2009-11-02 HRA Regular Meeting MINUTES
• OF THE EDINA HOUSING AND REDEVELOPMENT AUTHORITY
HELD AT CITY HALL
NOVEMBER 2, 2009
7:05 P.M.
ROLLCALL Answering rollcall were Commissioners Bennett, Brindle, Housh, Swenson and Chair
Hovland.
CONSENT AGENDA APPROVED Motion made by Commissioner Brindle and seconded by
Commissioner Housh for approval of the Edina Housing and Redevelopment Authority Consent
Agenda as presented.
Rollcall:
Ayes: Bennett, Brindle, Housh, Swenson, Hovland
Motion carried.
*MINUTES OF THE REGULAR MEETING OF OCTOBER 20, 2009, APPROVED Motion made by
Commissioner Bennett and seconded by Commissioner Housh approving the Minutes of the
Regular Meeting of the Edina Housing and Redevelopment Authority for October 20, 2009.
Motion carried on rollcall vote —five ayes.
RESOLUTION NOS. 2009-2 AND 2009-3 ADOPTED AUTHORIZING SALE OF BONDS SERIES
2009A AND 2009B Mark Ruff of Ehlers & Associates presented the two sales of HRA bonds. Series
2009A - the sale of $2,595,000 Public Project Revenue Bonds sold by the HRA - were purchased by
the City, which provided flexibility for prepayment and a good investment. The market interest rate of
• this bond was 4.07%.
Mr. Ruff highlighted the rating report statements indicating Edina had retained its coveted status as a
premier high wealth suburb. He advised that both Moody's and Standard and Poors rated the bonds,
as required by the State.
Mr. Ruff said Series 2009B would be a publicly sold Taxable Public Project Revenue Bond in the
amount of $6,125,000, and would be part of the Build America Bonds federal stimulus package. As
part of this program, the City would be selling taxable debt and receive a subsidy every six months from
the federal government equal to 35% of the interest payments for that debt.
Mr. Ruff noted that three bids were received for Series 20098, with a rating just one notch less than an
AAA. He presented an analysis of the bid tabulation and winning bid from Robert W. Baird & Company
at an interest rate of 5.314%, just under a percent of what was anticipated. Mr. Ruff presented an
analysis of the combined debt service payments, noting that after the 35% federal rebate, it was
substantially less ($70,000) in levy than preliminarily projected. He recommended the City reduce its
levy for 2010.
City Manager Hughes advised staff was pleased with the ratings, with the complementary comments
regarding Edina, and he recommended adoption of the resolutions selling the bonds.
The HRA asked questions of Mr. Ruff and staff about the proposed bond sale. Following discussion,
Commissioner Brindle made a motion, seconded by Commissioner Housh, to adopt Resolution
No. 2009-2, relating to Public Project Revenue Bonds, Series 2009A (City of Edina annual
• appropriation lease obligations); authorizing the issuance, awarding sale, prescribing the form
and details and providing for the payment thereof.
Ayes: Bennett, Brindle, Housh, Swenson, Hovland
Motion carried unanimously.
Minutes/Edina Housing and Redevelopment Commission/November 2, 2009
• Commissioner Swenson made a motion, seconded by Commissioner Bennett, to adopt
Resolution No. 2009-03, relating to Public Project Revenue Bonds, Series 2009B (City of Edina
annual appropriation lease obligations) (Build America Bonds—Direct Payment); authorizing the
issuance, awarding sale, prescribing the form and details and providing for the payment
thereof.
Ayes: Bennett, Brindle, Housh, Swenson, Hovland
Motion carried unanimously.
There being no further business on the Edina Housing and Redevelopment Authority Ag a, Chair
Hovland declared the meeting adjourned at 7:20 p.m.
Respectfully submitted,
Executive Director
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