HomeMy WebLinkAbout2001-11-20 HRA Regular Meeting ,
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MINUTES
OF THE JOINT MEETING OF THE
EDINA HOUSING AND REDEVELOPMENT AUTHORITY
AND THE EDINA CITY COUNCIL
HELD ON NOVEMBER 20, 2001,
7:00 P.M.
ROLLCALL Answering rollcall were Commissioners Housh, Hovland, Masica and Chair
Maetzold.
CONSENT AGENDA APPROVED Motion made by Commissioner Housh and
seconded by Commissioner Masica approving the Edina Housing and
Redevelopment Authority Consent Agenda as presented.
Rollcall:
Ayes: Housh, Hovland, Masica, Maetzold
Motion carried.
*MINUTES OF THE REGULAR MEETING OF NOVEMBER 5, 2001, APPROVED
Motion made by Commissioner Housh and seconded by Commissioner Masica
approving the Minutes of the Edina Housing and Redevelopment Authority for
November 5, 2001.
• Motion carried on rollcall vote —four ayes.
RESOLUTION NO. HRA 2001-05 APPROVED, CALLING FOR SALE OF PUBLIC
PROJECT REVENUE BONDS — SERIES 2002 Assistant Manager Anderson presented
a report detailing the proposed plan for the HRA $10,220,000 in public project revenue
bonds for the remodeling of the library for a new Public Safety Facility and
improvements to City Hall. The sale of the bonds will occur on December 18, 2001, and
close in January, 2002. In September, the City certified a levy to the County of
$1,000,000 for payment of the debt. This term on the debt is scheduled to be 15 years.
Final numbers are forthcoming from the architects and may have to change the principal
amount of the debt and the term of the bonds. Since the levy was certified in September
at $1,000,000, we can only extend the term of the debt to adjust for changes to the
principal. When final numbers on the Police Facility are received and preliminary
numbers on City Hall, a Council workshop will be called to go through the numbers and
review options for each facility.
Commissioner/Member Masica asked who the trustee would be for the disbursement of
the Bond proceeds. Mark Ruff, Ehlers & Associates, said First Bank Trust is that
trustee. Ms. Masica inquired if this transaction would affect our Bond rating. Mr.
Anderson explained typically on the Lease Revenue Bond Form of Financing, it would
go down one grade lower in rating. Additionally, Standard and Poors requested updated
financial reports on the City's tax increment districts. Upon receipt of these updates,
they would consider upgrading Edina on our General Obligation debt.
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Mr. Ruff concurred that there would be no negative impact on the bond rating with this
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issue.
Mr. Anderson noted the tax implications on a $250,000 single family home would be
$40.00 per year for 15 years and on a $400,000 dollar home the cost would be $49.00,
and on a $500,000 home, the cost would be $81.00 per year.
Commissioner/Member Housh inquired if there was a connection between this and the
project of a few years ago. Director/Manager Hughes responded there is a connection.
He believes the HRA/Council at the time had the relocation to Grandview Square of the
library in mind. Mr. Housh inquired when would the public hearing be posted. Attorney
Gilligan answered notification must be given ten-days before the meeting. Mr. Housh
asked if the scope of the discussion would be to determine the redevelopment area. Mr.
Hughes stated two things would be considered at the meeting on December 18, 1) bid
amounts received for the bonds, and 2) establishment of a geographic area. Mr.
Hughes explained that information will be made available to the public in a variety of
ways.
Commissioner/Member Hovland asked why a trustee is necessary. Mr. Gilligan
indicated it is a means of security for the bonds and added this is the standard
procedure.
Commissioner/Member Hovland introduced the following resolution and moved •
its adoption:
HRA RESOLUTION NO. 2001-05
A RESOLUTION PROVIDING FOR THE SALE OF
$10,220,000 PUBLIC PROJECT REVENUE BONDS, SERIES 2002
BE IT RESOLVED by the Board of Commissioners (the "Board") of the
Edina Housing and Redevelopment Authority, Minnesota (the "Authority") as
follows:
1. Background
1.1 The City Council of the City of Edina, Minnesota, has heretofore
determined that it is necessary and expedient to issue the
Authority's $10,220,000 Public Project Revenue Bonds (the
"Bonds") to finance a police facility and City Hall improvements.
1.2 The Authority has the statutory authority to issue bonds to
finance the Project and to enter into a lease with the City to
provide security for the Bonds.
1.3 The Authority has designated Ehlers & Associates, Inc., in
Roseville, Minnesota ("Ehlers"), as its independent financial
advisor and is therefore authorized to solicit proposals in
accordance with Minnesota Statutes, Section 475.60, Subdivision
2(9).
2. Action
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2.1 Authorization; Findings. The Authority hereby authorizes Ehlers
to solicit proposals for the sale of the Bonds.
2.2 Meeting; Proposal Opening. the board shall meet at the time and
place to be specified in the Terms of Proposal for the purpose of
considering sealed proposals for, and awarding the sale of the
Bonds. the City Clerk or designee, shall open proposals at the
time and place to be specified in such Terms of Proposal.
2.3 Terms of Proposal. The terms and conditions of the Bonds and
the sale thereof are fully set forth in the Bond Sale Report and are
hereby approved and made a part hereof.
2.4 Official Statement. In connection with said sale, the officers or
employees of the Authority are hereby authorized to cooperate
with Ehlers and participate in the preparation of an official
statement for the Bonds and to execute and deliver it on behalf of
the Authority upon its completion.
Adopted this 20th day of November, 2001.
Rollcall:
Ayes: Housh, Hovland, Masica, Maetzold
Motion carried.
*CONFIRMATION OF PAYMENT OF CLAIMS Motion made by Commissioner
Housh and seconded by Commissioner Masica approving payment of claims
dated November 8, 2001, and consisting of two pages totaling $1,162,896.40; and
for approval of payment of claims dated November 15, 2001, and consisting of
one page totaling, $30,754.31.
Motion carried on rollcall vote —four ayes.
There being no further business on the Edina Housin and Redevelopment Authority
Agenda, Chair Maetzold declared the meeting adjourne at :1 P.M.
Executive Director
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