HomeMy WebLinkAbout2008 04-28 EDAM Regular Session1
1. CALL TO ORDER
The Brooklyn Center Economic Development Authority (EDA) met in Regular Session called to
order by President Tim Willson at 7:40 p.m.
2. ROLL CALL
MINUTES OF THE PROCEEDINGS OF THE
ECONOMIC DEVELOPMENT AUTHORITY
OF THE CITY OF BROOKLYN CENTER
IN THE COUNTY OF HENNEPIN AND THE
STATE OF MINNESOTA
REGULAR SESSION
APRIL 28, 2008
CITY HALL COUNCIL CHAMBERS
President Tim Willson and Commissioners Kay Lasman, Mary O'Connor, Dan Ryan, and Mark
Yelich. Also present were Executive Director Curt Boganey, Director of Fiscal Support
Services Dan Jordet, Community Development Director Gary Eitel, Assistant to the City
Manager Vickie Schleuning, IT Director Patty Hartwig, Police Chief Scott Bechtold, City
Attorney Charlie LeFevere, and Carol Hamer, TimeSaver Off Site Secretarial, Inc.
3. APPROVAL OF AGENDA AND CONSENT AGENDA
3a. APPROVAL OF MINUTES
1. March 24, 2008 Regular Session
Commissioner Lasman moved and Commissioner Ryan seconded approval of the Agenda and
Consent Agenda, as amended.
Commissioner O'Connor requested verification on the requested amendment to the minutes. Ms.
Hamer indicated the backup documents of the March 24, 2008, EDA Regular Session minutes
can be reviewed to verify the requested amendment prior to the next EDA meeting.
The motion on the floor was withdrawn.
Commissioner Lasman moved and Commissioner Ryan seconded approval of the Agenda and
Consent Agenda, with the March 24, 2008, EDA Regular Session Minutes pulled from the
Consent Agenda and added to the agenda of the next EDA meeting for approval.
Motion passed unanimously.
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4. COMMISSION CONSIDERATION ITEMS
4a. RESOLUTION NO. 2008 -06 AUTHORIZING EXECUTION OF TAX
INCREMENT PLEDGE AGREEMENT
Mr. Boganey introduced the item, discussed the history, stated the purpose of the proposed
resolution, and answered questions of the EDA regarding the proposed sale of bonds and the tax
increment pledge agreement.
There was discussion on the following in relation to the proposed sale of bonds:
Cost of interest and fees associated with the existing and proposed debt
105% levy included in the debt schedule to allow the maintenance of a reserve to cover
the next year's bond payment
Process associated with making the bond payments
Projections on commercial /industrial valuations in the City
Redevelopment efforts in the City
Requirement of the EDA to agree to the tax increment pledge in order to proceed with the
sale of bonds
Ability for early payment /six year period required before the bonds could be paid in full
Commissioner Lasman moved and Commissioner Ryan seconded adoption of EDA
RESOLUTION NO. 2008 -06 Authorizing Execution of Tax Increment Pledge Agreement.
Commissioner O'Connor voted against the same. Motion passed.
5. ADJOURNMENT
Commissioner Lasman moved and Commissioner Ryan seconded adjournment of the Economic
Development Authority meeting at 7:59 p.m.
Motion passed unanimously.
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STATE OF MINNESOTA)
COUNTY OF HENNEPIN)
CITY OF BROOKLYN CENTER)
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ss. Certification of Minutes
The undersigned, being the duly qualified and appointed Secretary of the Economic
Development Authority (EDA) of the City of Brooklyn Center, Minnesota, certifies:
1. That attached hereto is a full, true, and complete transcript of the minutes of a Regular
Session of the Economic Development Authority (EDA) of the City of Brooklyn Center
held on April 28, 2008.
2. That said meeting was held pursuant to due call and notice thereof and was duly held at
Brooklyn Center City Hall.
3. That the Economic Development Authority (EDA) adopted said minutes at its May 27,
2008, Regular Session.
President