HomeMy WebLinkAbout2007 05-14 EDAP EDA MEETING
City of Brooklyn Center
May 14, 2007 AGENDA
l. Call to Order
—The EDA requests that attendees turn off cell phones and pagers during the meeting. A
copy of the full City Council packet, including EDA (Economic DevelopmentAuthority), is
available to the publia The packet ring binder is located at the front of the Council
Chambers by the Secretary.
2. Roll Call
3. Approval of Agenda and Consent Agenda
—The following items are considered to be routine by the Economic Development Authority
(EDA) and will be enacted by one motion. There will be no separate discussion of these
items unless a Commissioner so requests, in which event the item will be removed from the
consent agenda and considered at the end of Commission Consideration Items.
a. Approval of Minutes
1. Apri123, 2007 Regular Session
4. Commission Consideration Items
a. Resolution Transferring $230,000 into the Earle Brown Heritage Center Capital Fund
•Requested Commission Action:
—Motion to adopt resolution.
5. Adjournment
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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 23, 2007
CITY HALL COLJNCIL CHAMBERS
1. CALL TO ORDER
The Brooklyn Center Economic Development Authority (EDA) met in Regular Session called to
order by President Tim Willson at 8:11 p.m.
2. ROLL CALL
President Tim Willson and Commissioners Kay Lasman, Mary O'Connor, Dan Ryan, and Mark
Yelich. Also resent were Executive Director/Ci Mana er Curt Bo ane Ci Attorne
P tY g g Y� tY Y
Charlie LeFevere, Public Works Director/City Engineer Todd Blomstrom, Community
Development Director Brad Hoffman, Planning and Zoning Specialist Ron Warren, and Deputy
City Clerk Camille Worley.
3. APPROVAL OF AGENDA AND CONSENT AGENDA
Commissioner Lasman moved and Commissioner O'Connor seconded approval of the Agenda
and Consent Agenda, and the following item was approved:
3a. APPROVAL OF MINUTES
1. March 12, 2007 Regular Session
Motion passed unanimously.
4. COMMISSION CONSIDERATION ITEMS
4a. RESOLUTION NO. 2007-06 AUTHORIZING SUBMISSION OF AN
APPLICATION TO THE HENNEPIN COUNTY ENVIRONMENTAL
RESPONSE FUND
Executive Director/City Manager Curt Boganey introduced the item and stated the purpose for
the proposed resolution.
Commissioner Lasman moved and Commissioner O'Connor seconded adoption of
RESOLUTION NO. 2007-06 Authorizing Submission of an Application to the Hennepin County
Environmental Response Fund.
04/23/07 -1- DRAFT
Motion passed unanimously.
4b. RESOLUTION NO. 2007-07 AUTHORIZING THE CITY STAFF OF
BROOKLYN CENTER ECONOMIC DEVELOPMENT AUTHORITY (EDA) TO
DISCONTINUE DEVELOPMENT AGREEMENT NEGOTIATIONS WITH
STEINER DEVELOPMENT INC. FOR THE REDEVELOPMENT OF EDA
OWNED PROPERTY AT 57 AVENUE AND LOGAN AVENUE NORTH
Mr. Boganey introduced the item and stated the purpose for the proposed resolution.
Commissioner Yelich moved and Commissioner Ryan seconded adoption of RESOLUTION
NO. 2007-07 Authorizing the City Staff of Brooklyn Center Economic Development Authority
(EDA) to Discontinue Development Agreement Negotiations with Steiner Development Inc. for
the Redevelopment of EDA Owned Property at 57�' Avenue and Logan Avenue North.
Motion passed unanimously.
5. ADJOURNMENT
Commissioner Lasman moved and Commissioner Ryan seconded adjournment of the Economic
Development Authority meeting at 8:18 p.m.
Motion passed unanimously.
04/23/07 -2- DRAFT
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MEMO
DATE May 8, 20f}�
TU; City �ouncil
FR+UM: Curt Ba�aney, Cit er
SUB�C"�': Resc�lution transferring excess EBI-�C operating funds t� EB�� Capital
Fund
RECOIt+iNIEI'�DATIt}1�1
T recomimerni adc�ption af the attached resalution authorizing the t�sfer c�f $230,(?04
fmm the F.,arle Brown Hentage Center (EBHC) operating fi�nd to the EBHC �itaI
Fund for the purpose of financin� the capital impravements c�u�ined i� 2007 EBHG
Capital Projects Budget and for future capital needs as described in the ZQQS-2025
C�pital Improvement Plan.
BACI�GRUUND
In Decemt�r af 20(�2 the City Cowncil established the Earle BrQwn Heritage Center
Capital Impmvem�nt Fund recognizing that the Center would need to fund ongs�ing
capital n+�is i.e. roof replacements, new carpeting m�,�UI` IIIE.'CLl"QdIICtU $yS#@I�IS SS�LI�1�
system replacements, and majQr kitchen appliances. It was determined tl�at tl�e best way
�o pay for these n►aj+or capital costs in the absence of bazrowi�� was to establisi� a fiu�d
that would be pri�ariiy capitalize� from yeaz-end cash surpiu�es ,�enerated from the
t�pexatiQns t�f #he Cemer.
Since 2UU3 the City Manager has used a golicy formula to detern�ine the minim�n
o�rating fun�� needed to meet ati anticigated cash flow and emerge�cy c.ash needs for
tl�e EBHC. In �tccvrcla�ce with this policy the minimtun r�quired cash on h�nd at
December 31, 2t3Q6 was 9U2,282 The auctual funds on ]Ixaz�d wea�e $1,14�,255 leaving an
ex��ss �l�c� available far transfer in the operating fi.u�d of �239,9'74. In a�rder tv meet
curretzt and fixture ca�ital ex�nditur9e needs it is r�maa��nd�d tlaat �23U,UQ� o�this
excess balance be iaransfe�red to the Capital Fund far current and fuiure capita� n�ds,
SU�MA,�tY
Th� City Gaunail has established a Gapitsl Fund for the Eatle Brawn I�erita�e Center ta
provide f�r th� ongoing capital �ne�ds of the eenter. The Center has currez�t capital needs
estimated at 17`9,OUA requirin� Punding at this tirr�e.
it l�as been d�ternuned that the curreni cash balanc� in th� c�peratin� fund as of D��cemb�rr
32, 2UUS, in the arnownt of 1,141,255 exceeds th� m►inimum c.as�; requ��eci for o�rating
cash:flow and emergencY pwrposes and it would be prudent and reast�nable tc� use saxne
portit�n af these excess fund for capitari neetis as recornme�ded.
Tt� �ixnd the n�ed imprc�vements it is recommencled that e�tr,ess c�sh in the oper�ting
f�nd in the amvunt of 234,000 be transferred to the Capitat �und.
G:lAsst City Mgr1R�SU1.iTTFQNS1Avieourr�ndum 2406 cap fieui Vansf+er n�enn.doc
Comrnissioner intrc�uced the foll+�wing resc�lution and
moved its adoption:
EDA RE�OLUTIOI�T NO.
RESC}LLtTI{}N TRANSF�RRING $230,OQ0 EI�JT`t� THE �AKI..E BRO'WI�1
HERITAGE CEAITER CAPITAL FtJ2Vll
V��HEREAS, a capital fiuid for the F.arte Bmwn I-�erita.ge Center (EBHC} has been
establishe� to provic�e an angaing fimding mechanism for capital items; and
VJI�ER.EAS, the EDA/City Cauncil has approv� tl�e 2fl07 �apital Plan �`or the EBHC
and has ic�e�rtified current year capitaE needs estimated tc� cc�st $179,OQ4; and
WHEREAS, a cash �nalysis for the EBHC opera�ion for fiscal year +cnding
December 31, 2Q06, identi�i�s a cash surplus within a conservative rang� thaf wr�u�d permit the
transfer c�f �23t1,000 �o ihe EBHC Capital Fund; and
WHEREAS, this transfer is tequired to meet id�ntified c�arrent anct future eapital
needS, arl�l
WI-�EREAS, the unencumbered baIance in the EBHG Capital Funci is $19$,41b.75.
N(3W, '�`HERE�p�t,E, BE IT RESOLVED by the F.,cca�€�mic Devetopcnent A.uthority
in and far the City af BrQOklyn Ce�zter that it approves the transfer c�f $23f�,000, intv tb:e �apital
�'roject Fund to b� used f�r current and future Capital Projects at the Ear1e Brc�wn Hen�age Center
Mav 14. 2�0?
Dai+� President
The rnc�tion for the adc�p�ion of the foregaing resoluti4n was duly seconded by cat�zazssi4ner
and upon vote bein� taken thereQn, the falIowing voted ir� favor th�r�o�;
and the following voted agaxnst the sarne.
I whereu�aan said resQiution was d�lared duly passed and ad4pted�
20��
�'UND� Esrle Brown Heritag� Genter 448QU
DEPTlA�C'TI'VI'T'Y/PROJECT: Capita! Projects
This fiund provides far the replacement af fully depreciated ar obsolete capital items and
new capital p�u°cha�es.
CAPITAL OUTLA.Y Conventio� Center
652� Bv�idings and P'aci�i#ies
Cap#aan'slEstate/Lc�f9t Carpet Replacement
Unit Cost: $1 �,U�4
I.ess Trac�e-in: -U-
Tat�l Cost: t 8,(}00
Rr,place Waier Tower
L�nit Cost: 204,25U
Less Grant Fu�ading: l Ofl,44Q
Total Cost tt� Fund; 1�4,000
6540 Equipme�t �►nd �Vlaehiaery
U�grad� fire alamns with visual alerts
Unit Cost: $3Q,000
Less Trade-in: -0-
Tc�tal Cost: $30,UU0
Sealc�at and strig� both East parking lots
Ur�it Cost: $15,U00
Less Trade-in: -a-
Total +Cost: $15,000
G�$4 Ia�arm�ti�� Syste�ns
Purchase and install a document ima$ing system
Ur�it Cc�st: $12,A40
1�.ess 'I'racle-%n; $s4-
Total C�st: 2,Q00
309
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ESHC
'1'�WN8FER8113FNC PRC1F'O�ED EBHC �PERAfi1NG CASH RE8ERYE P't�LICY
At December 31, 2t}02;
12-rt�orrth average everrt depasits 189,85$
1 �-rr�nttt averag+� cash disbun�ements �2.458
x 150�,
453,687
Min�tum cast� bata�nae !�43,545
Cash b�lance b�are transfer T�.529
Amount available fc��r tr2�tsfer 1�1.98�t
Acttiai transfer at 12-39-02 1(�O.U00
At Decemt�er 31, 2'�03
12-rnonth av�rage ev�nt deposits 198,177
12-r�nth aver.�e ca�h disbursetnen� 284,464
x 150°Ae
426.8�
Mir�imum castt balan� 62�4.873
Cash k�alanc�a at 12-31-03 8a5,429
11t110Uflf �YcI�1�bIE3 f+Of U�IiSf61'
Ac�t�Elt �ratrt�at at tl2t{19l04 200�t�0
At netaember 31, 2fl04
12-mottth ar++�rage event 226,i79
12-mon� average cash disbursemer�ts 334,818
x 1509�
SD2,227
Nlinimum cash balance 729,Q06
C.�sh 1�alan+ce at 1?J31}04 T�S,732
Amouurt auailabie for trar�fer
Actual trartsfer 9/301Q5 67.IX�
At 31. �05
12-�rr� avera�e ever�t depasfks 252,858
12-mcrt� auerage cash disbu t�s 332,153
x 150°6
4�8.230
N�nimum c�h balanc�e 751,088
Cash ba#�r�ce at 92139/fl5 1.(?6i.8�8
J'�rrrourrt avaitat�e #or transfer 3'10,$1Ei
Ac#t�al trarisf�c 3l��Ilt}6 3�,000
At i�cember 31. 20U6
12-tino��t aver�e evertt depc�ffi 326,276
12-rr�nth aver�e t�stt disbutsomants 383.337
X 150°l0
575.U05
Mirtimum cash baiarrc� 8Q1.281
C.ash balance at '12/3i /06 1.141,255
I' Anwunt avaflable far #ransfer 2�f �87'4
1,
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Raqircer flbi�rl#� caeDet I 199A� I 71 2b06! i 4C s GEK!
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