1. Call to Order. A meeting of the City of Rogers Economic Development Authority (EDA) was called to order by EDA President Jason Grimm on Tuesday, May 26, 2009 at 6:45 p.m. at Rogers Community Center, 21201 Memorial Drive, Rogers, MN, 55374.
EDA Members present: Jason Grimm, Rob Bell, Jay Bunting, Jamie Davis, and Steve Rauenhorst.
Staff present: Chuck Burnham, City Planner; Jeff Carson, City Attorney; Stacy Doboszenski, Asst. City Administrator; Brad Feist, Fire Chief; Jeff Luther, Chief of Police; John Seifert, Public Works Supt.; Steve Stahmer, City Administrator; and Lisa Wieland, Finance Director.
2. Board AppointmentsDoboszenski distributed a proposed resolution creating the EDA Board Appointments and Attorney Carson updated the Council on who has filled the EDA Board positions in the past.
Council discussed the appointments.
Motion by Rauenhorst, seconded by Davis to approve EDA Resolution 2009-01, A Resolution Appointing Officers and Accepting the Purchase Agreement of Northridge Fellowship Church, and making the following appointments: Jason Grimm as President Rob Bell as Vice-President Jamie Davis as Treasurer Lisa Wieland as Assistant Treasurer Stacy Doboszenski as Secretary
Motion carried 5-0.
3. Review of Proposed Debt Defeasance (Finance Package)Finance Director Wieland and Dave Callister of Ehlers and Associates explained the process of defeasing the bond. Wieland stated the sale of the property shortens term of debt by 11 years. Wieland stated she is still getting clarification on the ability to special levy for the remaining debt balance to repay the interfund loan. No action taken.
4. Approval of Sale and Authorization to Execute Purchase AgreementAttorney Carson informed the EDA this action occurred with the passing of EDA Resolution 2009-01. No action taken.
5. Approval of Resolution No. 2009-02, A Resolution Providing for the Defeasance of the Outstanding $1,645,000 Public Project Revenue Bonds of 2002 (City of Rogers, Minnesota Lease With Option to Purchase Project), Authorizing the Execution of an Escrow Agreement and Authorizing Termination of Lease With Option to PurchaseMotion by Bunting, seconded by Rauenhorst to adopt EDA Resolution 2009-02, A Resolution Providing for the Defeasance of the Outstanding $1,645,000 Public Project Revenue Bonds of 2002 (City of Rogers, Minnesota Lease With Option to Purchase Project), Authorizing the Execution of an Escrow Agreement and Authorizing Termination of Lease With Option to Purchase. Motion carried 5-0.
6. Authorization of the Economic Development Authority of the City of Rogers, Minnesota Certification Regarding Remediation and DefeasanceMotion by Bunting, seconded by Davis to approve the Authorization of the EDA Certification Regarding Remediation and Defeasance. Motion carried 5-0.
7. Approval of Escrow AgreementMotion by Bunting, seconded by Davis to approve the Escrow Agreement. Motion carried 5-0.
8. Adjournment. There being no further business, motion by Bell, second by Davis to adjourn. Motion carried 5-0. The meeting was adjourned at 7:07 p.m.
Respectfully submitted,Stacy DoboszenskiAssistant City Administrator/Clerk