HomeMy WebLinkAbout01/28/2016 MeetingECONOMIC DEVELOPMENT AUTHORITY
City of Apple Valley
Dakota County, Minnesota
January 28, 2016
Minutes of the special meeting of the Economic Development Authority of Apple Valley, Dakota
County, Minnesota, held January 28, 2016, at 6:00 p.m., at Apple Valley Municipal Center.
PRESENT: Commissioners Bergman, Goodwin, Hamann-Roland, Hooppaw, Maguire and
Melander
ABSENT: Commissioners Grendahl
City staff members present were: Executive Director Tom Lawell, City Attorney Michael
Dougherty, Community Development Director Bruce Nordquist, Finance Director Ron Hedberg,
City Planner Tom Lovelace, Planner Kathy Bodmer and Department Assistant Joan Murphy.
Meeting was called to order at 6:00 p.m. by President Goodwin.
APPROVAL OF AGENDA
MOTION: of Hamann-Roland, seconded by Hooppaw, approving the agenda. Ayes - 6 - Nays
- 0.
APPROVAL OF MINUTES
MOTION: of Maguire, seconded by Bergman, approving the minutes of the meeting of
October 12, 2015, as written. Ayes - 6 - Nays - 0.
CONSENT AGENDA
MOTION: of Melander, seconded by Hooppaw, approving Resolution No. EDA 2016-01
certifying the benefit date for the Business Subsidy Agreement with IMH Special
Asset NT-175-AVN, LLC and authorizing the execution of Exhibit B to the
Business Subsidy Agreement. Ayes - 6 - Nays - 0.
MOTION: of Melander, seconded by Hooppaw, approving Resolution No. EDA 2016-02 for
the 2016 Economic Development Authority Budget. Ayes - 6 - Nays - 0.
2016 BOARD OFFICERS
MOTION: of Hamann-Roland, seconded by Bergman, adopting Resolution No. EDA 2016-03
appointing 2016 officers of the Economic Development Authority as: President —
Goodwin, Vice-President — Melander, Secretary — Gackstetter, Treasurer —
Hooppaw, and Assistant Treasurer — Gackstetter. Ayes - 6 - Nays - 0.
2016 MEETING CALENDAR
MOTION: of Hooppaw, seconded by Melander, approving the dates on the 2016 calendar and
the first meeting of 2017. Ayes - 6 - Nays — 0.
Economic Development Authority
City of Apple Valley
Dakota County, Minnesota
January 28, 2016
Page 2
EDA HEALTH CARE FACILITY REVENUE REFUNDING BONDS, SERIES 2016A AND
TAXABLE SERIES 2016B — AUGUSTANA HEALTH CARE CENTER OF APPLE VALLEY
Finance Director Ron Hedberg stated the Apple Valley Economic Development Authority (EDA)
is asked to authorize the issuance of HealthCare Revenue Refunding Bonds to refinance existing
the Health Care Revenue Bonds of the; 2006A, 2011A, 2011B, 2012 series bonds. The original
issues were issued to finance the construction, renovation, and equipping of a 200 unit skilled
nursing facility at 14650 Garrett Avenue in Apple Valley.
The revenue refunding bonds are considered parity bonds and are related to previous bonds issued
by the Apple Valley Economic Development Authority on behalf of Augustana Home in which
case these new series of bonds would also need to be issued through the EDA. The EDA will be
the entity issuing the refunding bonds.
Augustana is planning to issue $17,625,000 of 2016A revenue refunding bonds in addition to the
2016B taxable issue in the amount $160,000.
These revenue bonds are not an obligation of the Apple Valley EDA and the issue does not count
against the debt limit or in any way is the City or EDA responsible for their repayment.
Catherine Courtney, Briggs and Morgan, provided additional information.
Discussion followed.
MOTION: of Hamann- Roland, seconded by Maguire, approving Resolution No. EDA 2016-
04 authorizing the issuance of Health Care Facilities Revenue Refunding Bonds
(Augustana Health Care Center of Apple Valley Project) Series 2016A and taxable
Series 2016B. Ayes - 6 - Nays - 0.
"OPEN TO BUSINESS" PROGRAM
Laurie Crow, Business Advisor for Open To Business, provided an update on how the program is
progressing in Dakota County and made comparisons to surrounding counties. The program is
offered through the Metropolitan Consortium of Community Developers (MCCD), and helps
small businesses and entrepreneurs that need individual advice and counseling, and access to
capital that is not available from the commercial banking system. Small businesses and
entrepreneurs generate a significant number of jobs and income, but are often unable to obtain
traditional funding because they are considered too risky by many lending institutions. The
technical assistance and financing network offered by MCCD can make a difference in creating a
successful business.
Discussion followed.
Economic Development Authority
City of Apple Valley
Dakota County, Minnesota
January 28, 2016
Page 3
ADJOURNMENT
MOTION: of Melander, seconded by Hooppaw, to adjourn. Ayes - 6 - Nays - 0.
The meeting was adjourned at 6:29 p.m.
Respectfully Submitted,
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Murphy, Departmen
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Approved by the Apple Valley Economic Development Authority on