HomeMy WebLinkAbout01/25/1990 ECONOMIC DEVELOPMENT AUTHORITY
� City of Apple Valley
Dakota County, Minnesota
January 25, 1990
Minutes of the regular meeting of the Economic Development Authority of Appie Valley,
Dakota County, Minnesota, held January 25th, 1990, at 8:00 o'clock p.m. at Apple Valley
City Hall.
PRESENT: President Branning; Commissioners Goodwin, Holton, Humphrey and Savanick.
ABSENT: None.
City staff inembers present were: City Administrator Melena, City Clerk Mueller, City
Attorney Sheldon, City Engineer Gordon, Project Engineer Aune, Personnel Director
Boland, Public Works Director Gretz, Park & Recreation Director Johnson, City Planner
Kelley, Street Superintendent Ling, Police Chief Rivers and Community Development
Director Welsch.
Mayor Branning called the meeting to order at 8:12 p.m, and noted it is the
organizational meeting for the authority. He then accepted nominations for officers.
NOMIN- of Goodwin, seconded by Savanick, nominating Mayor Branning NOMINATE
ATION: as President and Councilmember Humphrey as Vice President of PRESIDENT & VP
the Economic Development Authority.
NOMIN- of Holton, seconded by Humphrey, nominating Councilmember NOMINATE TREAS.
ATION: Goodwin as Treasurer of the Economic Development Authority.
NOMIN- of Savanick, seconded by Goodwin, nominating City Clerk NOMINATE SEC.
ATION: Mueller as Secretary and Assistant Treasurer of the Economic & ASST. TREAS.
Development Authority.
NOMIN- of Savanick, seconded by Humphrey, nominating Councilmembers NOMINATE
ATION: Holton and Savanick as Directors At-Large of the Economic DIRECTORS
Development Authority.
MOTION: of Savanick, seconded by Holton, adopting Resolution No. EDA- RES. EDA-90-1
90-1 approving the Bylaws of the Economic Development BYI.AWS &
Authority as presented and appointing and approving the OFFICERS
officers as nominated. Ayes - 5- Nays - 0.
MOTION: of Goodwin, seconded by Savanick, adopting Resolution No. RES. EDA-90-2
EDA-90-2 appointing Apple Valley City Administrator Melena as EXECUTIVE DIR.
the Executive Director of the Economic Development Authority.
Ayes -5 - Nays - 0.
Steve Mattson, of Juran & Moody, presented a purchase agreement for CENTRAL MNTC.
$2,240,000 bonds to refinance the City's Central Maintenance Facility. FACILITY BONDS
He had originally anticipated that it would be necessary to insure
the bonds to assure an acceptable interest rate. That is not necessary and the
bonds will not be insured. The net effective interest rate offered is 6.83
�' percent. He noted this will result in a cumulative cost reduction to the City of
$802,053.33 for the facility.
ECONOMIC DEVELOPMENT AUTHORITY
City of Apple Valley �
Dakota County, Minnesota
January 25, 1990
Page 2
MOTION: of Goodwin, seconded by Humphrey, adopting Resolution No. RES. EDA-90-3
EDA-90-3 authorizing the issuance of $2,240,000 Public $2,240,000 BONDS
Facility Revenue Bonds, Series 1990, payable solely from the & CMF PURCHASE
installment purchase payments derived from a contract 1�y and AGREEMENT �
between the Authority and the City; awarding the sale of the
bonds to Juran & Moody; prescribing the details of the bonds;
and authorizing the execution of an installment purchase
contract with the City, Ayes - 5- Nays - 0. -
MOTION: of Humphrey, seconded by Savanick, to adjourn. Ayes - 5- Nays - 0. _
The meeting was adjourned at 8:21 o'clock p.m.
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The next regular EDA meeting will be February 8, 1990, at 8:00 p.m. at City Hall. �
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