HomeMy WebLinkAbout05/22/2003ECONOMIC DEVELOPMENT AUTHORITY
City of Apple Valley
Dakota County, Minnesota
May 22, 2003
Minutes of the special meeting of the Economic Development Authority of Apple Valley, Dakota
County, Minnesota, held May 22nd, 2003, at 7:30 o’clock p.m., at Apple Valley Municipal
Center.
PRESENT: President Severson; Commissioners Bergman, Erickson, Goodwin, and Hamann -
Roland.
ABSENT: Commissioners Edgeton and Grendahl.
Staff members present were: Executive Director Lawell, Secretary Mueller, Finance Director
Ba llenger, Assistant to the City Administrator Grawe, Public Works Director Heuer, and
Community Development Director Kelley.
President Severson called the meeting to order at 7:30 p.m.
APPROVAL OF AGENDA
MOTION: of Hamann - Roland, seconded by Goodwin, app roving the agenda for tonight’s
meeting as presented. Ayes - 5 - Nays - 0.
MINUTES
MOTION: of Hamann - Roland, seconded by Bergman, approving the minutes of the special
meeting of April 24th, 2003, as written. Ayes - 4 - Nays - 0 (Goodwin Abstained).
$1 ,905,000 G.O. TAXABLE TAX INCREMENT REFUNDING BONDS OF 2003
Steve Mattson, of Northland Securities, reviewed the proposal for refinancing bonds issued by the
City in 1995 to finance improvements with the Master Development District. Due to favorable
inte rest rates, he is recommending that the City refinance the bonds and shorten the term of the
issue. The EDA is being requested to approve a new Pledge Agreement to pay principal and
interest on the bonds by available tax increments. Refinancing will save $697,784.15 in debt
service on the bond issue.
Resolution No. EDA - 03 - 02
MOTION: of Goodwin, seconded by Bergman, adopting
approving a Tax Increment Pledge Agreement respecting payment of $1,905,000
General Obligation Taxable Tax Increment Refunding Bonds of 2003 and
authorizing execution of the necessary documents. Ayes - 5 - Nays - 0.
MOTION: of Bergman, seconded by Erickson, to adjourn. Ayes - 5 - Nays - 0.
The meeting was adjourned at 7:38 o’clock p.m.