HomeMy WebLinkAbout08/27/1998ECONOMIC DEVELOPMENT AUTHORITY
City of Apple Valley
Dakota County, Minnesota
August 27, 1998
Minutes of the special meeting of the Economic Development Authority of Apple Valley, Dakota
County, Minnesota; held August 27th, 1998, at 7:30 o’clock a.m., at Apple Valley City Hall.
PRESENT: President Severson; Commissioners Edgeton, Erickson, Goodwin, Grendahl,
Humphrey, and Sterling.
ABSENT: None.
Staff members present were: Secretary Mueller, Assistant to the City Administrator Grawe, and
Community Development Director Kelley
President Severson called the meeting to order at 7:30 a.m.
APPROVAL OF AGENDA
MOTION: of Sterling, seconded by Erickson, approving the agenda for today’s meeting as
presented. Ayes - 7 - Nays - 0.
MINUTES
MOTION: of Grendahl, seconded by Goodwin, approving the minutes of the special meeting
of July 23rd, 1998, as written. Ayes - 6 - Nays - 0 (Severson Abstained).
TAX INCREMENT PLEDGE AGREEMENT FOR BONDS
Mr. Kelley described a proposed agreement with the City to pledge tax increments to repay bonds
being issued by it to finance improvements for the Fischer Market Place development. This
agreement is requested by bond counsel to provide additional security that funds will be available
to repay the bonds.
Resolution No. EDA-98-9
MOTION: of Humphrey, seconded by Edgeton, adopting
approving and authorizing execution, by the President and Secretary, of a Tax
Increment Pledge Agreement respecting payment of $9,760,000 General
Obligation Taxable Bonds of 1998 issued by the City of Apple Valley. Ayes - 7 -
Nays - 0.
MOTION: of Erickson, seconded by Sterling, to adjourn. Ayes - 7 - Nays - 0.
The meeting was adjourned at 7:35 o’clock a.m.