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Home My WebLink About09/24/1998ECONOMIC DEVELOPMENT AUTHORITY City of Apple Valley Dakota County, Minnesota September 24, 1998 Minutes of the special meeting of the Economic Development Authority of Apple Valley, Dakota County, Minnesota; held September 24th, 1998, at 7:30 o’clock p.m., at Apple Valley City Hall. PRESENT: President Severson; Commissioners Erickson, Goodwin, Grendahl, and Sterling. ABSENT: Commissioners Edgeton and Humphrey. Staff members present were: Executive Director Gretz, Secretary Mueller, Bond Counsel O’Meara, City Engineer Gordon, Assistant to the City Administrator Grawe, Community Development Director Kelley, Public Works Director Miranowski, and Police Chief Willow. President Severson called the meeting to order at 7:30 p.m. APPROVAL OF AGENDA MOTION: of Grendahl, seconded by Sterling, approving the agenda for tonight’s meeting as presented. Ayes - 5 - Nays - 0. MINUTES MOTION: of Sterling, seconded by Goodwin, approving the minutes of the special meeting of August 27th, 1998, as written. Ayes - 5 - Nays - 0. $2,410,000 LEASE REVENUE BONDS, SERIES 1998 Mr. O’Meara commented on the proposed sale of $2,410,000 Lease Revenue Bonds to finance two stadiums for Independent School District No. 196. This is the same method of financing as used for the School of Environmental Studies. The bonds are not an obligation of the EDA or the City and are payable from lease revenues. The bond issue includes funds for the School District’s share of the cost of a traffic signal at 140th Street and Flagstaff Avenue. Juran & Moody has offered to purchase the bonds at a net effective interest rate of 5.053 percent. Resolution No. EDA-98-10 MOTION: of Erickson, seconded by Goodwin, adopting authorizing issuance of $2,410,000 Lease Revenue Bonds, Series 1998 (Independent School District No. 196 Lease Obligations) and execution and delivery of a ground lease agreement, lease agreement, and mortgage and security agreement in connection therewith; and approving the purchase agreement for the bonds with Juran & Moody, Inc., at a net effective interest rate of 5.053 percent. Ayes - 5 - Nays - 0. FINANCIAL REPORT & BUDGET ECONOMIC DEVELOPMENT AUTHORITY City of Apple Valley Dakota County, Minnesota September 24, 1998 Page 2 MOTION: of Goodwin, seconded by Sterling, receiving the 1998-1999 Tax Increment District financial report and budget as attached to the Finance Director’s memo dated September 21, 1998. Ayes - 5 - Nays - 0. MOTION: of Sterling, seconded by Grendahl, to adjourn. Ayes - 5 - Nays - 0. The meeting was adjourned at 7:36 o’clock p.m.