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I <br />! <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />I <br />I <br />I <br /> <br />I <br /> <br />CASE # <br /> <br />REPORT FROM ECONOMIC DEVELOPMENT AUTHORITY <br /> By: Jessie L. Hart, Finance Officer <br /> <br />BACKGROUND: <br /> <br />The City of Ramsey Economic Development met on Monday, August 16, 1993, at 6:30 p.m. in <br />the Council Chambers. All members of Council were present as were representatives from staff <br />and Springsted, the City's financial advisors. The following items were discussed: <br /> <br />1) <br /> <br />Gary Fields from Springsted presented an oral presentation on economic development <br />authorities (F_X)A's), what they are and what they can do. The presentation covered various <br />areas including, but not limited to, purpose and powers of an EDA, primary financial <br />resources for an EDA and the types of programs that an EDA might venture into. <br /> <br />2) <br /> <br />Bob Thistle from Springsted presented a packet of information relating to the potential <br />refunding of $2,800,000 G.O. Tax Increment Bonds, Series 1987A. Based on the <br />projections prepared for the tax increment financing districts, it was decided by the EDA to <br />recommend that Council proceed with the refunding process and set the sale date for the <br />bonds as October 12, 1993 during the September 14, 1993 Regular City Council Meeting. <br />A resolution directing staff to proceed has been prepared and is included in the consent <br />agenda portion of the August 24,1993 Regular City Council Meeting. <br /> <br />3) <br /> <br />Jessie Hart, Finance Officer and Ryan Schroeder, City Administrator presented a set of <br />cashflow projections for each of the various tax increment financing districts within each <br />development district. Some areas were discussed where future policy decisions will be <br />necessary. <br /> <br />4) <br /> <br />Jim Gromberg reviewed the information sent to Anoka Electric regarding their interest in <br />locating part or all of their operation in the City of Ramsey. <br /> <br />The EDA members set Thursday, September 30, 1993 as the date they will meet to discuss the path <br />that the EDA wishes to take in relation to what the EDA should be and should be doing. <br /> <br />COUNCIL ACTION: <br />Accept report. <br /> <br />Review Checklist: <br /> <br /> City Administrator <br /> Finance Officer <br /> <br /> <br />