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they are not used for the signs. Economic DevelopmentJTIF Specialist Sullivan responded in the <br />affirmative, and explained the funds can be used for roads, sewer and water. He suggested rather <br />than four signs they may want to limit it to one sign from TIF District No. 2 and one sign from <br />TIF District No. 6. <br /> <br />Motion by Member Strommen, seconded by Member Gromberg, to direct staff to research a <br />range of options for finishing touches for business parks, and the budget available. The options <br />should look at the big picture and could include such things as picnic areas, trails, and <br />monuments signs. <br /> <br />Associate Planner Wald indicated staffwill contact businesses and ask what types of amenities <br />they would be interested in. <br /> <br />Motion carried. Voting Yes: Acting Chairperson Steffen, Members Strommen, Gromberg, and <br />Kiefer. Voting No: None. Absent: Chairperson Riley, Members Kurak and LeTourneau. <br /> <br />Case//3: Fire Station <br /> <br />Economic Development/TIF Specialist Sullivan reviewed with the EDA in 1999 bonds were <br />issued for the construction of a fire station: Lease Revenue Bonds, via the EDA were issued. As <br />a part of the 2003 legislative session, Governmental units are now allowed to issue Capital <br />Improvement Bonds to finance municipal projects such as City Halls, Police and Fire Stations. <br />Capital Improvement Bonds versus Lease Revenue bond offer a lower rate of interest of .25%. <br />Refinancing of the debt will result in approximately $150,000 in savings in interest costs for the <br />debt. In order to finalize the refinancing of this debt the EDA needs to execute the proposed <br />resolution to finalize the new financing and remove the EDA from the Fire Station debt. <br /> <br />Member Kiefer asked what the current interest rate is, and what the proposed interest rate is. <br />Economic Development/TIF Specialist Sullivan replied the savings on the rate is .25%. <br /> <br />Member Gromberg inquired about the possibility of a portion of the savings going into the <br />EDA's Revolving Loan Fund. <br /> <br />Member Strommen explained the time frame on the payments was also reduced by two years. <br />This was acted on at Council level, and the City saves $150,000. There is a valid point to discuss <br />whether the City can contribute more of the budget into the Revolving Loan Fund, however, she <br />would prefer not to tie it to these bonds. She 'suggested the discussion on the Revolving Loan <br />Fund be on the agenda of the next EDA meeting. <br /> <br />Motion by Member Strommen, seconded by Acting Chairperson Steffen, to adopt Resolution <br />#04- authorizing termination of lease agreement and ground lease, execution of an escrow <br />agreement and calling prior bonds. <br /> <br />Motion carried. Voting Yes: Acting Chairperson Steffen, Members Strommen, Gromberg, and <br />Kiefer. Voting No: None. Absent: Chairperson Riley, Members Kurak and LeTourneau. <br /> <br />Economic Development Authority/November 10, 2004 <br /> Page 4 of 7 <br /> <br /> <br />