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Assistant City Administrator Ne!son'statedithat the Final cost of the project could fluctuate <br />between $300,000-$500,0000 depending on the detention center and other cOsts attributable to <br />letting bids. <br /> <br />Chair Riley inquired as to whether or not tl!.e EDA could charge a financing fee in order to <br />generate funds for the Authority's Revolving Loan Fund. <br /> <br />Finance Director Lund stated that the fiscali agent would already be charging financing fees and <br />was unsure if the EDA could charge additional fees. <br /> <br />Member Steffen inquired as to whether the EDA would own the building and lease to the City. <br />Finance Director Lund indicated that was correct. <br /> <br />Motion by Member Elvig, seconded by MemberLetourneau, to adopt Resolution #05-02-032 <br />Resolution Establishing Procedures Relating To Compliance With Reimbursement Bond <br />Regulations Under The Internal Revenue Service. <br /> <br />Member Gromberg questioned the language in the Redevelopment Plan. <br /> <br />Member Elvig stated that he thought it was ago°d idea to have the City Bond Attorney present <br />to discuss the sections that Chair Riley identified. <br /> <br />Member Elvig withdrew the motion to adopt ReSolution #05-02-032 Resolution Establishing <br />Procedures Relating To ComplianCe With Reimbursement Bond Regulations Under The Internal <br />Revenue Service. ' ~ <br /> <br />Motion by Member Elvig, seconded by member Letoumeau to adopt Resolution #05-02-031 <br />Resolution Initiating Process For AdoPtion .of Redevelopment Plan <br /> <br />Economic Development / TIF Specialist SulliVan asked if the resolution would be contingent on <br />the Bond Council reviewing the Redevelopment Plan. <br /> <br />Member Elvig replied No. <br /> <br />Motion carried. Voting Yes: Members Str0mmen, Elvig, Kiefer, LeToumeau, and Steffen. <br />Voting No: Chairperson Riley, Member Gromberg. Absent: None. <br /> <br />Motion by Member Elvig, seconded by Member Letourneau, to adopt Resolution #05-02-032 <br />Resolution Establishing Procedures Relating To C'ompliance 'With Reimbursement Bond <br />Regulations Under The Internal Revenue service. <br /> <br />Motion carried. Voting Yes: Members Gromberg, Strommen, Elvig, Kiefer, LeTourneau, and <br />Steffen. Voting No: Chairperson Riley. Absent: None. <br /> <br />Economic Development Authority/February 2, 2005 <br /> Page 3 of 4 <br /> <br />48 <br /> <br /> <br />