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Assistant City Administrator Nelson stated that: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 the 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 fisca! 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 /> <br />Finance Director Lund indicated that was correct. <br /> <br />Motion by Member Elvig, seconded by Member Letourneau, 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 />Mexnber Elvig stated that he thought it was a good 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 Letourneau to adopt Resolution #05-02-031 <br />Resolution Initiating Process For Adoption °fRedevelopment 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 Strommen, Elvig, Kiefer, LeTourneau, and Steffen. <br />Voting No: Chairperson Riley, Member Gromberg. Absent: None. <br /> <br />Motion by Member Elvig, seconded by Member Letoumeau, to adopt Resolution #05-02-032 <br />Resolution Establishing Procedures Relating T° Compliance 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 /> <br />