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<br />1. Economic Development Authority regular meeting minutes dated August 9,2007. <br /> <br />Motion carried. Voting Yes: Chairperson Riley, Kiefer, LeTourneau, and Steffen. Voting No: <br />None. Absent: Members Elvig, Schindel, and Strommen. <br /> <br />EDA BUSINESS <br /> <br />Case #1: <br /> <br />2008 EDA Budget <br /> <br />Economic Development Coordinator Sullivan reviewed the 2008 EDA budget. He stated that <br />given the current budget constraints, he felt it prudent to not increase the budget. He directed <br />members to the attached the line item budget for discussion. <br /> <br />Economic Development Coordinator Sullivan reported that $1000 was allocated for the golf <br />tournament. He stated that $1000 could. be allocated towards business dedication and to <br />purchase the banner for Wells Catering. He stated that Ramsey businesses have stepped up <br />donations this year. <br /> <br />Member Kiefer asked about the electricity. <br /> <br />Economic Development Coordinator Sullivan replied the City shares in the electricity. <br /> <br />Economic Development Coordinator Sullivan reported a meeting would be held on September <br />12,2007 to close the Anoka Partners and to determine how that would occur. He indicated the <br />City would request some of the $10,000 be returned. He stated that $10,000 is not a significant <br />amount; however, the City would fight to get it back. <br /> <br />Motion by Member LeTourneau, seconded by Chairperson Riley, to authorize City Council to <br />levy $393,375 for the EDA for 2008. <br /> <br />Motion carried. Voting Yes: Chairperson Riley, Members LeTourneau, Riley, and Steffen. <br />Voting No: None. Absent: Members Elvig and Strommen. Schindel <br /> <br />Case #2: <br /> <br />Municipal Center Debt Restructure for Periods 2009-2010 <br /> <br />Finance Director Lund presented the Municipal Center Debt Restructure for periods 2009-2010. <br /> <br />Mr. Paul Donna, Northland Securities, discussed the detailed analysis of what the debt <br />restructure would look like and the tax impact analysis, which drove the restructure of the debt. <br />He explained that they looked at a restructure to meet the tax structure and taking 2009-2012 <br />maturities on the current bonds to extend the debt service out two years. He explained the <br />process involved for a debt restructure. He explained that in today's current market, the City <br />could reinvest the proceeds from the existing rates on the bonds. He explained the City invested <br />in Federal Government no risk securities. He projects an average interest rate of 4.5% to 4.6%. <br />Mr. Donna referred to page two of the analysis and pointed out the summary of the existing, <br /> <br />Economic Development Authority/September 6, 2007 <br />Page 2 of 8 <br />