10-20-1997 EDA MIN - SPECIAL
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SPECIAL MEETING OF THE ELK RIVER
ECONOMIC DEVELOPMENT AUTHORITY
HELD AT THE ELK RIVER CITY HALL
MONDAY, OCTOBER 20, 1997
Members Present:
President Dwyer, Commissioners Bender, Thompson, Holmgren,
Duitsman and Farber
Members Absent:
Commissioner Gongoll
Staff Present:
Paul Steinman, Director of Economic Development; Pat Klaers, City
Administrator; Sandra Thackeray, City Clerk; Lori Johnson, Assistant
City Administrator
1. Call Meetina To Order
Pursuant to due call and notice thereof. the meeting of the Elk River Economic
Development Authority was called to order at 5:45 p.m. by President Dwyer.
2.
City Hall and Law Enforcement Facilitv Revenue Refundina Bond
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Lori Johnson indicated that in 1991 the EDA issued $2,740,000 in City Hall and Law
Enforcement revenue bonds to finance the construction of City Hall. She stated
that this debt has been monitored for an opportunity to refund the issue at a
lower interest rate. Lori Johnson stated that if the issue is refunded under the
current market conditions, the refunding will result in an estimated total net
savings of in excess of $142,000. Lori Johnson requested the EDA to consider
adoption of the proposed resolution to provide for the sale of these bonds.
COMMISSIONER DUITSMAN MOVED TO ADOPT RESOLUTION 97-2 PROVIDING FOR
THE COMPETITIVE NEGOTIATED SALE OF THE EDA'S CITY HALL AND LAW
ENFORCEMENT FACILITY REVENUE REFUNDING BONDS, SERIES 1997.
COMMISSIONER THOMPSON SECONDED THE MOTION. THE MOTION CARRIED 6-0.
3. Adiournment
There being no further business, COMMISSIONER BENDER MOVED TO ADJOURN THE
EDA MEETING. COMMISSIONER FARBER SECONDED THE MOTION. THE MOTION
CARRIED 6-0.
The meeting of the Economic Development Authority adjourned at 5:55 P.M.
Respectfully submitted,
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City Clerk
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