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MINUTES
ECONOMIC DEVELOPMENT AUTHORITY
ST. LOUIS PARK, MINNESOTA
August 13, 1990
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1. Call to order
President Meland called the meeting to order at 6:30 p.m.
2. Ro 11 ca 11
The following members were present at roll call: Bruce Battaglia, George
Haun, Larry Mitchell, Lyle Hanks, Jane Tschida and Keith Meland.
Also present were the Executive Director, Director of Communit y Development
and City Attorney.
3. Approval of agenda
It was moved by Commissioner Mit chell, seconded by Commissioner Battaglia,
to approve the agenda. The motion passed 6-0.
4. Direction re bond issue
The Executive Director said the materials passed out by Dan Hartman,
Miller & Schroeder, were consistent with staff's recommendation.
It was moved by Commissioner Hanks, seconded by Commissioner Mitchell, to
approve the recommendations in staff's report which was, basically, to convert
the bonds to permanent financing with a tax exempt status.
Commissioner Hanks asked how it will be determined that tax exempt bonds
can be used on the Hwy. 7 interchange should any cleanup be required. The
Executive Director said the City Attorney's off ice was currently researching
that issue and he expected an answer prior to September 30, the deadline
fo r conversion.
Mr. Hartman presented an outline of how bond counsel would proceed.
Commissioner Battaglia wondered if there were sufficient public improvements
to use a 11 the bond money. The Executive Di rector and Attorney Ga ley were
satisfied there were ample projects.
Commmissioner Tschida asked about land that might prove to be unuseable
fr om ground pollution or whatever. She asked if it were possible fo r there
to be a public/private agreement, such as the medical center building on
the Tower Place site, with the Authority's cooperation. She wondered if
that would be a public or private purpose in terms of the condit ions of
use of the bonds.
Attorney Galey said Mr. Hagan had asked for research on that question, and
she was still working on it; thus, not able to give a definitive answer
this evening - but she viewed it as a very close call.
Com m is sio ner Batt ag lia was concerne d that eno ugh projec t s were av a il a b le
that cou ld le g a lly be funded wit h bo nd proceed s . Comm is sio ner Tsc hid a did n 't
want all of it to go for stree t wid enin g and sim ila r projec ts .
The motio n pa ssed 6-0 .
5. Other bu sin e ss
None .
6. Adjo urnm e nt
The meet in g adjo urne d at 6:5 8 p.m .
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Executive Director
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