HomeMy WebLinkAbout1995/03/06 - ADMIN - Agenda Packets - Economic Development Authority - RegularAGENDA
ECONOMIC DEVE LOPMENT AUTHORI TY
ST. LOUIS PARK , MINNESOTA
March 6, 1995
1. Call to order
2. Roll call
3. Approval of minutes of February 6, 1995 meeting ye »
4. Approval of agenda Ju/Gr+ Lo-O
5. Reports G-o
6. Old business
7. New business
) 8. Communications and bills
a Monthly financial statement )J/(G/} (o-0
svaasras Jl/CH (-C
9. Adjournment
717
M ar ch 6, 1995
ED A
T O : Economic Development Authority
T HR O U G H : Charlie Meyer, Executive Director? 7
F R O M : Mac McBride, Finance Direct~fj
S U B JE C T : February 1995 EDA Monthly Statement
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The Combining Statement of Revenue and Expenditures, the Individual
Statement of Revenue and Expenditures and the Schedule of Investments
provides in summary form the financial position of the EDA.
Revenues received include investment income. February expenditures were
limited to the Excelsior Boulevard district. The bulk of expenditures is
related to the street improvements being made within the district.
ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
Individual Statement Of Revenue And Expenditures
For Period Ending February 28, 1995
EXCELSIOR OAK PARK TRUNK CAPITAL DEBT
REVENUE BLVD VILLAGE HWY7 PROJECTS SERVICE TOTAL
Tax increment
Rent 780 780
Interest 67,439 7,884 1,910 22,165 2,691 102,089
Transfers
Refund/reimburse
TOTAL REVENUE 67,439 8,664 1,910 22,165 2,691 102,869
EXPENDITURES
Administrative
Salaries
Employee benefits
Supplies & other chgs. 430 430
Legal
Contractual
Planning
) Total Administr ativ e 430 430
Project Cost
Appraisal/survey
Legal
Environ. analysi s 1,493 1,493
Public im provement 112 ,6 17 112,617
Relocation/demolition
Property tax
Acquisition
Referendum payment
Property maintenance
Other services 262 262
Total Project Costs 114,372 114,372
Debt Service
Bond principal
Bond interest
Transfer
Inter-govt., City
Bond agent fees
Total Debt Servi ce
TOTAL EX PENDIT URES 114 ,802 114,802
REVENUE OVER (UNDER)
EXPENDITURES (47,363) 8,664 1,910 22,165 2,691 (11,933)
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S t. L o u is P a rk E c o n o m ic Development Authority
Combining Statement of Revenue and Expenditures
\ Budget and Actual
For Period Ending February 28, 1995
YTD BALANCE PERCENT
COLLECTED/ UNCOLLEC.I COLLECTED/
BUDGET EXPENDED UNEXPEND. EXPENDED
REVENUE
Tax increment $4,238,915 $4,238,915
Rent 4,680 780 3,900 17
Interest 453,514 102,089 351,425 23
Transfers
Refunds & Reimburse
TOT AL REVENUE 4,697,109 102,869 4,594,240 2
EXPENDITURES
Administrative
Salaries 163,060 163,060
Employee benefits 33,398 33,398
Supplies & other chgs. 6,500 430 6,070 7
Legal 10,000 10,000
Contractual 34,000 34,000
) Planning
Total Administrative 246,958 430 246,528
Project Cost
Professional service 5,000 5,000
Legal
Environ. analysis 2,000 1,493 507 75
Public improvement 2,004,640 112,617 1,892,023 6
Relocation/demolition
Property acquisition 3,100,000 3,100,000
Referendum payment
Property maintenance 34,125 34,125
Other services 262
Transfers
Total Project Costs 5,145,765 114,372 5,031,655 2
Debt Service
Bond principal
Bond interest 351,736 351,736
Transfer
Inter-govt., City 400,000 400,000
Bond agent fees
Total Debt Service 751,736 751,736
TOTAL EXPENDITURES 6,144,459 114,802 6,029,919 2
<} REVENUE OVER (UNDER)
EXPENDITURES (1,447,350) (11,933) (1,435,679) 1
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ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY
SCHEDULE OF INVESTMENTS
FEBRUARY 28, 1995
Investments Date
Institution/Type Yield Purchase Maturity Balance
1st Banks - FNMA 3.90 12-01-93 03-10-95 2,250,000
1st Banks - FC 3.90 12-02-93 04-03-95 700,000
1st Banks NA- FHL 5.06 05-03-94 04-03-95 699,154
Park Investment - Treas. 3.25 01-10-94 04-30-95 1,500,000
1st Banks - Treas. 3.65 01-31-94 04-30-95 1,500,000
1st Banks - Treas. 4.44 03-08-94 05-31-95 700,000
Park National - C.D. 5.45 06-03-94 05-31-95 600,000
Dain Bosworth - Treas. 4.90 04-15-94 06-30-95 1,000,000
Park Investment - FC 5.52 07-07-94 07-05-95 1,297,779
1st Banks - FHL 5.93 09-30-94 08-08-95 1,000,000
1st Banks - FHL 6.01 10-11-94 08-25-95 398,853
) Dain Bosworth- FC 5.47 08-01-94 09-01-95 500,000
1st Banks - FHL 3.84 09-20-93 09-20-95 1,000,000
Dain Bosworth- FHL 6.59 11-16-94 11-03-95 1,023,922
1st Banks -FNMA 7.09 12-01-94 01-10-96 1,244,839
Dain Bosworth- FNMA 7.22 12-01-94 02-12-96 1,005,388
Dain Bosworth - FHLB 7.52 01-03-95 03-01-96 507,308
4M Fund Various Open 1,916,943
Total Investments $18,844,186
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Legend: C.D. = Certificate of Deposit
C.P. = Commercial Paper
F.C. = Farm Credit
F.N.M.A. = Federal National Mortgage Assn.
F.H.L.B. = Federal Home Loan Bank
Treas. = U.S. Treasury Bonds
Gov't Agencies= Term U.S. Government Securities
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VENDOR CLAIMS
Economic Development Authority-St. Louis Park
March 6, 1995
Vendor Description Amount
Dahlgren Shard low & Uban
First Trust National Association
Popham Haik Schnobrich
RLK Associates Ltd.
TOTAL
Professional services
Bonds & interest
Legal services-Nov. & Dec.
Services
$ 9,994.46
170,368.13
17,651.75
147.OO
$198,161.34
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MINU TE S
ECONOMIC DEVELOPMENT AUTH ORITY
CITY OF ST. LOUI S PARK
March 6, 1995
I. Call to order
President Hanks called the meeting to order at 7:15 p.m.
2. Roll call
The following Commissioners were present at roll call: Jeff Jacobs, George Haun, Allen
Friedman, Robert Young, Gail Dorfman and Lyle Hanks.
Also present was the Executive Director (Mr. Meyer).
3. Approval of minutes of February 6, 1995 meeting
It was moved by Commissioner Jacobs, seconded by Commissioner Dorfman, to approve the
minutes. The motion passed 6-0.
) 4. Approval of agenda for March 6, 1995
It was moved by Commissioner Jacobs, seconded by Commissioner Haun, to approve the agenda.
The motion passed 6-0.
5. Reports - None
6. Old business - None
7. New business - None
8. Communications and bills
a. Monthly financial statement
It was moved by Commissioner Jacobs, seconded by Commissioner Haun, to approve. The
motion passed 6-0.
b. Vendor claims
It was moved by Commissioner Jacobs, seconded by Commissioner Haun, to approve. The
motion passed 6-0.
9 . A djo u rnm en t
T h e m eetin g adjo u rn ed at 7 :17 p .m .
P resid en t H ank s
E x ecu tiv e D ir ecto r
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