Loading...
HomeMy WebLinkAboutCity Council - 04/17/2007 - HRA APPROVED MINUTES HOUSING AND REDEVELOPMENT AUTHORITY TUESDAY,APRIL 17, 2007 7:00 PM, CITY CENTER Council Chamber 8080 Mitchell Road HOUSING AND REDEVELOPMENT AUTHORITY MEMBERS: Chair Phil Young, Commissioners Brad Aho, Sherry Butcher, Jon Duckstad, and Kathy Nelson CITY STAFF: City Manager Scott Neal Public Works Director Eugene Dietz, City Planner Michael Franzen, Community Development Director Janet Jeremiah, City Attorney Ric Rosow, Finance Director Sue Kotchevar and Recorder Deb Sweeney I. ROLL CALL/CALL THE HRA MEETING TO ORDER Young called the meeting to order at 7:42 p.m. in shared session with the Council meeting. II. APPROVE MINUTES OF HRA MEETING HELD ON DECEMBER 19, 2006 MOTION: Duckstad moved, seconded by Butcher, to approve the minutes of the HRA meeting held on December 19, 2007. Motion carried 5-0. III. PUBLIC HEARING ON REISSUANCE OF BONDS TO FINANCE PORTIONS OF THE EDEN PRAIRIE COMMUNITY CENTER PROJECT (HRA Resolution No. 2007-01) Neal stated the HRA and the City Council are requested to approve the "reissuance" of certain bonds previously issued by the HRA (the "Prior Obligations") to finance portions of the Eden Prairie Community Center. Pursuant to the Third Ice Rink Rental Agreement proposed to be entered into between the City and the Eden Prairie Hockey Association (the "Hockey Association"), the Hockey Association will lease significant amounts of ice time in addition to the ice time already rented by it and other parties. Since usage of this volume and nature was not anticipated at the time of issuance of the Prior Obligations, the Prior Obligations were issued as governmental bonds, rather than as qualified 501(c)(3) bonds. The Internal Revenue Code permits the Prior Obligations to be "reissued" as qualified 501(c)(3) bonds, but only following a duly noticed public hearing. The original terms of the Prior Obligations will remain in place and therefore the debt service is not impacted. MOTION: Butcher moved, seconded by Duckstad, to adopt HRA Resolution No. 2007- 01 to reissue the prior obligations as qualified 501(c)(3)bonds. Motion carried 5-0. IV. ADJOURNMENT HRA MOTION: Butcher moved, seconded by Aho, to adjourn the HRA. The HRA meeting adjourned at 7:45 p.m.