HomeMy WebLinkAboutCity Council - 07/15/2003 - HRA APPROVED MINUTES
HOUSING AND REDEVELOPMENT AUTHORITY
TUESDAY,JULY 15,2003 7:00 PM, CITY CENTER
Council Chamber
8080 Mitchell Road
HOUSING&REDEVELOPMENT AUTHORITY MEMBERS: Chair Nancy Tyra-Lukens,
Commissioners Sherry Butcher,Ron Case,Jan Mosman, and Philip Young
CITY STAFF: City Manager Scott Neal,Parks &Recreation Director Bob Lambert,Public
Works Director Eugene Dietz,Management and Budget Director Don Uram, City Planner Michael
Franzen, City Attorney Ric Rosow and Council Recorder Theresa Brundage
I. ROLL CALL/CALL THE MEETING TO ORDER
Chair Tyra-Lukens was absent. Acting Chair Ron Case called the meeting to order at 7:00
p.m.
H. MINUTES
A. H.R.A. MEETING HELD TUESDAY,JULY 1,2003
MOTION: Mosman moved, seconded by Young,to approve as published the
minutes of the HRA Meeting held Tuesday, July 1, 2003. Motion carried 3-0-1
with Butcher abstaining.
III. PUBLIC HEARING ON PROPOSED ISSUANCE OF COMMERCIAL
DEVELOPMENT REVENUE BONDS (MEMORIAL BLOOD CENTERS)
A. RESOLUTION NO. 2003-03 GIVING APPROVAL TO A PROJECT ON
BEHALF OF MEMORIAL BLOOD CENTERS AND ITS FINANCING;
PROVIDING FOR THE ISSUANCE AND SALE OF$3,100,000
COMMERCIAL DEVELOPMENT REVENUE NOTE, SERIES 2003
City Manager Scott Neal said in accordance with Minnesota Statutes and in
compliance with Section 147F of the Internal Revenue Code,the HRA is required
to conduct a public hearing on this project and its financing. He said official
notice of this public hearing was published in the June 26,2003,Eden Prairie Sun
Current, and sent to property owners. He said pursuant to Minnesota Statutes,
Section 469.54, Subdivision 4 and in compliance with Section 147(f) of the
Internal Revenue Code of 1986, as amended,the HRA is required to conduct a
public hearing on the Project and the financing thereof. A notice of public
hearing was published in the official city newspaper on June 26,2003. Pursuant to
the authority granted by Minnesota Statutes, Sections 469.152 through 469.1651,
the HRA is authorized to issue revenue bonds in anticipation of the collection of
revenues of a project to finance the cost of acquisition, construction,
HOUSING AND REDEVELOPMENT AUTHORITY MEETING
July 15,2003
Page 2
reconstruction,improvement, or extension thereof. Neal said the Authority
proposes to issue its revenue bonds for the purpose of financing a portion or all of
the cost of a proposed project on behalf of Memorial Blood Centers, a qualified
501(c)(3) organization and nonprofit corporation of the state of Minnesota,
consisting of(i)the acquisition of a 26,722 gross square foot office building and
92,780 square feet of associated land from Braun Intertec and(ii) conversion of
the Facilities from an office building and engineering laboratory to a central
operating facility for the Corporation. The Facilities will be owned and operated
by the Memorial Blood Centers and are located at 6801 Washington Avenue
South in the City.
There were no comments from the public.
MOTION: Mosman moved, seconded by Young, to close the Public Hearing and
adopt Resolution No. 2003-03 giving approval to a project on behalf of Memorial
Blood Centers and its financing under the Minnesota Municipal Industrial
Development Act; referring the proposal to the Minnesota Department Of
Employment and Economic Development for approval; and providing for the
issuance and sale of$3,100,000 Commercial Development Revenue Note, Series
2003 (Memorial Blood Centers Project) and execution of related documentation.
Motion carried 4-0.
IV. ADOPT RESOLUTION NO. 2003-04 PROVIDING FOR THE ISSUANCE AND
SALE OF UP TO $2,900,000 IN AGGREGATE PRINCIPAL AMOUNT OF ITS
ELDERLY HOUSING REFUNDING REVENUE NOTE (ELIM SHORES,INC.
PROJECT), SERIES 2003
City Manager Scott Neal said pursuant to Minnesota Statutes, Chapter 462C, as amended,
the City of Eden Prairie has previously issued its elderly housing refunding revenue
bonds for Elim Shores Project series 1996, originally dated as of March 1, 1996, of which
$2,975,000 in principal amount remains outstanding. He said at the request of the
corporation, the Housing and Redevelopment Authority, in and for the City,now
proposes to issue its elderly revenue refunding revenue notes for Elim Shores Project
series 2003 in the principal amount of$2,900,000 and to loan the proceeds to the
corporation to be used to refund and retire prior bonds on or about July 31, 2003. The
proposed refunding would reduce debt service costs for the development.He said this is a
refunding of previously issued bonds.
Case asked if there is a risk to the City.Neal said neither of the projects is a risk to the
City.
MOTION: Butcher moved, seconded by Young,to adopt Resolution No. 2003-04 under
Minnesota Statutes, Chapter 462C,Resolution providing for the issuance and sale of up
to $2,900,000 in aggregate principal amount of its Elderly Housing Refunding Revenue
Note(Elim Shores, Inc. Project), Series 2003, and authorizing the execution of certain
documents in connection therewith. Motion carried 4-0.
HOUSING AND REDEVELOPMENT AUTHORITY MEETING
July 15,2003
Page 3
V. ADJOURNMENT
MOTION: Butcher moved, seconded by Mosman,to adjourn the meeting. Motion
carried 4-0. The meeting was adjourned at 7:07 p.m.
Approval of Minutes on August 5,2003-Pleas nitial
Sherry Butcher Ronald Case Jan Mosman
Nancy Tyra-Lukens Philip Young
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