HomeMy WebLinkAbout03-17-08 CITY OF LAKEVILLE
HOUSING AND REDEVELOPMENT AUTHORITY
MARCH 17, 2008
Chair Rieb called the meeting to order at 7:00 p.m.
Roll call was taken, Present: Commissioners Rieb, Swecker, Bellows,
and Dahl. Absent: Commissioner Wulff.. Also present: Steve Mielke,
Executive Director; Dennis Feller, Finance Director; and Judith Hawkins,
Deputy Clerk.
The minutes of the January 22,2008 HRA meeting were approved as
printed.
Item 3
Finance Director Dennis Feller presented a resolution which would
establish a policy for the issuance of private activity revenue bonds.
Private activity revenue bonds enable the issuer to issue tax exempt
debt for certain projects as authorized by State Statute. Although the
HRA is the designated issuer, the project entity is obligated for the
bonds and neither the HRA nor the City is responsible to repay the
debt. The issuance of any future private activity bonds will be at the
complete discretion of the HRA and City. Staff recommends approval
of the resolution.
08.02 Motion was made and seconded to approve HRA Resolution No. 08-O1
establishing a private activity revenue bond financing policy.
Roll call was taken on the motion. Ayes, unanimous.
.Item 4
Chair Rieb opened.the public hearing to consider the proposal of All
Saints Catholic Church to finance the non-religious portions of
constructing and equipping a new school facility located at 19795
Holyoke Avenue through the issuance of revenue bonds by the HRA.
The Deputy Clerk attested to the legal notice publication.
Finance Director Dennis Feller presented a proposal requesting the City
act as the conduit. for a bank qualified tax-exempt refinancing of
Housing and Redeve%pment Authority
March 17, 2008 Page 2-
existing debt related to school use for All Saints Church. The private
activity revenue bonds policy allows for the issuance of the bonds
pursuant to Minnesota statutes. Catholic Finance Corporation
represents All Saints Church as their Financial Advisor in this matter.
They will coordinate the process and work closely with City staff to
ensure that all timelines and City requirements are met. The City will
have no obligation for debt. A resolution considering approval of
financing in an amount not to exceed $2,000,000 will be presented at
a subsequent meeting of the HRA, probably in April. Michael Schaefer,
Executive Director of Catholic Finance Corporation, was available to
answer any questions.
08.03. .Motion was made and seconded to close the public hearing
Roll call was taken on the motion. Ayes, unanimous.
08.04 Motion was made and seconded to approve Resolution No. 08-02
giving preliminary approval to the All Saints School Project pursuant to
Minnesota Statutes, Section 469.154, authorizing the submission of an
application to the Minnesota Department of Employment and
Economic Development, and preparing the necessary documents.
Roll call was taken on the motion. Ayes, unanimous.
Chair Rieb adjourned the meeting at 7:10 p.m.
Respectfully submitted,
ud th Hawkins, Deputy Clerk
Laurie Rieb, Chair