HomeMy WebLinkAbout02-19-02 CITY OF LAKEVILLE
HOUSING AND REDEVELOPMENT AUTHORITY MEETING
FEBRUARY 19, 2002
Chair Mulvihill called the meeting to order at 6:45 p.m.
Roll call was taken. Present: Commissioners Bellows, Johnson,
Mulvihill, Rieb and Luick. Also present: Robert Erickson,
Executive Director; Dennis Feller, Finance Director; and Charlene
Friedges, City Clerk.
MINUTES
The minutes of the January 7, 2002 H.R.A. meeting were
approved as presented.
ITEM 3
Mr. Feller presented a Memorandum of Understanding between.
the City of Lakeville, ISD 194, Lakeville Hockey Association (LHA),
Lakeville Community Corporation (LCC) and the Lakeville HRA
• for the proposed Ames Ice Arena seating project. The
Memorandum of Understanding authorizes the preparation of
plans and specifications and taking of bids for the construction of
permanent seating at the ice arena. The document also outlines
financing for the project ($550,716), utilizing pull-tab revenue
and afive-year loan from the League of Minnesota Cities
Insurance Trust. The LHA, LCC and ISD 194 have approved the
Memorandum of Understanding. Mr. Feller. stated a more
detailed presentation of the proposed project will be provided at
the City Council meeting, immediately following the HRA meeting.
02.05 Motion was made by Johnson, seconded by Luick to approve a
Memorandum of Understanding between the City of Lakeville,
ISD 194, Lakeville Hockey Association, Lakeville Community
Corporation and the Lakeville HRA relating to the Lakeville Ames
Ice Arena seating project.
Roll call was taken on the motion. Ayes, Bellows, Johnson,
Mulvihill, Rieb, Luick.
ITEM 4
• Mr. Feller presented a resolution calling for the sale of
$2,930,000 public facility lease revenue bonds to finance the
HOUSING AND REDEVELOPMENT AUTHORITY MEETING
FEBRUARY 19, 2002
PAGE 2
•
construction of Fire Station No. 4. As previously discussed by
the City Council, the Lakeville HRA would issue lease revenue
bonds to finance the construction and issuance costs associated
with the fire station project. Liquor store profits would be
pledged to repayment of the debt. Mr. Feller pointed out that the
current interest rate environment is very favorable. The bonds
would bear an interest rate of approximately 2.35% to 5.30% over
the 20-year term of the bonds. The annual debt service payment
would be approximately $223,162. Mr. Feller explained that the
.City Council would transfer the fire station #4 property to the
HRA, and the HRA would own the land and facility for the term of
the debt. When the last bond payment is made, the property
would revert back to the City of Lakeville. The HRA lease revenue
bonds provide aloes-risk solution to financing the fire station
construction project. Bids for the bonds will be .opened on April
1, 2002.
02.06 Motion was made by Luick, seconded by Bellows to approve
Resolution No. 02-2 calling for the sale of $2,930,000 public
facility lease revenue bonds, Series 2002A, for the Fire Station #4
. project.
Roll call was taken on the motion. Ayes, Johnson, Mulvihill,
Rieb, Luick, Bellows.
There being no further business, Chair Mulvihill adjourned the
meeting at 6:52 p.m.
Respectfully submitted,
Charlene Friedges, Ci lerk
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Lyn tte Mulvihill, Chair
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