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CITY OF LAKEVILLE
HOUSING AND REDEVELOPMENT AUTHORITY MEETING
APRIL 1, 2002
Chair Mulvihill called the meeting to order at 6:45 p.m.
Roll call was taken. Present: Commissioners Johnson, Mulvihill, Rieb and
Luick. Absent: Commissioner Bellows.
Also present: Robert Erickson, Executive Director; Dennis Feller, Finance
Director;. Roger Knutson, City Attorney; Dave Olson, Community & Economic
Development Director; Charlene Friedges, City Clerk.
MINUTES
The minutes of the February 19, 2002, H.R.A. meeting were approved as
presented..
ITEM 3
Mr. Feller presented a resolution relating to lease revenue bonds to finance the
construction and issuance costs associated with the Fire Station #4 project. The
revenue bonds would also finance the acquisition of a fire truck. He explained
that the City Council will transfer the Fire Station #4 property title to the HRA.
The HRA would own the land and facility for the term of the debt. The City will
lease the facility from the HRA, with the lease payments anticipated to be paid
from the City's Liquor Fund. When the last bond payment is made, the property
would revert back to the City of Lakeville.
Springsted Chairman, David MacGillvray, presented the bid results for the.
$2,535,000 lease revenue bonds.
Commissioner Bellows arrived at 6:48 p.m.
Mr. MacGillvray stated four bids were received. The winning bid was from US
Bancorp Piper Jaffray Inc. at 5.1739%. He explained that Moody's Investors has
assigned an A-2 bond rating to this issue, due to the. fact that it involves an
essential building.
02.07 Motion was made by Johnson, seconded by Luick to approve Resolution No. 02-3
relating to public facility lease revenue bonds, series 2002A; authorizing the
issuance, awarding sale, prescribing the form and details and providing for the
payment thereof; and authorizing the execution of a lease agreement and
indenture.
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HOUSING AND REDEVELOPMENT AUTHORITY MEETING
APRIL 1, 2002
PAGE 2
Roll call was taken on the motion. Ayes, Bellows, Johnson, Mulvihill, Rieb,
Luick.
ITEM 4
Mr. Olson presented: a resolution authorizing the. City Council to undertake certain
development activities in connection with Tax Increment Financing District No.
10 within I-35 Redevelopment Project No. 1. He explained that by approving this
. resolution, the HRA authorizes the City, on behalf of the Authority, to enter into. a
Private Redevelopment Contract with Advanced Wireless Communications for
the development of Lot 2, Block 1, Fairfield Business Campus 2"d Addition.
Advanced Wireless Communications is proposing to construct a new corporate
headquarters on that site. A public hearing will be held by the City Council at its
April 1sc meeting to consider the Contract for Private Redevelopment.
02.08 Motion was made by Luick, seconded by Rieb to approve Resolution No. 02-4
authorizing the City Council of the City of Lakeville to undertake certain
development activities in connection with Tax Increment Financing District No.
10 within I-35 Redevelopment Project No. L
• Roll call was taken on the motion. Ayes, Johnson, Mulvihill, Rieb, Luick,
Bellows.
There being no further business, the meeting was adjourned at 6:53 p.m.
Respectfully submitted,
Charlene Friedge , City C rk
Lyne to Mulvihill, Chair
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