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HomeMy WebLinkAboutHRA Item 02 CITY OF LAKEVILLE HOUSING AND REDEVELOPMENT AUTHORITY AUGUST 15, 2016 Chair Anderson called the meeting to order at 6:46 p.m. in the Council Chambers at City Hall. Present: Commissioners Davis, Little, Anderson, LaBeau Absent: Commissioner Swecker Also present: Jerilyn Erickson, Finance Director; Justin Miller, Executive Director; Charlene Friedges, City Clerk Motion was made by Little, seconded by LaBeau, to approve minutes of the July 5, 2016 H.R.A. meeting. Voice vote was taken on the motion. Ayes – unanimous Item 03 David MacGillivray, of Springsted presented a resolution authorizing issuance and awarding the sale of Lease Revenue Refunding Bonds, Series 2016. He explained that Lease Revenue Bonds were issued in 2006 to finance the construction of an ice arena facility. The facility is owned by the Housing and Redevelopment Authority, leased to the City pursuant to a lease- purchase agreement, and subleased to Lakeville Arenas. ISD 194 reimburses the City 50% of the annual debt service on the bonds pursuant to a Joint Powers Agreement. The 2016 bonds are being issued to reduce future interest costs. Moody’s Investors Service has rated this bond issue Aa3. Concurrent with this rating process, Moody’s reaffirmed the City’s general obligation rating of Aa1. Motion as made by Little, seconded by Davis, to approve Resolution No. 16-04 authorizing issuance and awarding the sale of Lease Revenue Refunding Bonds (ice arena project), Series 2016. Roll call was taken on the motion. Ayes – Davis, Little, Anderson, LaBeau There being no further business, Chair Anderson adjourned the meeting at 6:54 p.m. Respectfully submitted, _______________________________________ Charlene Friedges, City Clerk _______________________________________ Douglas P. Anderson, Chair CITY OF LAKEVILLE HOUSING AND REDEVELOPMENT AUTHORITY SEPTEMBER 6, 2016 Chair Anderson called the meeting to order at 6:45 p.m. in the Council Chambers at City Hall. Present: Commissioners Davis, Little, Swecker, Anderson, LaBeau Also present: Justin Miller, Executive Director; David Olson, Community & Economic Development Director; Charlene Friedges, City Clerk Item 02 Mr. Olson presented a resolution designating buildings located at 20116, 20078 and 20088 Kenwood Trail as structurally substandard. He explained that if the City wishes to preserve the right to facilitate redevelopment of this area in the future through the use of tax increment financing (TIF), the City must be able to document that the property contained substandard buildings. A tax increment financing analysis has determined that the four buildings slated for demolition meet the definition of substandard as defined by Minnesota Statute. Mr. Olson clarified that adoption of this resolution does not commit the City to create a redevelopment TIF district but preserves the option for a period of three years after the buildings are demolished. Motion was made by Little, seconded by Swecker to approve Resolution No. 16-05 designating buildings as structurally substandard. Roll call was taken on the motion. Ayes – Davis, Little, Swecker, Anderson, LaBeau There being no further business, Chair Anderson adjourned the meeting at 6:51 p.m. Respectfully submitted, _______________________________________ Charlene Friedges, City Clerk _______________________________________ Douglas P. Anderson, Chair