HomeMy WebLinkAbout08-17-92CITY OF LAKEVILLE
HOUSING AND REDEVELOPMENT AUTHORITY MEETING
AUGUST 17,1992
Chair Mulvihill called the meeting to order at 6:45 p.m. Roll call was
taken. Present: Commissioners Ruhmann, Zaun, Mulvihill, Harvey.
Also present: R. Erickson, Executive Director; D. Feller, Finance Director;
C. Friedges, City Clerk.
MINUTES
The minutes of the August 4, 1992, H.R.A. meeting were approved as printed.
ITEM 3
Chair Mulvihill opened the continued public hearing on the issuance of ice
arena lease revenue bonds in an aggregate amount not exceeding $1,375,000 for
the purpose of financing a project consisting of the acquisition,
construction and equipping of an approximately 40,000 square foot ice arena
facility to be located at Ipava Avenue and Trunk Highway 50.
Mr. Dick Asleson of Juran & Moody announced that a joint bid for the sale of
the bonds has been received from Piper Jaffray, Inc. and John G. Kinnard &
Company, Inc. The bonds bear an interest rate of 6.67 %. The average annual
debt service requirements are $124,840. Mr. Asleson explained that the
Lakeville Community Corporation and Lakeville Hockey Association must raise
an additional $479,897 by October 15, 1993 in order for construction of the
ice arena facility to proceed.
In response to Commissioner Harvey's question, Mr. Erickson stated the other
parties involved in the Memorandum of Understanding have been contacted and
overwhelmingly support the bid results and bond sale.
92.16 Motion was made by Ruhmann, seconded by Zaun to close the public hearing.
Roll call was taken on the motion. Ayes, Zaun, Mulvihill, Harvey, Ruhmann.
Commissioner Harvey expressed concern that the resolution as presented
referred to Juran & Moody and not the current buyers. Mr. Erickson indicated
that the bond counsel will be preparing a new resolution which would
incorporate Piper Jaffray and Kinnard.
Mr. Asleson stated that agenda item 3d, agreement wherein Juran & Moody
agrees to buy the bonds at stated interest rates, is no longer applicable.
92.17 Motion was made by Zaun, seconded by Ruhmann to adopt Resolution No. 92 -4
authorizing issuance, awarding sale, prescribing the form and details and
providing for the payment of $1,375,000 Ice Arena Lease Revenue Bonds, Series
1992.
Roll call was taken on the motion. Ayes, Mulvihill, Harvey, Ruhmann, Zaun.
There being no further business, Chair Mulvihill adjourned the meeting at
6:56 p.m.
Respectfully submitted,
Wenzel hmann, Srecretary
Ly e to Mulvihill, Chair