HomeMy WebLinkAbout2003 [04] Apr 224-22-03
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CITY OF ST. JOSEPH
ECONOMIC DEVELOPMENT AUTHORITY
Meeting Minutes -Special Session
Thursday, April 22, 2003
Present: EDA Board Members Mike Deutz, Tom Skahen, Bruce Gohman, Ross Rieke and Larry Hosch.
Also present: Monty Eastvold, Northland Securities and Cynthia Smith-Strack of Municipal Development
Group.
Chair Deutz called the special meeting of the St. Joseph EDA to order at 5:03 p.m.
Agenda
Strack requested approval of the lease purchase agreement with the City of St. Joseph be added to the
agenda. Eastvold requested Northland Securities Contract be added to the agenda.
Moved by Rieke seconded by Hosch to approve the Agenda as amended. Motion carried unanimously.
EDA Revenue Bond for Municipal Maintenance Facility.
Chairman Deutz introduced Monty Eastvold with Northland Securities. Eastvold provided an overview of
the bonding process to date and then reviewed the official statement, bond payment schedule,
revenue/cash flow statement, application of fund and tax impact analysis.
Deutz questioned several inaccuracies in the official statement. Eastvold noted the inaccuracies would
not substantially impact the sale of bonds, however, he noted the next official statement issued by the
City would include updated information.
Moved by Rieke, seconded by Gohman to approve EDA Resolution 2003-03, A Resolution Issuing
$700,000 in Public Project Revenue Bonds. Motion carried 4-1, with Deutz voting nay.
Lease Purchase Agreement
Eastvold provided a brief overview of the lease purchase agreement drafted by the EDA's Bond Counsel
Briggs and Morgan. Strack added additional comments relative to language enabling the EDA to review
portions of the project.
Further discussion occurred regarding the EDA's ability to approve change order requests, which the
lease purchase agreement does not specifically address. Skahen indicated if the lease agreement did
not provide for such review, the EDA would not have financial authority over the project. Hosch noted the
lease purchase agreement could be amended to provide for EDA approval of change orders.
A request to entertain a motion was made by Deutz.
Moved by Hosch, seconded by Gohman to approve the Lease Purchase Agreement between the EDA
and City for the Public Works Maintenance Facility. Motion carried 3-2, with Gohman and Deutz voting
nay.
Northland Securities Contract
Eastvold provided an overview of the contract for services, which was distributed at the meeting.
Moved by Rieke, seconded by Gohman to approve the contract with Northland Securities. Motion carried
3-2, with Gohman and Deutz voting nay.
Adjourn
Moved by Hosch, seconded by Gohman to adjourn the special EDA meeting at 5:40 p.m. Motion carried
unanimously.
EDA Special Meeting Minutes -April 22, 2003 Page 1