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HomeMy WebLinkAbout2005 [02] Feb 16CITY OF ST. JOSEPH ECONOMIC DEVELOPMENT AUTHORITY Meeting Minutes -Wednesday, February 16, 2005 Present: Board Members Richard .Carlbom, Bruce Gohman, Ken Jacobson, Ross Rieke and Tom Skahen. Also present: Mr. Monte Eastvold from Northland Securities, City Administrator Judy Weyrens and Cynthia Smith-Strack of Municipal Development Group. Chair Rieke called the regular meeting of the St. Joseph EDA to order at 3:02 p.m. Agenda. Chairperson Rieke introduced the agenda. Moved by Jacobson seconded by Skahen to approve the agenda with one change, the movement of item 5(a) to directly following approval of agenda. Motion carried 5-0. City Hall EDA Revenue Bond Refinancing. Rieke introduced the agenda item and City Financial Adviser Monte Eastvold. Eastvold stated the EDA previously issued a revenue bond for the purchase of the current City Hall. Eastvold stated he had reviewed City/EDA bond issues as rates were very favorable at this time. Eastvold recommended issuance of revenue refunding bonds in conjunction with the City Hall purchase which would save the EDA approximately $47,000 over the lifetime of the issue. Debt service savings would commence when the original revenue bond issue was called on December 1, 2007. The proposed refunding bond would not be callable and the term would end on December 1, 2015. Gohman inquired as to whether the refunding made sense for only the City Hall or if the EDA bond issued for the maintenance facility should be refunded as well. Eastvold indicated refunding of the City Hall issue made sense financially, but not the maintenance facility issue. Gohman confirmed proposed refunding issue was not callable. Eastvold concurred, the issue will not contain a call date and therefore can not be prepaid. Motion Skahen, Second Carlbom to Approve EDA Resolution 01-05, A Resolution Approving the Issuance of Public Project Revenue Crossover Refunding Bonds Amount of $650, 000. Rieke inquired as to whether anyone had comments/questions regarding the motion. Strack inquired as to the ability of the City/EDA to sublease the facility should circumstances lead to the relocation of City Hall prior to the end of the bond term. Eastvold noted subleasing should be an option, but the City should confirm that with legal counsel. Administrator Weyrens stated the current EDA/City lease agreement allows subleasing of the facility as an alternative. Motion carried 5:0. Motion Gohman, second Carlbom to approve contract with Northland Securities for the issuance of public project revenue crossover refunding bonds. Motion carried 5:0. EDA members executed required resolution and agreement as directed by Mr. Eastvold. Approval of Minutes. EDA Chair Rieke noted the minutes from the January meeting were included in the packet. Motion Gohman, seconded by Skahen to approve the January 19, 2005 Regular EDA minutes with the correction of one typographical error on page one (change `nearly' to `newly' in paragraph 12). Motion approved 5-0. EDA Minutes -February 16, 2005 Page 1 EDA Accounts Payable. Rieke introduced the topic. Strack provided an overview of the accounts payable for January 2005 in the amount of $1,939.34. Motion by Carlbom, second by Skahen to approve EDA accounts payable. Motion carried 5-0. Financial Report. Rieke introduced the agenda item. Strack provided an overview of the financial reports for January. Motion by Gohman, second by Jacobson to approve January financial reports. Motion carried 5-0. EDA Project Prioritization. Chairperson Rieke introduced the item. Strack noted that EDA Board Members attending the January meeting had completed worksheets for prioritizing EDA goals/work items. Strack noted the number one priority identified related to proactive participation in the expansion of the joint annexation agreement with St. Joseph Township. Other priorities included promoting commercial and industrial developments that: maximize the return on city investments in public facilities, expand employment opportunities and diversify the tax base. Gohman suggested the EDA review maps of the proposed expanded annexation area as a means of recommending to the Planning Commission and City Council where certain future uses may make most sense. Staff directed to distribute maps (parcel, topo and orthophoto if available) with March packet for discussion/recommendation of future land uses. Update: Southern Collector Corridor Study Rieke introduced the agenda item. Strack provided an overview of her participation/interaction in a technical advisory committee (TAC) which was established in conjunction with a corridor study being facilitated by the engineering firm WSB. Strack noted an initial TAC meeting was held on February 8th at the City offices. Strack noted the purpose of the TAC is to twofold: (1) To act as a conduit for bringing information to the group represented and (2) to bring information from the group represented to WSB. Items discussed at the initial meeting included: (A) Data Collection: WSB indicated they were in need of technical data including digital parcel and contour data. In addition WSB is suggesting traffic count analysis for the intersections of Minnesota Street and College Avenue; Minnesota Street and Fourth Avenue and Minnesota Street and Sixteenth Avenue. (B) Project Need and Purpose: The project need/purpose is to select a preferred alternative, obtain environmental clearance and reduce traffic on Minnesota Street. (C) Alternative Identification and Screening: Initial alternatives discussed included a Minnesota Street/CSAH 2/Field Street intersection and alternative accesses to I-94. Significant discussion occurred as to whether or not the alternatives were mutually exclusive. The alternatives will be presented to the public at an open house where interested individuals will be able to meet informally and personally with representatives from WSB to provide input. The TAC suggested that prior to the open house that a means of evaluating the alternatives be formulated so the public is aware of what criteria they should employ when reviewing the alternatives. The TAC will revisit that issue at a meeting on March 9th. The open house is expected to be scheduled shortly thereafter. (D) Schedule: WSB indicated a preferred alternative should be arrived at by the end of July. The remaining six months of the study will be primarily concerned with environmental analysis and the designation of the corridor on an official map. Rieke indicated he was concerned about Jade Road in the future. Rieke stated that at some point in the future he could realistically foresee additional intersections whether or not those intersections adhered to access spacing criteria. Rieke include additional full intersections with Interstate 94 in his statement. Rieke further noted the EDA represented commercial/industrial interests and reminded EDA members to be mindful of downtown business owners. Rieke stated that one goal should be to make it easy for people to get where they want to go, especially if that is downtown. EDA Minutes -February 16, 2005 Page 2 Jacobson stated the downtown should be a walkable area. Skahen added that for the downtown to be successful it had to become a place of destination. Carlbom stated that in his opinion the purpose of the southern collector should not be to move people from population centers in St. Joseph to businesses in Waite Park or St. Cloud. Strack to attend the next TAC meeting on March Stn Riverbats Project Update. Strack noted EDA staff continue to work with Mr. Sutherland in achieving his goals for a site for a new baseball complex. Over the past month staff has provided technical assistance relating to a petition for annexation and a request for rezoning and comprehensive plan amendment. The annexation petition and request for rezoning/comprehensive plan amendment will be before the Planning Commission and City Council in March. Director's Report. Strack referred to the prospect list/activity report outlining communication with various contacts that was .included in the EDA packet. Board Member Announcements. Gohman noted he attended the St. Cloud Area Economic Development Partnership meeting earlier in the day. Gohman stated representatives from St. Cloud Hospital and Health Partners/Abbott Northwestern presented information to the Partnership regarding the promotion of facilities that coincide with the current system. Adjournment Motion by Skahen, sec/o`nded by Gohman to adjourn. Motion carried 5:0. Meeting adjourned at 4:50 p.m. EDA Minutes -February 16, 2005 Page 3