HomeMy WebLinkAbout3.a. 20150915 PAM RM
ROSEMOUNT PORT AUTHORITY
REGULAR MEETING PROCEEDINGS
SEPTEMBER 15, 2015
CALL TO ORDER
Pursuant to due call and notice thereof a regular meeting of the Rosemount Port Authority was held
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on Tuesday, September 15, 2015 at 6:00 p.m. in the Council Chambers at City Hall, 2875 145
Street West, Rosemount.
Chair Weisensel called the meeting to order with Commissioners Droste, Luing, Smith, Abdulahi
and DeBettignies attending. Commissioner Wolf was absent. Staff present included City
Administrator Johnson and City Clerk Hadler. The Pledge of Allegiance was said.
ADDITIONS OR CORRECTIONS TO AGENDA
City Administrator Johnson stated there were no proposed changes.
Motion by Weisensel. Second by Abdulahi.
Motion to Adopt the Agenda.
Ayes: 6
Nays: 0. Motion carried.
CONSENT AGENDA
Motion by DeBettignies. Second by Luing.
Motion to Approve the Consent Agenda.
a.Approval of July 21st, 2015 Meeting Minutes
b.Approval of September 1st, 2015 Meeting Minutes
Ayes: Droste, Luing, Weisensel, Smith, Abdulahi and DeBettignies
Nays: None. Motion carried.
NEW BUSINESS
4.a. 2015 General Obligation TIF - Bond Sale
Finance Director May provided a summary of the staff report. Staff proposes a bond refunding on
TIF bonds that are held by the City. The estimated savings would be $370,742 over the life of the
bond.
Commissioner Smith inquired about the refunding; does this extend our debt over time? Mr. May
responded that the debt is not being extended. He explained that the result of the sale allows for
another $16,000 - $20,000 to spend over the life of the bonds.
Commissioner Smith inquired about the city’s bond rating. Mr. May stated he could forward the
bond rating statement to him and explained the process for obtaining the bond rating.
Abdulahi inquired why this is being done now. Mr. May explained there are economies to be gained
in issuing debt in groups, and because the city is issuing a couple of bonds, so it made sense to do it
now.
ROSEMOUNT PORT AUTHORITY
REGULAR MEETING PROCEEDINGS
SEPTEMBER 15, 2015
Chair Weisensel inquired about the taxable bond. Mr. May gave further background and explanation
on the issuance of taxable bonds.
Motion by Droste. Second by DeBettignies.
Motion to adopt a resolution providing for the competitive negotiated sale of $3,460,000
General Obligation Tax Increment Refunding Bonds, Series 2015A.
Ayes: Droste, Luing, Weisensel, Smith, Abdulahi and DeBettignies
Nays: None. Motion carried.
OLD BUSINESS
CHAIRPERSON’S REPORT
Chair Weisensel mentioned an article about development in the Southwest metro.
DIRECTOR’S REPORT
REPORTS FROM PORT AUTHORITY COMMISSIONERS
Commissioner Abdulahi inquired about the development in the Southwest metro and how to
explain the city’s success. City Administrator Johnson stated they use TIF aggressively. Chair
Weisensel stated they are foregoing taxes when they use TIF. Commissioners discussed
development patterns around the metro area.
Commissioner Droste reviewed meetings and calls with businesses around the City and upcoming
meetings with state lawmakers and businesses.
ADJOURNMENT
There being no further business to come before the Port Authority and upon a motion by
DeBettignies, second by Luing, the meeting was unanimously adjourned at 6:36 p.m.
Respectfully Submitted,
Clarissa Hadler, City Clerk