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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 thth 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