EDA

10801 Town Square Drive City of Blaine Blaine MN 55449 Anoka County, Minnesota Minutes - Final EDA The purpose of the Blaine Economic Development Authority is to increase the City’s commercial/industrial tax base, provide employment opportunities, undertake redevelopment to enhance and maintain neighborhood economic stability, and address special needs, such as senior housing. As authorized under Minnesota State statutes, the Blaine City Council also serves as the Blaine Economic Development Authority. Thursday, March 19, 2015 7:20 PM Council Chambers 1 Call to Order The meeting was called to order at 7:20 p.m. by President Ryan followed by the Roll Call. 2 Roll Call Quorum present. ALSO PRESENT: City Manager Clark Arneson; City Attorney Patrick Sweeney; Planning and Community Development Director Bryan Schafer; Public Services Manager Bob Therres; Finance Director Joe Huss; Police Chief/Safety Services Manager Chris Olson; Communications Technician Roark Haver; Senior Engineering Technician Al Thorp; Deputy City Clerk Catherine Ekstrand; and Recording Secretary Linda Dahlquist. Present: 7 - Comissioner Bourke, Comissioner Clark, Comissioner Herbst, Comissioner Hovland, President Ryan, Comissioner Swanson, and Comissioner King 3 Minutes 3-1 MIN 15-10 APPROVAL OF MINUTES Moved by Commissioner Hovland, seconded by Commissioner Bourke that the Meeting Minutes of February 5, 2015, be approved. Motion adopted unanimously. Aye: 7 - Comissioner Bourke, Comissioner Clark, Comissioner Herbst, Comissioner Hovland, President Ryan, Comissioner Swanson, and Comissioner King 4 New Business City of Blaine Page 1 EDA Minutes - Final March 19, 2015 4-1 EDA RES 15-05 PROVIDE FOR THE DEFEASANCE OF THE OUTSTANDING GENERAL OBLIGATION TAX INCREMENT REFUNDING BONDS, SERIES 2006A, AND AUTHORIZING AN ESCROW AGREEMENT Finance Director Huss stated the resolution provides for the defeasance of the outstanding bonds and authorizes the City to establish an escrow account with a suitable financial institution in Minnesota to execute and deliver an escrow agreement within 90 days of the sale of Blaine Courts and Cloverleaf Courts. Commissioner Herbst questioned the dollar amount. Finance Director Huss replied the City is responsible for the interest accrued up to February 2016. Moved by Commissioner Bourke, seconded by Commissioner King that Resolution 15-05, “Provide for the Defeasance of the Outstanding General Obligation Tax Increment Refunding Bonds, Series 2006A, and Authorizing an Escrow Agreement,” be approved. Motion adopted unanimously. Aye: 7 - Comissioner Bourke, Comissioner Clark, Comissioner Herbst, Comissioner Hovland, President Ryan, Comissioner Swanson, and Comissioner King 5 Other Business None. 6 Adjournment Moved by Commissioner Herbst, seconded by Commissioner Hovland, to adjourn the meeting at 7:25 p.m. Motion adopted unanimously. Aye: 7 - Comissioner Bourke, Comissioner Clark, Comissioner Herbst, Comissioner Hovland, President Ryan, Comissioner Swanson, and Comissioner King City of Blaine Page 2