EDA-2. Approval of Minutes dated June 14, 2010CHANHASSEN ECONOMIC
DEVELOPMENT AUTHORITY
SPECIAL MEETING
JUNE 14, 2010
Chairman Furlong called the meeting to order at 7:25 p.m.
MEMBERS PRESENT: Tom Furlong, Bryan Litsey, Vicki Ernst, Bethany Tjornhom, and
Jerry McDonald
STAFF PRESENT: Todd Gerhardt, Laurie Hokkanen, Kate Aanenson, Paul Oehme, Greg
Sticha and Todd Hoffman
Furlong: Sitting as the Economic Development Authority, there are two items on our agenda this
evening. Are there any changes to that agenda? If not, without objection we'll proceed with the
agenda as published.
APPROVAL OF MINUTES: Tjornhom moved, McDonald seconded to approve the
minutes of the Economic Development Authority meeting dated May 10, 2010 as presented.
All voted in favor and the motion carried unanimously with a vote of 5 to 0.
APPROVE RESOLUTION PROPOSING TO PURCHASE THE CITY OF
CHANHASSEN GENERAL OBLIGATION TEMPORARY STREET
RECONSTRUCTION BONDS, SERIES 2010.
Sticha: Mayor and fellow EDA members, as we discussed earlier this evening at our work
session meeting, part of the process to issue the street reconstruction bonds the City is selling, the
EDA needs to purchase those bonds. The repayment of those bonds will be coming from the
City. The sale is very similar and mirrors a negotiated sale where we could go out and sell the
bond to a private firm. In this case we are selling the bond to the EDA and then with repayment,
or the bond is bring purchased by the EDA and then repayment to be made by the City with the
levy dollars noted earlier this evening for the repayment of those bonds.
Furlong: Thank you. Any questions for staff? On this. There is a resolution that's being
proposed. Resolution proposing the purchase, to purchase the City of Chanhassen General
Obligation bonds. If there's no discussion on this, is there a motion to approve that resolution?
Litsey: So moved.
Furlong: Is there a second?
McDonald: Second.
Furlong: Mr. McDonald second. Any discussion on the motion or the resolution? Seeing none
we'll proceed with the vote.
Economic Development Authority - June 14, 2010
Resolution #2010 -06: Litsey moved, McDonald seconded that the EDA approve a
resolution proposing to purchase the City of Chanhassen General Obligation Temporary
Street Reconstruction Bonds, Series 2010. All voted in favor and the motion carried
unanimously with a vote of 5 to 0.
Furlong: Is there anything else to come before the EDA this evening? If not is there a motion to
adjourn as the EDA?
Tjornhom moved, Ernst seconded to adjourn the meeting. All voted in favor and the
motion carried unanimously with a vote of 5 to 0. The Economic Development Authority
meeting was adjourned at 7:30 p.m.
Submitted by Todd Gerhardt
Executive Director
Prepared by Nann Opheim
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