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EXTRACT OF MINUTES OF A MEETING OF THE
ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY
OF CHANHASSEN, MINNESOTA
Held: June 14, 2010
Pursuant to due call and notice thereof, a regular or special meeting of the Board of
Commissioners of the Economic Development Authority of the City of Chanhassen, Minnesota,
was duly held at the City Hall in Chanhassen, Minnesota on the 14th day of June, 2010, at 7:30
o'clock P.M., for the purpose of adopting a resolution proposing to purchase bonds.
The following members were present: Mayor Furlong, Council members Ernst, Litsey,
McDonald & Tjornhom
and the following were absent: None
Member Litsey introduced the following resolution and moved its adoption:
RESOLUTION 2010 -06 PROPOSING TO PURCHASE
THE CITY OF CHANHASSEN GENERAL OBLIGATION TEMPORARY STREET
RECONSTRUCTION BONDS, SERIES 2010
WHEREAS, the City of Chanhassen, Minnesota, proposes to issue $1,540,000 General
Obligation Temporary Street Reconstruction Bonds, Series 2010 (the "Bonds "), to temporarily
finance street reconstruction improvements in the City pursuant to the City's Street
Reconstruction Plan; and
WHEREAS, the Economic Development Authority of the City of Chanhassen, Minnesota
proposes to purchase the Bonds for investment purposes in accordance with the provisions of
Minnesota Statutes, Chapter 118A.
BE IT RESOLVED by the Board of Commissioners of the Economic Development
Authority of the City of Chanhassen, Minnesota (the "EDA "), as follows:
1. The EDA hereby proposes to the Bonds for a purchase price of $1,540,000, plus
accrued interest, if any, to the date of delivery of the Bonds.
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The motion for the adoption of the foregoing resolution was duly seconded by member
McDonald and, after a full discussion thereof and upon a vote being taken thereon, the following
voted in favor thereof: Mayor Furlong, EDA members Ernst, Litsey, McDonald & Tjornhom
and the following voted against the same: None
Whereupon the resolution was declared duly passed and adopted.
Adopted by the Board of Commissioners of the Economic Development Authority of the
City of Chanhassen, this 14th day of June, 2010: 4
Attest:
,...
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...m5k
. ecutive Director
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STATE OF MINNESOTA )
COUNTIES OF HENNEPIN AND CARVER ) ss.
CITY OF CHANHASSEN )
I, the undersigned, being the duly qualified and acting Secretary of the Chanhassen
Economic Development Authority (the "EDA "), do hereby certify that attached hereto is a
compared, true and correct copy of a resolution as duly adopted by the Board of Commissioners
of the EDA on June 14, 2010, at a regular or special meeting thereof duly called and held, as on
file and of record in my office, which resolution has not been amended, modified or rescinded
since the date thereof, and is in full force and effect as of the date hereof, and that the attached
Extract of Minutes as to the adoption of such resolution is a true and accurate account of the
proceedings taken in passage thereof.
WITNESS my hand this /4 day of June, 2010.
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CHANHASSEN 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.
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.
Economic Development Authority - June 14, 2010
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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