2020-10-13 HRA Agenda PacketPLEASE TURN OFF CELL PHONES & PAGERS IN COUNCIL CHAMBERS.
AGENDA
MOUND HOUSING & REDEVELOPMENT AUTHORITY
REGULAR MEETING
TUESDAY, OCTOBER 13, 2020 6:55 P.M.
NEW LOCATION: WESTONKA SCHOOLS PERFORMING ARTS CENTER
Page
1. Opening the meeting
2. Action approving agenda, with any amendments
3. Approve minutes from 09-08-20 Regular HRA Meeting 1
4. Catherine Pausche, Director of Finance & Administrative Services, 2 - 5
requesting action on a resolution authorizing the partial call of
certain outstanding bonds
5. Adjourn
MOUND HOUSING AND REDEVELOPMENT AUTHORITY
Tuesday September 8, 2020
The Mound Housing and Redevelopment Authority in and for the City of Mound, Minnesota,
met in regular session on Tuesday, September 8, 2020, at 6:55 p.m. in the Westonka Schools
Performing Arts Center.
Members present: Chair Ray Salazar, Jeff Bergquist, Phil Velsor, Sherrie Pugh and Paula
Larson
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Others present: City Manager and Director of Public Works Eric Hoversten, Finance
Director/Clerk/Treasurer Catherine Pausche, City Engineer Brian Simmons, Nicole Spiess,
Kelli Gillispie-Coen, Ashley Jahnke, Eric Jahnke
Public Present: None
1. Open meeting
Chair Salazar called the meeting to order at 6:58 p.m.
2. Approve agenda
MOTION by Velsor, seconded by Bergquist, to approve the agenda. All voted in favor. Motion
carried.
3. Approve minutes
MOTION by Bergquist, seconded by Larson, to approve the minutes of the September 10,
2019 regular meeting. All voted in favor. Motion carried.
4. Action on Resolution Authorizing the Levy of a Special Benefit Levy Pursuant to
Minnesota Statutes, Section 469.033, Subdivision 6, and Approval of a Budget for Fiscal
Year 2021
Finance Director/Clerk/Treasurer, Catherine Pausche stated that this action is in relation to the
Transit/Harbor District maintenance and the bonds on the parking deck.
MOTION by Bergquist, seconded by Velsor, to approve a resolution authorizing the levy of a
special benefit levy pursuant to Minnesota Statutes, Section 469.033, Subdivision 6, and
approval of a budget for fiscal year 2021. All voted in favor. Motion carried.
RESOLUTION NO. 20-01H: RESOLUTION AUTHORIZING THE LEVY OF A SPECIAL
BENEFIT LEVY PURSUANT TO MINNESOTA STATUTES, SECTION 469.033,
SUBDIVISION 6, AND APPROVAL OF A BUDGET FOR FISCAL YEAR 2021
6. Adjourn
MOTION by Bergquist, seconded by Pugh, to adjourn at 7:01 p.m. All voted in favor.
Motion carried.
Chair Raymond J. Salazar
Attest: Catherine Pausche, Clerk
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2415 WILSHIRE BOULEVARD • MOUND, MN 55364-1668 • PH: 952-472-0600 • FAX: 952-472-0620 • WWW.CITYOFMOUND.COM
DATE: October 7, 2020
TO: Mound Housing & Redevelopment Authority Board Chair and Commissioners
FROM: Catherine Pausche, Director of Finance and Administrative Services
SUBJECT: TIF 1-2 2006 Bonds Partial Call
Metroplains was the developer of Mound Marketplace and Village by the Bay condos and
townhomes. There is a subordinate note agreement with the original developer that calls for
surplus tax increment, or `TIF', be split 50% to pay down the 2006 bonds and 50% to make
payments on the subordinate note. Once this $60K prepayment is made, surplus TIF of $360K
has been paid out. This will continue through January of 2027 when the 2006 bonds mature and
the TIF District 1-2 decertifies.
Staff requests approval of the attached resolution authorizing a partial call of the 2006 TIF 1-2
bonds.
EXTRACT OF MINUTES OF A MEETING OF THE
HOUSING AND REDEVELOPMENT AUTHORITY
OF THE CITY OF MOUND, MINNESOTA
HELD: October 13, 2020
Pursuant to due call and notice thereof, a regular or special meeting of the Housing and
Redevelopment Authority in and for the City of Mound, Hennepin County, Minnesota, was held
at the City Hall on October 13, 2020, at P.M.
The following members were present:
and the following were absent:
Member introduced the following resolution and moved its adoption:
RESOLUTION AUTHORIZING THE PARTIAL CALL OF
CERTAIN OUTSTANDING BONDS
A. WHEREAS, by a resolution adopted on September 26, 2006 (the 'Prior
Resolution"), the Housing and Redevelopment Authority in and for the City of Mound,
Minnesota (the "Authority") issued Tax Increment Revenue Refunding Bonds (MetroPlains
Project), Series 2006, in the original principal amount of $3,295,000, dated November 2, 2006
(the 'Bonds").
B. WHEREAS, there are sufficient funds on hand in the Bond Fund, as defined in
the Prior Resolution, to call $60,000 outstanding principal amount of the August 15, 2026
payment and $60,000 outstanding principal amount of February 15, 2027 payment of the Term
Bond maturing on February 15, 2027 (the 'Partial Redemption"), at a price of par plus accrued
interest on November 17, 2020, in accordance with the Prior Resolution.
NOW, THEREFORE, BE IT RESOLVED by the Housing and Redevelopment Authority
in and for the City of Mound, Minnesota, as follows:
1. The Authority hereby determines to prepay on November 17, 2020, the Partial
Redemption and the interest due thereon.
2. Bond Trust Services Corporation, in Roseville, Minnesota, the paying agent for
the principal and interest on the Bonds, is hereby authorized and directed to cause the Notice of
Partial Call for Redemption attached hereto as Exhibit A to be given in accordance with the
provisions of the Prior Resolution.
3. No further action shall be required of the Authority to complete Partial
Redemption.
The motion for the adoption of the foregoing resolution was duly seconded by Member
and upon a vote being taken thereon, the following voted in favor thereof:
and the following voted against the same:
Whereupon the resolution was declared duly passed and adopted.
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STATE OF MINNESOTA
COUNTY OF HENNEPIN
HOUSING AND REDEVELOPMENT AUTHORITY
OF THE CITY OF MOUND
The undersigned, being the duly qualified and acting Secretary of the Housing and
Redevelopment Authority in and for the City of Mound, Minnesota, do hereby certify that I have
carefully compared the attached and foregoing extract of minutes of the Housing and
Redevelopment Authority in and for the City of Mound, Minnesota, held on the date therein
indicated, with the original thereof on file in my office, and the same is a full, true and complete
transcript therefrom insofar as the same relates to authorizing the partial call of certain Tax
Increment Revenue Refunding Bonds (MetroPlains Project), Series 2006.
WITNESS my hand as such Secretary on October 13, 2020.
Secretary
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12s7si27vi
Exhibit A
NOTICE OF PARTIAL CALL FOR REDEMPTION
TAX INCREMENT REVENUE REFUNDING BONDS
(METROPLAINS PROJECT), SERIES 2006
HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF MOUND
HENNEPIN COUNTY
MINNESOTA
NOTICE IS HEREBY GIVEN that by order of the Housing and Redevelopment Authority in
and for the City of Mound, Hennepin County, Minnesota, there have been called for partial
redemption and prepayment on
November 17, 2020
those outstanding bonds of the City designated as Tax Increment Revenue Refunding Bonds
(MetroPlains Project), Series 2006, dated November 2, 2006, for the term bond maturing on
February 15, 2027, for the payment years and amounts below and totaling in $120,000 in
principal amount:
Dates Prepavment Amounts CUSIP Number*
08/15/2026 $60,000 620545 AD5
02/15/2027 60,000 620545 AD5
The bonds are being called at a price of par plus accrued interest to November 17, 2020, on
which date all interest on the bonds will partially cease to accrue. Holders of the bonds hereby
called for redemption are requested to present their bonds for payment, at office of Bond Trust
Services Corporation, 3060 Centre Pointe Drive, Roseville, Minnesota 55113, on or before
November 17, 2020.
Dated: October 13, 2020
BY ORDER OF THE HOUSING AND
REDEVELOPMENT AUTHORITY IN AND FOR
THE CITY OF MOUND
/s/
Executive Director
*The Authority shall not be responsible for the selection of or use of the CUSIP numbers, nor is
any representation made as to their correctness indicated in the notice. They are included solely
for the convenience of the holders.
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