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<br />Economic Development Authority Minutes <br />October 17, 1991 <br /> <br />Page 2 <br /> <br />. <br /> <br />6.6352%. Sherrill Oman of Larkin, Hoffman, answered questions on the <br />bond resolution. She indicated that a motion approving the resolution <br />would also award the bid to the low bidder. <br /> <br />COMMISSIONER KROPUENSKE MOVED TO ADOPT EDA RESOLUTION 91-3, A <br />RESOLUTION OF THE ECONOMIC DEVELOPMENT AUTHORITY FOR THE CITY OF ELK <br />RIVER (THE AUTHORITY) AUTHORIZING THE ISSUANCE OF $2,740,000 CITY HALL <br />AND LAW ENFORCEMENT FACILITY REVENUE BONDS (CITY OF ELK RIVER LEASE <br />PURCHASE OBLIGATION) SERIES 1991 (THE BONDS), WHICH BONDS AND THE <br />INTEREST AND ANY PREMIUM THEREON SHALL BE PAYABLE SOLELY FROM THE <br />REVENUES DERIVED FROM THE LEASE PURCHASE AGREEMENT; AWARDING THE SALE <br />OF THE BONDS; PRESCRIBING THE FORM OF AND AUTHORIZING THE EXECUTION OF <br />THE BONDS AND DIRECTING THE AUTHENTICATION AND DELIVERY THEREOF; <br />PRESCRIBING THE FORMS OF AND AUTHORIZING THE EXECUTION AND DELIVERY OF <br />A LEASE PURCHASE AGREEMENT BY AND BETWEEN THE CITY OF ELK RIVER, <br />MINNESOTA (THE CITY), AND THE AUTHORITY, AND A COMBINATION MORTGAGE, <br />SECURITY AGREEMENT, ASSIGNMENT OR RENTS AND FIXTURE FINANCING STATEMENT <br />(THE MORTGAGE) TO FIRST TRUST NATIONAL ASSOCIATION (THE TRUSTEE); <br />AUTHORIZING AND APPROVING THE FORM OF THE OFFICIAL STATEMENT; AND <br />PROVIDING FOR THE SECURITY, RIGHTS, AND REMEDIES OF THE HOLDERS OF THE <br />BONDS. COMMISSIONER HOLMGREN SECONDED THE MOTION. THE MOTION CARRIED <br />7-0. A copy of this resolution is included with these minutes. <br /> <br />. <br /> <br />Discussion was held by the EDA regarding the Mayor and Finance <br />Director's rating presentation to Moody's. Rusty Fifield indicated <br />that although everything went exceptionally well with the presentation <br />at Moody's, Elk River's bond rating did not change from Baa-1. Mayor <br />Tralle thanked Rusty Fifield for guiding them through the process of <br />meeting with Moody's in New York. <br /> <br />7. <br /> <br />Discuss Proposed City EDA ACQuisition of the Industrial Park <br /> <br />Executive Director, Pat Klaers, indicated that the City Council passed <br />a motion authorizing the City to purchase the Elk River Industrial <br />Park. He indicated that the City will be the actual purchaser when the <br />transaction takes place, but ti tle wi II be conveyed to the EDA for <br />marketing and disposal of the sites. <br /> <br />8. Update and Discussion on EDA Main Street Site <br /> <br />Bill Rubin indicated that at this time there were no firm prospects <br />regarding the development of the EDA Main Street site. He indicated <br />that staff is seeking EDA direction as to marketing of the property and <br />its disposal. <br /> <br />. <br /> <br />Discussion was held regarding the Citizen's League studying the <br />downtown area. President Gongoll stated that he felt a member of the <br />EDA or staff should be a representative of that group and further <br />requested that the Citizen's League keep the EDA informed of any <br />progress. <br /> <br />Commissioner Dietz questioned what the City could do next to try to <br />market the Main Street site. President Gongoll suggested putting <br />