04-14-2009 EDAMEDA Board of Directors
Special Meeting Minutes
5 PM Tuesday, April 14, 2009
Members present in bold print:
Members
Tim Ulrich Diane Gordon
Chad Czmowski Jim Haugen
Staff
Miles Seppelt, EDA Director
Melissa Reichl, EDA Assistant
Jeremy Carter, Finance Director
Bruce Kimmel, Ehlers & Associates
I. Call to Order
Steve Jansick Marc Vaillancourt
Mike McGraw
Marc Vaillancourt called the meeting to order at 5:03PM
II. Approve Agenda
M /S /P: Haugen, Jansick to approve the agenda as presented. Passed unanimously.
III. Atomic Crane Corporation
A. Project Update
Staff provided an update on the status of the project. HMI and PAR Nuclear are
still working out the details of their agreement. Hopefully by the end of next week
everything will be signed.
Tom Daggett should know by early to mid next week which financing route he's
going to go with. The options are an Industrial Development Bond (IDB) through
the EDA or private bank financing.
B. Discussion of Industrial Development Bonds
Bruce Kimmel of Ehlers & Associates discussed the IDB process. The City and
EDA would not be liable in any way if the company defaulted — it's really an
agreement between the company and th bondholders, with the EDA only acting
as a conduit.
C. Review of underwrite proposals received
Bruce Kimmel summarized the results of the Request for Proposals that had
been received from the bonding people.
D. Consider Inducement Resolution
Bruce reviewed the Inducement Resolution briefly. Passage of the resolution
allows for application to the State for tax - exempt status and also an allocation of
IDB bonding dollars.
M /S /P: Czmowski, Haugen to approve the Inducement Resolution. Passed
Unanimously.
The next step will be a public hearing, to be held by the EDA at the end of the
month.
IV. Other Business — None.
V. Adjourn
With no further business to attend to, the meeting adjourned at 5:29 PM
Respectfully Submitted,
Miles Seppelt
EDA Director