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<br /> <br /> <br /> <br /> City of <br /> BELOIT,wisconsin <br /> <br /> <br /> PROCEEDINGS OF THE CITY COUNCIL <br /> Special Joint Meeting with the Community Development Authority <br /> June 6, 2011 <br /> 5:30 p.m. <br /> <br /> Presiding: Kevin D. Leavy <br /> Present: Sheila De Forest, David F. Luebke, Eric Newnham, and Mark Spreitzer <br /> Absent: Charles Haynes, James Van De Bogart <br /> Also Present: Community Development Authority Members Thomas Johnson, Thomas J. Nee, Stephanie <br /> Jacobs, and David F. Luebke. Members Crystal Simpkins, Nailah Adama, and James Van <br /> De Bogart were absent. <br /> <br /> 1. The Special Joint meeting of the City Council and the Community Development Authority was called <br /> to order at 5:38 p.m. in The Forum of City Hall. Roll call was taken for each body, with a quorum <br /> present for both. <br /> 2. Finance Director Paul York and Mike Harrigan, Ehlers and Associates, presented the CDA Beloit <br /> Lease Revenue Bonds, Series 2011A and Series 2011B. Attorney Tom Casper requested that <br /> the references to blight on the property located at 1 Reynolds Drive be removed from both the CDA <br /> and Council Resolutions. He indicated that, if the CDA and Council approved the amended <br /> Resolutions, they would be available the next day for signatures. <br /> 3. Chairman Nee opened and closed the public hearing without participation. Johnson moved to <br /> approve an amended Resolution Designating Spot Blight of Property Located within '/2 Mile of TID <br /> No. 13 Boundary that removed any reference to blight on the property located at 1 Reynolds Drive. <br /> Luebke seconded, and the motion carried unanimously through a roll call vote. <br /> 4. Mike Harrigan presented the results of the proposals regarding the sales of the series A and B <br /> bonds. He indicated that, for the first time, the CDA revenue bonds will be rated by Moody's. <br /> Councilor De Forest asked why the property at 1 Reynolds Drive needed to be removed from the <br /> Resolution designating spot blight, and Attorney Casper indicated that the property owner was <br /> concerned that a blight designation may negatively impact the value or marketability of the property. <br /> Attorney Casper indicated that the project may move forward as planned without this designation <br /> because the blight designation on 3 Reynolds Drive is sufficient. Chairman Nee opened and closed <br /> the public hearing without participation. Johnson moved to approve a Resolution Authorizing a <br /> Cooperative Agreement; Authorizing the Issuance and Sale of Redevelopment Lease Bonds, Series <br /> 2011A and the Execution of Related Documents; and Authorizing a Public Property Lease and <br /> Contribution Agreement. Jacobs seconded, and the motion carried unanimously through a roll call <br /> vote. <br /> 5. Chairman Nee opened and closed the public hearing without participation. Luebke moved to <br /> approve a Resolution Authorizing a Cooperative Agreement; Authorizing the Issuance and Sale of <br /> Redevelopment Lease Bonds, Series 2011 B and the Execution of Related Documents; and <br /> Authorizing a Public Property Lease and Contribution Agreement. Johnson seconded, and the <br /> motion carried unanimously through a roll call vote. <br /> 6. Councilor De Forest moved to approve an amended Resolution Designating Spot Blight of Property <br /> Located within % Mile of TID No. 13 Boundary that removed any reference to blight on the property <br /> located at 1 Reynolds Drive. Councilor Newnham seconded, and the motion carried unanimously <br /> through a roll call vote. <br /> 7. Councilor De Forest moved to approve a Resolution Authorizing a Cooperative Agreement; <br /> Authorizing the Issuance and Sale of Redevelopment Lease Bonds, Series 2011A and the Execution <br />