HomeMy WebLinkAbout2007-03-28 IDA MinutesMINUTES
REGULAR MEETING
INDUSTRIAL DEVELOPMENT AUTHORITY
RIVERSIDE, MISSOURI
Wednesday, March 28, 2007
6:00 p.m.
The Industrial Development Authority for the City of Riverside, Missouri, met in regular session in the Board oi.' Aldermen
Chambers at City Hall, 2950 NW Vivion Road, Riverside, Missouri.
President Wayne Snyder called the meeting to order at 6:00 p.m. Answering roll call were Bob Archer, Harold Snoderley, Lelar
Finley and Wayne Snyder. Members absent: C~ Houston. Also present: Mayor Kathy Rose, Brent Miles, Director of Planning
Economic Development, Deborah Polk of Armstrong Teasdale, Carl Ramey Stifel-Nicholas, John McClelland City Attorney an
Sarah Thompson Intern.
Deborah Polk introduced the Resolution No. 2007-004: A resolution
Approving the Preliminary Official Statement relating to the
Industrial Revenue Bonds (Riverside Horizons Infrastructure Project-
City of Riverside, Missouri) and Actions related thereto. Polk
explained that this is the follow up on the Preliminary Statement that
will allow the board to market the Official Statement.
Leland Finley brought a typo to the attention of the IDA. On page
two in section 3 the report from last meeting should have read
3,871,000.
President Snyder asked if this Resolution would make the IDA's
mission official.
Polk responded that this would make it so that the $40 million in
Industrial Revenue Bonds could be issued.
Carl Ramey explained that this would become the official offering
document that would contain all the pertinent facts in order for
investors to make judgments on the bonds. When finalized, each
bond holder will get a copy of the contract between the issuer of the
bonds and the holder of the bonds. This will be an important
document issued on behalf of the IDA, but will be retained as a City
document. After the document is printed it will be distributed in the
market for about two weeks. The day of the ~ricing will be April 17,
2007 and it will go before the IDA on the 18 of April, 2007.
Bob Archer motioned to accept Resolution No. 2007-004: A
Resolution Approving the Preliminary Official Statement relating to
the Industrial Revenue Bonds (Riverside Horizons Project- City of
Riverside, Missouri) and Actions related thereto.
Harold Snoderley seconded and the motion passed.
General Discussion Polk reminded the Board that their will be a workshop on March 29 at
2:00 pm at Riverside City Hall to explain more about the Horizons
Project. The next meeting will be April 18, 2007 to approve the
bonds.
Snyder asked what the line of succession was if he was unable to
attend a meeting.
Adjournment
Polk recommended the Board elect aVice-President to act in the
absence of the President.
Finley volunteered to be Vice-President of the IDA.
Arched motioned to elect Leland Finley as Vice-President of the IDA.
Snoderley seconded and the motion passed.
Finley motioned to Adjourn.
Archer seconded and the motion passed.
Sarah ompson Assistant Secretary
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