Due to the excused absence of Chairman Ken Jaeger, Mayor Claude Lois called the regularly scheduled meeting of the Community Development Authority to order at 5:30 p.m. with the following in attendance: Mayor Claude Lois, Alderman Robert Miller, Ms. Carol Anderson, Mr. Jim Peterson, Mr. Jim Spiegelhoff, Alderman Peter Hintz, Alderman Frank Cannella, Alderman James Beardsley, Alderman John Ekes, Attorney Thomas Kircher, City Administrator David Torgler and RCEDC Representative Francesca Bumpurs. Mr. Dave Wagner of Ehlers and Associates arrived at 5:42 p.m. Excused: Mr. Kenneth Jaeger and Mr. Bil Scherrer

The public hearing began at 5:31 p.m. with no member of the public speaking. Alderman Miller made a motion to close the public hearing and Mr. Jim Peterson seconded the motion. With all in favor, the motion carried and the public hearing closed at 5:32p.m.

Alderman Robert Miller made a motion to accept the April 6, 2005 Minutes. Mr. Jim Spiegelhoff seconded the motion and with all in favor the motion carried.

Due to Mr. Dave Wagner not being present for his portion of the meeting at this time, a motion was made by Mr. Jim Spiegelhoff to adjourn into executive session per" Wis. Stats. 19.85(1)(e) deliberating or negotiating the purchase of public properties, the investing of public funds, or conducting other specified public business, whenever competitive or bargaining reasons require a closed session" Mr. Jim Peterson seconded the motion and on a roll call vote all were in favor and the motion carried. The executive session began at 5:34 p.m.

A motion was made by Alderman Robert Miller to return to open session. Ms. Anderson seconded the motion and on a roll call vote all were in favor and the motion carried.

Mr. Dave Wagner arrived at 5:42 with the latest information on the " $11,810,000 Community Development Lease Revenue Refunding Bonds ". He stated the bonds did not get priced until 3:00 p.m. this afternoon and the numbers were favorable. The bond rating was a critical part of the pricing as the CDA received an "A-" and the City an "A". Due to the rating and favorable market conditions a net savings of $443,000 have been realized which exceeded the $400,000 level that had been projected.

Alderman Miller made a motion to adopt Resolution #88 "A RESOLUTION APPROVING AN AMENDED AND RESTATED LEASE WITH THE CITY OF BURLINGTON; AND AUTHORIZING THE BORROWING OF $11,810,000 AND THE ISSUANCE AND SALE OF COMMUNITY DEVELOPMENT LEASE REVENUE REFUNDING BONDS, SERIES 2005". Mr. Jim Peterson seconded the motion and on a roll call vote the motion carried.

Being no further business, Alderman Miller made a motion to adjourn the meeting. Mr. Jim Spiegelhoff seconded the motion and with all in favor the motion carried and the meeting adjourned at 5:55 p.m.

Respectfully submitted,
Beverly R. Gill
Recording Secretary