We are now in our EDA meeting.

And Clerk Raina, could you please call?

No, we don't need to call.

I will call the meeting to order.

And first up is our organizational business.

This is uh the appointment of officers for the Rochester Economic Uh Development Authority for 2026.

And just as a reminder to council members, uh the 2025 EDA officers were uh council president Schuebring as president, uh Vice President Palmer, Treasurer Keene, and uh assistant treasurer, our city finance director and uh secretary the city clerk.

Is there a motion to um make appointments to I'd make a motion to reappoint the 2025 EDA officers to the positions as listed in the packet for 2026?

Second.

There's a motion made by council member miller, seconded by councilmember wall.

Any discussion discussion seeing none, all in favor say aye.

Aye.

Aye.

Opposed say nay, motion passes.

Uh moving on to our consent agenda.

Um are there uh move approval of the three items on the consent agenda.

Motion made by council member Keene.

Second, seconded by councilmember Doring.

All in favor say aye.

Aye.

Aye.

Opposed, say nay.

We have no public hearings, reports and recommendations.

We have two.

And the first report is the 2026 designation of depositories for uh the EDA public funds, Mr.

Brian Anderson.

Thank you, Council President Schubert, Council members, Mayor Norton, Administrator Zelms.

This action that we're taking this evening uh happens on an annual basis and per uh required Minnesota State Statute 118A.02 subdivision one.

And it is designating bank depositories for public funds of the city of Rochester EDA.

And since the EDA has selected the city of Rochester to act as its fiscal agent, uh we will be it is necessary to utilize the same depositories for the city.

Therefore, I am recommending adopting the resolution designating U.S.

Bank of Rochester and Wells Fargo Bank of Rochester as depositories for public funds for the economic development authority, and that U.S.

Bank of Rochester does hold our the EDA is 2007, 2008, and 2020.

Um debt issuances and Wells Fargo Bank is the primary checking for the city and the EDA and what that can stand for any questions.

Uh is there a motion on this item?

I'll move to adopt a resolution designating US Bank Rochester and Wells Fargo Bank Rochester as depositories of the public funds for the EDA EDA for 2026.

Second motion made by Councilmember Keene, seconded by council member Palmer.

All in favor say aye.

Aye opposed say nay.

Item 5B, which is the 2026 uh Rochester EDA uh budget, Mr.

Anderson.

Yes, thank you.

And with that, the 2026 proposed budget is before the EDA in the amount of three million forty-nine thousand seven hundred and fifty-three dollars.

And with that going through the revenues, you can see them listed on top with the city of Rochester Bioscience Payments, the tax increment payments, and the D69th station lease.

Uh is the top three revenue uh generators for the EDA budget.

Uh with that, there are expenditures and the main expenditures with that are the series 2007's 2008 and the 2028 um expenditures uh issuances and the 2029 has been matured in 2025.

So that will um be removed.

And so with that, the net revenue over expenditures is uh 2,289,098 going down to the principal payments again for the 2007, 2008, and 2028 uh totals the amount of 1 million four hundred and eighty-eight thousand uh that amount and that information can be found on page 106 of the ACFAR uh moving down to the repayments of the parking enterprise escrow and the amount of uh 629,064.

Um the amount is still owed on that can be found on page 104 in your ACFER, and that is the amount of 1.9 million dollars being the 2029 has been paid off now at this time.

We are recommending that the difference be put towards the parking enterprise uh to pay that down sooner rather than later.

And even with that, um the staff is still working on being the 2029 has been paid off, uh decertifying the TIFF, and we are working with our bond attorney on that to see if there's any opportunity with the 2007 and 2008 uh for if see if there's a call on those.

So we're gonna be working with our bond attorney in the meantime.

And if there's uh a change or a better plan, we'll bring that forward before the EDA for action.

But with that, the total uh net flow uh after all debt services is 172,034.

That'll go towards the bioscience building that can be found on page 105 in your acfer.

Uh quickly going over to the Minnesota Bioscience Building Center and Development Infrastructure Service Center.

Um, and this is more of a P and I, but you can see your operating revenue for them up on top and the amount of $4,659,039.

Then you have the bio bus information underneath operating expense and the amount of $1,594,900 for the net available for debt service and the amount of $3,064,860.

Uh moving that down and then taking out what can be found on the front page as well.

The tax and commit revenue deduct the $590,850, and you get $3.655 million.

And then you have the other debt uses underneath that for uh a total annual debt service of $2.238 million.

And again, um taking a look at that prepayment for the parking enterprise, moving that amount up to $629,064.

Uh leaves us with a net after operations of debt service of $787,725.

Uh and again, that goes on in your AC for can be found on not directly, but it feeds into uh for the EDA fund balance.

And with that, I can send for any questions.

Any questions on this item?

Seeing none, is there a motion?

Sure, I'll make a motion adopting a resolution approving the 2026 Rochester Economic Development Authority budget.

Motion made by council member Miller.

Sir seconded by council member Doring.

All in favor say aye.

Aye.

Opposed say nay.

Um moving on.

Is there a motion to adjourn the EDA?

So move.

Moved by council member Wall.

Second.

Second by Councilmember Miller.

All in favor say aye.

Aye.

Opposed say nay.

We are back to the city council.