HomeMy WebLinkAbout01-10-2011 EDA PacketAGENDA
ECONOMIC DEVELOPMENT AUTHORITY
ANNUAL MEETING
MONDAY, JANUARY 10, 2011
City Council Chambers
Following the regular City Council Meeting
1. Ca11 to Order and Roll Ca11
2. Consideration of Minutes of July 12, 2010
3. Consideration of Annual Appointments
4. Adjourn
1 DRAFT
2
3 CITY OF LINO LAKES
4 ECONOMIC DEVELOPMENT AUTHORITY
5 MINUTES
6
7 DATE : July 12, 2010
8 MEMBERS PRESENT : D. Roeser, K. Gallup, J. O'Donnell, J. Reinert, R.
9 Rafferty
10 MEMBERS ABSENT : none
11 OTHERS PRESENT : Mary Divine, Dan Tesch, and Julie Bartell
12
13
14 Meeting called to order by President Rafferty at 6:20 p.m.
15
16 CONSIDERATION OF MINUTES OF JANUARY 11, 2010
17
18 EDA Member Gallup moved to approve the January 11, 2010 minutes, as presented. EDA
19 Member Reinert seconded the motion. Motion passed unanimously.
20
21 CONSIDERATION OF RESOLUTION NO. 10-01 APPROVING A FIRST
22 AMENDMENT TO CONTRACT FOR PRIVATE DEVELOPMENT AND
23 SUBORDINATION AGREEMENT BETWEEN THE LINO LAKES ECONOMIC
24 DEVELOPMENT AUTHORITY AND LINO LAKES HOUSING LIMITED
25 PARTNERSHIP — Mary Divine explained that the Cottages at Willow Ponds was developed
26 under contract with the city as a project in 1995. The contract includes the provision of some tax
27 increment financing for the development of senior housing and, in addition, the contract imposes
28 a restrictive covenant that the project be occupied by seniors (at least 55 years old), and remains
29 in effect until at least 2026. A proposed purchaser of the project, Mr. Charles Reisenberg is
30 acquiring a Department of Housing and Urban Development (HUD) insured loan which would
31 require subordination of the city's covenant. The city has indicated that they want to ensure that
32 the senior requirement remains in place. Ms. Divine explained that HUD has now agreed to
33 include its own housing covenant within its documents that requires that units be occupied by at
34 least one person who is 62 years of age. The covenant would remain in place as long as the loan
35 (35 years). The developer is also agreeing to replace the original senior housing covenant with a
36 new one that imposes the 55 age restriction through 2045 so that it would remain in place even if
37 the mortgage were to be paid off. HUD will also add language to their regulatory agreement that
38 the developer will not be allowed to modify the covenant without prior written consent of the
39 EDA. Barring foreclosure on the property, the attorneys feel this pretty much covers the city's
40 concern for this project to remain as senior housing.
41
42 Mr. Reisenberg, general partner of the Lino Lakes Housing Limited Partnership, 162 South
43 Mississippi River Boulevard, St. Paul, Minnesota, stated that the thorough and engaging meeting
44 held previously with the council has come to a good conclusion and a good proposal.
45
46 EDA Member O'Donnell moved to approve Resolution No. 10-01 as presented. EDA Member
`. 47 Roeser seconded the motion. Motion carried unanimously.
48
49
50 ADJOURNMENT
51
52 There being no further business, EDA Member Reinert moved to adjourn at 6:26 p.m. EDA
53 Member O'Donnell seconded the motion. Motion passed unanimously.
2
AGENDA ITEM 3
STAFF MEMBER Mary Alice Divine
DATE January 10, 2011
SUBJECT Annual Appointments
VOTE REQUIRED Simple Majority
BACKGROUND
Each year the Economic Development Authority is required to make a number of
appointments at its annual meeting. The following is a list of appointments for your
consideration:
2010
2011 Recommended
1. President
Rob Rafferty
(Council Prerogative)
2. Vice President
Jeff O'Donnell
(Council Prerogative)
3. Treasurer
Jeff Reinert
(Council Prerogative)
4. Secretary
Economic Development
Coordinator
Economic Development
Coordinator
5. Assistant Treasurer
Finance Director
Finance Director
6. Executive Director
City Administrator
City Administrator
7. Official Newspaper
Quad Community Press
Quad Community Press
8. Legal Depositories
Wells Fargo
US Bank
Merrill Lynch
RBC Dain Rauscher
Wachovia Prudential
Securities
Patriot Bank
LMC 4M Fund
Smith,Barney, Citi Group
Bank of the West
Others as needed
Wells Fargo
US Bank
Merrill Lynch
RBC Dain Rauscher
Wachovia Prudential
Securities
Patriot Bank
LMC 4M Fund
Smith, Barney, Citi Group
Bank of the West
Others as needed
2010
2011 Recommended
9. Legal Services
Kennedy & Graven
Kennedy & Graven
Barna, Guzy & Steffan, Ltd.
Barna, Guzy & Steffan, Ltd.
Ratwick, Roszak & Maloney
Ratwik, Roszak & Maloney
Sweeney, Borer & Sweeney
Staff suggests that the appointments of President, Vice President and Treasurer
be made in separate motions, and the remaining appointments can be made in
one motion.
RECOMMENDATION:
Staff is recommending Council prerogative or as recommended.