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I CITY OF ST. ANTHONY <br />2 HRA REGULAR MEETING MINUTES <br />3 JUNE 26, 2012 <br />4 <br />5 CALL TO ORDER. <br />6 <br />7 Chair Faust called the meeting to order at 7:59 p.m. <br />8 <br />9 ROLL CALL. <br />10 Commissioners present: Chair Faust; Commissioners Gray, Jenson, Stille, and Roth. <br />11 Commissioners absent: None. <br />12 Also Present: Executive Director Mark Casey. <br />13 Guest: Stacie Kvilvang (Ehlers & Associates). <br />14 <br />15 <br />16 I. APPROVAL OF JUNE 26, 2012, HRA MEETING AGENDA. <br />17 <br />18 Motion by Commissioner Gray, seconded by Commissioner Jenson, to approve the June 26, <br />19 2012, Housing and Redevelopment Authority Agenda as presented. <br />20 <br />21 Motion carried unanimously. <br />22 <br />23 II. CONSENT AGENDA. <br />24 <br />25 Motion by Commissioner Gray, seconded by Commissioner Jenson, to approve the Consent <br />26 Agenda, which consisted of: <br />27 <br />28 A. H.R.A. Meeting Minutes of June 12, 2012• and <br />29 B. Claims. <br />30 <br />31 Motion carried unanimously. <br />32 <br />33 III. PUBLIC HEARINGS. <br />34 <br />35 None. <br />36 <br />37 IV. GENERAL POLICY BUSINESS OF THE HOUSING AND REDEVELOPMENT <br />38 AUTHORITY <br />39 <br />40 A. Resolution 12-07; Relating to Amendment Tax Increment Note for The Landings <br />41 Housing Project within Silver Lake Village. Stacie Kvilvang Ehlers & Associates <br />42 oresentin. <br />43 <br />44 Ms. Kvilvang explained the proposed revisions to the existing TIF note with Dominium <br />45 regarding how unpaid interest is handled and the term of tax increment available. She stated it <br />46 typically takes two years for a city to get tax revenue and when TIF notes are issued, it is <br />47 anticipated that the first two years of capitalized interest are added to the principal amount of the <br />48 Note; if tax increment generated in any one year is not adequate to pay the full principal and <br />49 interest, that interest is set aside as not being paid. She indicated the current TIF note states that <br />50 unpaid interest had to be added to the principal and the intent of the TIF note was that interest <br />