HRA MINUTES 04102007 - Laserfiche WebLink

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Housing and Redevelopment Authority Meeting Minutes •April 10, 2006 Page 2 I Ms. Kvilvang reported a sale was held at Ehlers & Associates on April 10, 2007 by the 2 underwriters. She mentioned banks, money market mangers, and pension funds purchased the 3 bonds. It .5 Ms. Kvilvang reported the true interest cost is 5.13 percent. She explained that $2.9 million for 6 the first initial TIF note and $529,000 in interest of on the TIF note from the date of issue to the 7 date of closing on April 17, 2007 must be paid from the net proceeds of $4.2 million. She stated 8 the remaining balance of about $739,000 would pay down the Fannie Mae loan, as required by 9 the payoff documents. She reported a balance of $2.6 million would be left on Fanny Mae loan. 10 Ms. Kvilvang explained the landowner of the two buildings would pay land proceeds of 1 l approximately $960,000 million, leaving $1.6 million outstanding on the loan. She reported an 12 extension of one two three years would be requested from Fanny Mae in August 2007. 13 I't Commissioner Stille asked if the debt coverage starts out as 125 or if the City have to work 15 towards it. 16 17 Ms. Kvilvang replied it would start at 125. 18 19 Motion by Commissioner Thuesen, seconded by Commissioner Gray, to approve Resolution 07- 006; a Resolution relating to Tax Increment Revenue Bonds (Silver Lake Village Phase IA Housing), Series 2007; Fixing the Form and Details and Providing for the Execution and 22 Delivery Thereof and Security Therefore. 23 24 Motion carried unanimously. 25 26 V. STAFF REPORTS. 27 None 28 29 V1. H.R.A. COMMISSIONER COMMENTS. 30 None 31 32 VII. INFORMATION AND ANNOUNCEMENTS. 33 None 34 35 VIII. ADJOURNMENT. 36 Chair Faust adjourned the meeting at 8:54 p.m. 37 38 39 Respectfully submitted, 40 Dianna Wise 16 TimeSaver Off Site Secretarial, Inc