Laserfiche WebLink
HRA Meeting Minutes <br />June 22, 2004 <br />Page 3 <br />01 5. Miscellaneous <br />3 A. Developer Fee. The Developer will defer payment of their development <br />4 fee until after the development has been constructed. <br />6 B. Timing. The Developer will, subject to Unavoidable Delays, begin <br />7 construction by January 31, 2005, and complete the project by July 1, <br />q8 2006. <br />10 <br />11 Commissioner Horst questioned the S4.7 million estimate on the TIF assistance. Ms. Kilvang <br />12 stated that the estimate could be less or more which would be determined based upon the <br />13 valuation of the property, and at what level the developer will be able to sell the bond as a <br />14 mortgage on the property. <br />15 <br />16 Commissioner Horst continued in questioning how the 20 percent figure on the affordable <br />17 housing was derived. Ms. Kilvang answered that it was set by the financing of the bonds. She <br />18 added that as a statutory requirement they have an option of 20 percent at 50 percent of the <br />19 median income or 40 at 60 of the median income, and 20 percent was chosen. <br />20 <br />21 There was discussion regarding the addition of the affordable housing component adding to the <br />22 need for assistance due to land costs, as well as the range in reported debt fluctuation. <br />23 <br />Commissioner Thuesen noted how complex the project has been and the fact that a project like <br />IN this does not "just happen." <br />26 <br />27 Chair Hodson agreed with Commissioner Thuesen noting that due to the Staff the City has been <br />28 able to make the project happen. He noted that the residents may not be aware of the difficulty <br />29 involved in planning these types of projects in the middle of a metropolitan area. <br />30 <br />31 Commissioner Faust noted that the Council, in conjunction with Ehlers and Associates, made a <br />32 conscious decision to go with 20 percent, on the affordable housing component, which lead to <br />33 the TIF number. <br />34 <br />35 Motion by Commissioner Faust, seconded by Commissioner Thuesen, Approving Resolution 04- <br />36 010, Relating to the Redevelopment of Property in Redevelopment Project Area No. 3 and <br />37 Authorizing the Preparation, Execution and Delivery of a Rental Housing Associates I, Limited <br />38 Partnership. <br />39 <br />40 Motion carried unanimously. <br />41 <br />42 V. STAFF REPORTS. <br />43 None. <br />44 <br />45 VI. H.R.A COMMISSIONER COMMENTS. <br />L <br />Ri <br />