HRA MINUTES 05282003 - Laserfiche WebLink

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I CITY OF ST. ANTHONY 2 0 HOUSING AND REDEVELOPMENT AUTHORITY MEETING 5 May 28, 2003 6 7 CALL TO ORDER. 8 Chair Hodson called the meeting to order at 7:00 p.m. 9 10 PLEDGE OF ALLEGIANCE. 11 Chair Hodson invited the H.R.A. and audience to join him in the Pledge of Allegiance. 12 13 ROLL CALL. 14 Commissioners present: Chair Hodson; Commissioners Sparks, Thuesen, Horst, and Faust. 15 Commissioners absent: None. 16 Also present: Executive Director Michael Morrison and City Attorney Jerome 17 Gilligan. 18 19 20 1. APPROVAL OF MAY 28, 2003, H.R.A. AGENDA. 21 Motion by Commissioner Faust to approve the May 28, 2003, Housing and Redevelopment 22 Authority Agenda as presented. 23 24 Motion carried unanimously. 0 II. CONSENT AGENDA. 27 Motion by Commissioner Thuesen to approve the Consent Agenda, which consisted of: 28 29 A. H.R.A. Meeting Minutes of May 13, 2003: and 30 B. Claims. 31 32 Motion carried unanimously. 33 34 III. GENERAL POLICY BUSINESS OF THE H.R.A. 35 A. H.R.A.Resolution 03-011, re: Lease revenue bonds for public facilities development 36 Jim Prosser, Ehlers & Associates, came forward to update the HRA regarding the lease revenue 37 bonds for public facilities development. He stated $5,530,000 in public facilities lease revenue 38 bonds had been sold. Three bids had been received. The true interest rate bid of 3.7846% was 39 accepted, which would qualify for MBIA insurance. The HRA does need to close on the 40 property prior to closing on the bonds on July 2. The excellent rating was received because the 41 insurance was purchased with an AAA rating. Also, Mr. Prosser stated that the City has strong 42 underlying credit and this is the right time to be in the market. He said that the overall interest 43 cost was roughly $ I million less than anticipated. 44 45 Mr. Prosser discussed the estimated impact on the taxpayers' property. He said that in February it was estimated that the approximate impact on a $200,000 home would be $200. He stated the actual cost would be 20% lower at $160. In addition, the average cost during the first year would 4 be approximately 5% lower.