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Housing and Redevelopment Authority Meeting Minutes May 23, 1995 Page 2 1 Mornson reported in regards to the American Monarch property, the developer has deposited a 2 check for $5,000.00 with the City. There is a tentative developer's agreement to be approved at 3 the June 27, 1995 meeting for$125,000.00 in assistance in return for keeping value at $1.2 4 million and 67 jobs. 5 Mornson reported the Nedegaard Twin Homes project is proceeding. The developer has 6 deposited a check for$5,000.00 with the City. There is a tentative developer's agreement to be 7 approved at the June 27, 1995 meeting for assistance for$1.5 million-in value increase and 8 $30,000-$35,000 in taxes. 9 Mornson reported in regards to the Mako/Olson Property, there is a deposited check for 10 $5,000.00 with the City. There is a tentative developer's agreement to be approved at the June 11 27, 1995 meeting for $240,000.00 in assistance for a$2.4 million increase in value and $40,000- 12 $45,000 in taxes. 13 Mornson reported in regards to the Bowling Alley, there is a deposited check for$5,000.00 with 14 the City. There is a tentative developer's agreement to be considered at the June 27, 1995 15 meeting for assistance in return for an approximate $600,000.00 increase in value plus 16 $14,000.00 in taxes. City's offer is for$60,000.00 in assistance. The developer is asking for 17 $125,000.00. A decision by the HRA needs to be made on the amount. He indicated there is a 18 problem with parking in this development. The proposed parking stalls 23-29 are not park of the 19 owner's property. There is an easement with St. Anthony Shopping Mall for parking purposes 20 only. The owner is proposing to lease space from Town and Country for parking which will 21 bring the total parking stalls up to 65-70. But the owner needs a permanent solution to the 22 parking problem. He reported there is a possibility of vacating Coolidge but that may cause a 23 delivery and garbage pickup problem for other businesses located in that area. 24 Mornson reported the TIF hearing is scheduled for June 27, 1995, so the City will have the 25 ability to fund the aforementioned projects. 26 Mornson reported a meeting was held with Mary Rothchild from First Bank today, May 23rd, to 27 review issues regarding Apache Plaza. 28 VII. ADJOURNMENT. 29 Motion by Marks, second by Enrooth to adjourn the meeting at 9:35 P.M. 30 Motion carried unanimously. 31 Respectfully submitted, 32 Lorri Kopischke 33 Timesaver Off Site Secretarial 34 35 Mayor 36 ATTEST: 37 City Clerk