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01 <br /> 1 CITY OF ST. ANTHONY <br /> 2 <br /> 3 HOUSING AND REDEVELOPMENT AUTHORITY MEETING <br /> 4 <br /> 5 May 28, 200') <br /> 6 <br /> 7 CALL TO ORDER. <br /> 8 Chair Hodson called the meeting to order at 7:00 p.m. <br /> 9 <br /> 10 PLEDGE OF ALLEGIANCE. <br /> 11 Chair Hodson invited the H.R.A. and audience to join him in the Pledge of Allegiance. <br /> 12 <br /> 13 ROLL CALL. <br /> 14 Commissioners present: Chair Hodson; Commissioners Sparks, Thuesen, Horst, and Faust. <br /> 15 Commissioners absent: None. <br /> 16 Also present: Executive Director Michael Mornson and City Attorney Jerome <br /> 17 Gilligan. <br /> 18 <br /> 19 <br /> 20 I. APPROVAL OF MAY 28, 2003, H.R.A. AGENDA. <br /> 21 Motion by Commissioner Faust to approve the May 28, 2003, Housing and Redevelopment <br /> 22 Authority Agenda as presented. <br /> 23 <br /> 24 Motion carried unanimously. <br /> 25 <br /> 26 II. CONSENT AGENDA. <br /> 27 Motion by Commissioner Thuesen to approve the Consent Agenda, which consisted of- <br /> 28 <br /> 29 A. H.R.A. Meeting Minutes of May 13, 2003; and <br /> 30 B. Claims. <br /> 31 <br /> 32 Motion carried unanimously. <br /> 33 <br /> 34 III. GENERAL POLICY BUSINESS OF THE H.R.A. <br /> 35 A. H.R.A. Resolution 03-011, re: Lease revenue bonds for public facilities development. <br /> 36 Jim Prosser, Ehlers & Associates, came forward to update the HRA regarding the lease revenue <br /> 37 bonds for public facilities development. He stated $5,530,000 in public facilities lease revenue <br /> 38 bonds had been sold. Three bids had been received. The true interest rate bid of 3.7846% was <br /> 39 accepted, which would qualify for MBIA insurance. The HRA does need to close on the <br /> 40 property prior to closing on the bonds on July 2. The excellent rating was received because the <br /> 41 insurance was purchased with an AAA rating. Also, Mr. Prosser stated that the City has strong <br /> 42 underlying credit and this is the right time to be in the market. He said that the overall interest <br /> 43 cost was roughly $1 million less than anticipated. <br /> 44 <br /> 45 Mr. Prosser discussed the estimated impact on the taxpayers' property. He said that in February <br /> 46 it was estimated that the approximate impact on a $200,000 home would be$200. He stated the <br /> 47 actual cost would be 20% lower at $160. In addition, the average cost during the first year would <br /> 48 be approximately 5% lower. <br />