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3 <br /> Housing and Redevelopment Authority Meeting Minutes <br /> June 25, 2002 <br /> Page 3 <br /> 1 Commissioner Thuesen asked about the 25-year payback period that it would take to <br /> 2 recapture their entire investment with the LaNel proposal, and if it was a fairly typical <br /> 3 time period. Kvilvang stated that the timeframe for a standard redevelopment district was <br /> 4 25 years. <br /> 5 <br /> 6 Motion by Commissioner Faust, second by Commissioner Thuesen, to approve <br /> 7 Resolution 02-012, re: Authorizing the Chair and Executive Director to enter into a <br /> 8 Redevelopment Agreement relating to the Kenzie Terrace redevelopment project. <br /> 9 <br /> 10 Motion carried unanimously. <br /> 11 <br /> 12 IV. STAFF REPORTS. <br /> 13 None. <br /> 14 <br /> 15 V. H.R.A. COMMISSIONER COMMENTS. <br /> 16 None. <br /> 17 <br /> 18 VI. INFORMATION AND ANNOUNCEMENTS. <br /> 19 None. <br /> 20 <br /> 21 VII. ADJOURNMENT. <br /> 22 Motion by Commissioner Thuesen, second by Commissioner Horst, to adjourn the meeting at <br /> 23 8:32 p.m. <br /> 24 <br /> 25 Motion carried unanimously. <br /> 26 Respectfully submitted, <br /> 27 Courtney Seesz <br /> 28 Timesaver Off Site Secretarial, Inc. <br />