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1 H.R.A MEETING • <br /> 2 FEBRUARY 22 , 1994 <br /> 3 PAGE 2 <br /> 4 <br /> 5 <br /> 6 A. City of St . Anthony General Fund <br /> 7 <br /> 8 Payment in the amount of $23, 121 . 59 to the General Fund of the <br /> 9 City of St . Anthony for the transfer of salaries and H.R.A. <br /> 10 payment for 1993 . <br /> 11 <br /> 12 <br /> 13 B. American Bank <br /> 14 <br /> 15 Payment in the amount of $346 . 50 to the American Bank for the <br /> 16 issuance fee for the General Obligation Tax Increment <br /> 17 Refunding Bond. <br /> 18 <br /> 19 Motion carried unanimously <br /> 20 <br /> 21 <br /> 22 6 . NEW BUSINESS <br /> 23 <br /> 24 A. Status of Property- at 3112 Silver Lake Road <br /> 25 •26 The Executive Director advised this property was purchased <br /> 27 last fall by Mr. & Mrs . Mercil . They presented their <br /> 28 construction and site plans to the Council previously. Since <br /> 29 that time their contractor has become ill and can no longer <br /> 30 continue with the project . <br /> 31 <br /> 32 The Mercils have employed the services of another contractor . <br /> 33 The original plans were for a $100 , 000 rambler. They are now <br /> 34 for a $135, 000 rambler. Both of these values did not include <br /> 35 the land. <br /> 36 <br /> 37 The Development Agreement with the City required a home to be <br /> 38 built on this property with a minimum value of $100 ,000 . <br /> 39 <br /> 40 The newly-hired contractor will purchase the lot from the City <br /> 41 on a Contract for Deed. With this arrangement , the Mercils <br /> 42 will not have to take out a temporary note for the lot and <br /> 43 then go back for permanent financing. <br /> 44 <br /> 45 It is expected- that construction will commence in about two <br /> 46 weeks. <br /> 47 <br /> 48 The only change to the Development Agreement with this new <br /> 49 contractor is the sale of the parcel to the contractor rather <br /> 50 than to the Mercils . <br />