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CC PACKET 12082003
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CC PACKET 12082003
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12/30/2015 8:03:24 PM
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12/30/2015 8:03:15 PM
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SP Box #
29
SP Folder Name
CC PACKETS 2001-2004
SP Name
CC PACKET 12082003
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01 <br /> 1 CITY OF ST. ANTHONY <br /> 2 <br /> 3 HOUSING AND REDEVELOPMENT AUTHORITY MEETING <br /> 4 <br /> 5 NOVEMBER 25, 2003 <br /> 6 <br /> 7 CALL TO ORDER <br /> 8 Chair Hodson called the meeting to order at 7:56 p.m. <br /> 9 <br /> 10 ROLL CALL. <br /> 11 Commissioners present: Chair Hodson; Commissioners Sparks and Faust. <br /> 12 Commissioners absent: Commissioners Horst and Thuesen. <br /> 13 Also present: Executive Director Michael Mornson. <br /> 14 <br /> 15 <br /> 16 I. APPROVAL OF NOVEMBER 25,2003, H.R.A. AGENDA. <br /> 17 Motion by Commissioner Sparks, seconded by Commissioner Faust, to approve the November <br /> 18 25, 2003, Housing and Redevelopment Authority Agenda as presented. <br /> 19 <br /> 20 Motion carried unanimously. <br /> 21 <br /> 22 II. CONSENT AGENDA. <br /> 23 Motion by Commissioner Sparks, seconded by Commissioner Faust, to approve the Consent <br /> 24 Agenda, which consisted of: <br /> 25 <br /> 26 A. H.R.A. Meeting Minutes of October 28, 2003; and <br /> 27 B. Claims. <br /> 28 <br /> 29 Motion carried unanimously. <br /> 30 <br /> 31 III. PUBLIC HEARINGS. <br /> 32 None. <br /> 33 <br /> 34 IV. GENERAL POLICY BUSINESS OF THE H.R.A. <br /> 35 A. Resolution HRA 03-019 re: Fannie Mae loan relating to prgppm acquisition for the <br /> 36 Northwest Quadrant Redevelopment. <br /> 37 <br /> 38 Executive Director Mornson noted by approving this resolution the HRA agreed to enter into an <br /> 39 agreement with Fannie Mae for loan funds to be used by the HRA to assist in acquiring <br /> 40 commercial property in the Northwest Quadrant area. He explained the proceeds to pay back the <br /> 41 loan would come from the developer when the"For Sale"housing was sold and from the future <br /> 42 increment, if needed. He added the City would not close on the loan until the developer had 20% <br /> 43 of the"For Sale"housing pre-sold. <br /> 44 <br /> 45 Mr. Mornson indicated this funding was needed by the developer to assist in the redevelopment <br /> 46 of the Northwest Quadrant and Fannie Mae had approved a$3.35 million non-revolving line of <br /> 47 credit to the St.Anthony Village HRA. He stated the City anticipated closing on the loan on or <br />
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