HRA MINUTES 08251987 - Laserfiche WebLink

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•1 should be able to have occupancy within seven months of start - 2 ing a building. 3 Financing 4 Mr. Hamel said looking at unparking $8,500,000 of the bonds 5 the Village sold for the project which, with reserve funding 6 would approach $9,000,000; 7 said Gaughan has extensive experience in doing tax increment 8 projects and gave Coon Rapids and Cambridge projects as 9 examples; 10 Mr. Hamel pointed out that his own background experience had 11 been in city and urban planning; 12 said he had served as Community Development Director of Coon 13 Rapids and had been with Gaughan for ten years; 14 said Pat Gaughan would personally sign the Redevelopment 15 Agreement as the guarantor of the development; 16 understood the $360,000 Letter of Credit would be irrevocable 17 and non-refundable; 18 Soth indicated the City was hoping it could buy rather than *9 condemn the project property and would prefer to close with 20 the developer at the same time as the closing for the land so 21 the City could use the developer's $700,000 for that purpose; 22 Mr. Hamel said he assumed Gaughan would like to get into the 23 financing just as soon as possible and would be ready to 24 close on the land when it was available; 25 Mr. Hamel said he would envision all that happening at once 26 because it would be tough to get the underwriter to resell 27 the bond issue not knowing when the land is going to be 28 delivered; 29 reiterated that the arrangement would be "fine for us at the 30 earliest possible date." 31 Security 32 Mr. Hamel indicated all Gaughan buildings are security -type. 33 Said a security call system would be at the main entrance. 34 Only residents could enter other entrances and would need a 35 key to unlock the door; 36 there would be 24 hours a day security provided; •37 12