HRA MINUTES 02121985 - Laserfiche WebLink

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-2- revised tax increment cash flow projections for the project which had been • developed by Springsted-Incorporated in response to the redevelopers changing the unit numbers for the project from 32 to 29. Mr. Childs indicated these changes had been made by Brighton Development so each townhome would have a double garage as recommended by the Council and neighbors in that area. He added that the cash flows worked out because the developers had agreed to raise the unit price from $81,000 to $84,000 to include the larger garage space, and that the amount of money the City would be paid for the land would remain the same as originally projected. The Executive Director indicated he perceived this would_r_e_sult in a $20,000 cash savings for the-H.R.A. along with about a $50-60,000 interest savings. The consensus of the H.R.A. members was that the increased garage size would be an improvement for the project and the fact that Brighton Development had been so open to the suggested changes in this regard prompted several of them to comment that they were very optimistic about future relations with the developer. Motion by Secretary/Treasurer Marks and seconded by Commissioner Enrooth to accept the February 8, 1985 revised tax increment cash flow projections_from_Springsted Incorporated-as Exhibit-C-for the Old Highway 8 Redevelopment Project Plan. Motion carried unanimously. During the discussion of the resolutions which would approve the Redevelopment Plan and would establish Tax Increment District #2 for the townhome project, Mr. Soth told the Commissioners they were only being asked to approve a general plan and not a design for the project. is Motion by Secretary/Treasurer Marks and seconded by Commissioner Makowske to adopt H.R.A. Resolution 85-001 and to forward the Old Highway 8 Redevelopment/ Tax Increment Plan to the City Council for appropriate action. H.R.A. RESOLUTION 85-001 A RESOLUTION APPROVING THE REDEVELOPMENT PLAN ENTITLED, "OLD HIGHWAY EIGHT REDEVELOPMENT PLAN AND TAX INCREMENT PLAN", DATED JANUARY 3, 1985 Motion carried unanimously. The identification of the date on which the Planning Commission reviewed the Redevelopment Plan as January 15, 1985 and the deletion of "duly adopt" after "resolution" were accepted in the first two lines of the third paragraph in the second resolution presented for H.R.A. adoption. Motion by Secretary/Treasurer Marks and seconded by Vice Chair Enrooth to adopt the resolution which establishes Housing and Redevelopment Tax Increment District H2 for the Old Highway 8 Redevelopment Project; adopts a Redevelopment/Housing Program and Finance Plan for the district; and which directs the Executive Director to apply to the City Council for approval of the Plan and the new district. H.R.A. RESOLUTION 85-002 (� A RESOLUTION TO DESIGNATE AND ESTABLISH A HOUSING/REDEVELOPMENT DISTRICT • NUMBER 2 PURSUANT TO THE PROVISIONS-OF-SECTION 462 OF THE MINNESOTA STATUTES AND ESTABLISH A TAX INCREMENT DISTRICT PURSUANT TO THE PROVISIONS OF SECTION 273.71 TO 273 778 INCLUSIVE OF THE M'INNESOTA STATUTES (CHAPTER 322, LAWS OF MINNESOTA, 1979) AND ADOPTING A REDEVELOPMENT PROGRAM/_HOUS.I_NG PROGRAM AND FINANCE PLAN_ FOR SAID HOUSING OR REDEVELOPMENT AND TAX INCREMENT FINANCING DISTRICT