HRA MINUTES 02121985 - Laserfiche WebLink

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-3 - Motion carried unanimously. • The Chair recessed the meeting at 9:06 P.M. so the Council could be reconvened to act on the above H.R.A. recommendations. When that had been accomplished, the H.R.A. was reconvened at 9:11 P.M. to receive the Council's response in the forms of Resolutions 85-015, 85-016, and 85-017 acceding to the H.R.A. requests. The Attorney then presented for H.R.A. guidance regarding several issues, the proposed Redevelopment Agreement to be finalized with Brighton Development the next day. The H.R.A. members agreed with staff's intention of standing fast on --, n the City's not taking on the responsibility for paying the taxes for 1985_and 1_986, as requested -by the redevelopers: Mr --Krieg agreed with co that. nsensus indicating he perceived to do so would probably affect the increment cash flows for the project. There was also H.R.A. agreement with staff that the $70,000 Letter of Credit would provideadequate_protection without requiring personal guarantees from the Brighton Development shareholders. The Attorney's suggestions for restricting the transfer of ownership was also acceptable. The H.R.A. perceived the soil testing results to be submitted the next day would resolve any hazardous waste questions, one way or another, although, the Executive Director reiterated he would not expect any unforeseen problems to develop in that regard. In spite of the complicated land description for the Walbon property, Mr. Soth indicated he had found no title problems with the redevelopment property and he • confirmed that the triangular shaped parcel on the west side of the property had been satisfactorily handled. The Executive Director indicated the drawings for Schedule A-1 would have to be for 29 units rather than 32 and Mr. Soth gave the following tentative figures for Schedule B-1 and C, which he reminded the H.R.A. would have to correspond to the Springsted cash flow projections: Allocation of Purchase Price Phase I $ 43,200 Phase II 79,200 Phase III 85,600 $208,000 Mr. Soth said the dates on which Brighton Development would purchase the land, tc be inserted on Schedule D, would -6f 30-1985 for the six units of Phase'I; September 30, 1985 for the 11 units of Phase II; and April 30, 1986 for the final 12 units in Phase III. The completion dates would have to correspond to the Springsted projections just accepted for Schedule C, according to the Executive Director. The H.R.A. instructed the staff to accede to Brighton Development's request that several items in the deed covenants be deleted as being too specific and since the • City already has control over the type of sidewalks which would be installed. They also concurred with the insertion of "and a statement by the H.R.A. that Brighton Development is in default"•shoul'.d'be sufficient in the second paragraph of the Irrevocable Letter of Credit, Exhibit B.