HRA MINUTES 10221985 - Laserfiche WebLink

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0 CITY OF ST. ANTHONY HOUSING AND REDEVELOPMENT AUTHORITY MINUTES October 22, 1985 The meeting was called to order by Chair Sundland at 8:21 P.M. Present for roll call: Sundland, Vice Chair Enrooth, Secretary/TReasurer Marks, and Commissioner Makowske. Absent: Commissioner Ranallo. Also present: David Childs, Executive Director. Motion by Commissioner Makowske and seconded by Secretary/Treasurer Marks to accept as presented the minutes of the H.R.A. meeting held October 8, 1985. Motion carried unanimously. Mr. Childs reported the Walbons had torn down all the buildings on the property they had sold the H.R.A. for the Townhomes of St. Anthony project, and, as had been agreed to by the H.R.A., were now entitled to $25,000 for the demolition. Motion by Commissioner Makowske and seconded by Secretary/Treasurer Marks to approve payment of $25,000 to the Walbons subject to the receipt of a letter from Brighton Development Corporation that they accept the land for the townhome project. Motion carried unanimously. • The Executive Director then told the H.R.A. members the closing on the Walker property would be held the next day and the groundbreaking should follow closely since Bor-Son Building Corporation is ready to tear the Mimosa Restaurant building down to make way for the senior housing project. Mr. Childs indicated it would be necessary to schedule a special H.R.A. meeting as soon as possible to consider the Redevelopment Agreement for the Chandler Place which is now in its final stages of development and to discuss Housing Revenue Bonding with the City Attorney. The Executive Director indicated that,since the October 8th meeting, staff had been able to_negoti,ate_an_ agreement, more acceptable to the City, under which the developers would be putting $700,000, or a Letter of Credit, for the same amountinto the required reserve fund for Housing Redevelop- ment Bonds for the project. Under this arrangement, Mr. Childs said, the health center owners would be investing their own money for from four to six years, when they could begin to recoup their investment as the tax increment revenues came in; the payback period and closing of the tax increment district would be accelerated; and, the City would still be getting a $700,000 second mortgage on the property at 3%. The special meeting was delayed until 5:30 P.M., Tuesday, October 29th, in the hope that Commissioner Ranallo would have recovered enough from his accident to attend. It was also noted that another special meeting of the Council would be necessary following the November 5th elections to certify the results of that election, and that there would have to be some rescheduling of the December meetings since a