HRA MINUTES 11121985 - Laserfiche WebLink

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-2 - the 35% of the total 29 townhomes had either been sold or reserved and with the upgrad- •ing requested by those buyers, for whom price seemed not to be an issue, the cost of some of the units was now running closer to $100,000. The developer added that she doubted any of the units would be priced in the 80's when they are finally built and she perceived that would be good for the City's tax increment returns. Brighton Development is now working with Howard Dahlgren of the City of Roseville regarding the possibility of constructing Phase IV of the Village Townhouses on the land across Old Highway 8 where the old gas station burned to the ground recently, Ms. Donaldson reported and she corrected an impression held by the H.R.A. that the property was all zoned commercial by saying about 20,000 square feet in that parcel are actually zoned R-1. Mr. Soth, in commenting on Brighton Development's request for assistance, confirmed that the City legally had no responsibility for the soil correction problems and indicated he perceived an early take down wouldidiminish the City's risks -on the pro- ject and would provide the money earlier for investing. He later indicated that it would legally be more difficult to convey the land for Phase II without platting Phase III than it would be for both phases simultaneously. Vice Chair Enrooth said he did not like being "under the gun" for this phase and wondered if there would be any harm in waiting until the next meeting where the economics of the move could be written out. However, he went along with Commissioner Ranallo's conclusions that, since neither the City or the developers had been re- sponsible for the inaccurate soil borings, the costs should be split down the middle, and the Attorney's confirmation that no precedent would be set for similar action on •the last phases of the project. The Vice Chair also seemed to accept Commissioner Ranallo's perception that retaining the good relationship the City had with Brighton Development would also be worth a lot. Ms. Donaldson indicated she perceived the split of costs would be a fair compromise and would be willing to accept the Executive Director's estimation of the interest which the City would gain for a 5-1/2 month earlier closing. Motion by Commissioner-Ranallo and seconded-by.Secr.etary/Treasurer Marks to -reduce the land costs for Village Townhouses Phases II and III by $7,467.50, representing half of the soil correction costs incurred on Phase I and the interest estimated the City would gain if Brighton Development Corporation purchased the remaining portion of the project land November 15, 1985 rather than in the spring as required in the Redevelopers Agreement with them. Motion carried unanimously. Copies of the mortgage the H.R.A. would carry on the Chandler Place project had been included in the agenda packet and the Executive Director had recommended approval be subject to the final review by the Attorney. Motion by Secretary/Treasurer Marks and seconded by Vice Chair Enrooth to adopt the resolution approving the mortgage for the Chandler Place project on the corner of 37th Avenue N.E. and Chandler Drive, subject to the approval of the H.R.A. Attorney. H.R.A. RESOLUTION 85-012 • A RESOLUTION APPROVING THE MORTGAGE FOR THE CHANDLER PLACE PROJECT Motion carried unanimously.