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CITY OF ST. ANTHONY <br />HRA REGULAR MEETING MINUTES <br />APRIL 14, 2009 <br />5 CALL TO ORDER. <br />6 Chair Faust called the meeting to order at 7:59 p.m. <br />7 <br />8 ROLL CALL. <br />9 Commissioners present: Chair Faust; Commissioners Gray, Roth, Stille, and Thuesen <br />10 Commissioners absent: None <br />11 Also Present: Executive Director Michael Mornson and City Attorney Jay Lindgren. <br />12 <br />13 I. APPROVAL OF APRIL 14, 2009 HRA MEETING AGENDA. <br />14 <br />15 Motion by Commissioner Thuesen, seconded by Commissioner Gray, to approve the April 14, <br />16 2009 Housing and Redevelopment Authority Agenda as presented. <br />17 <br />18 Motion carried unanimously. <br />19 <br />20 II. CONSENT AGENDA. <br />21 <br />22 Motion by Commissioner Gray, seconded by Commissioner Roth, to approve the Consent <br />23 Agenda, which consisted of <br />24 <br />25 A. H.R.A. Meeting Minutes of March 10, 2009; and <br />26 B. Claims. <br />27 <br />28 Motion carried unanimously. <br />29 <br />30 III. PUBLIC HEARINGS. <br />31 <br />32 None. <br />33 <br />34 IV. GENERAL POLICY OF BUSINESS OF THE H.R.A. <br />35 <br />36 A. Resolution 09 -007; Authorizing Assignment of Mortgage, Assignment of Leases and <br />37 Rents and Fixture Financing Statement Concerning Extension of Credit Facility from <br />38 Fannie Mae. Stacie Kvilvang, Ehlers & Associates and Jay LindpTen, Dorsey & <br />39 Whitney, presenting. <br />40 <br />41 Stacie Kvilvang, Ehlers & Associates, reviewed the proposed resolution and provided background <br />42 information on the Fannie Mae loan extension related to Silver Lake Village. She stated on April 1, <br />43 2009, the City and Fannie Mae executed the second amendment and modification to the loan and <br />44 security on the subject loan. Fannie Mae requested additional security on the loan in the form of an <br />45 assignment of the HRA's mortgage on the property. Ms. Kvilvang advised that upon discussion and <br />46 review with legal counsel, providing the assignment does not increase the City's risk in the deal. The <br />47 only time Fannie Mae would foreclose on this mortgage is if the City does not repay the loan, which is <br />48 unlikely. Ms. Kvilvang provided an overview of the remaining principal balance, the term of the <br />49 extension to December 31, 2010, and the schedule of payments. She explained that the loan will be <br />