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Housing and Redevelopment Authority Meeting Minutes March 23, 2021 Page 2 parcels into one larger district in order to be flexible to accommodate any future TIF requests the 1 City and HRA may deem to be warranted. 2 3 The duration of this redevelopment TIF district will be 25 years from the date of receipt of the 4 first increment, which is anticipated in 2023. Thus, it is estimated that the District, would 5 terminate at the earlier of satisfaction of payment on any pay-as-you-go TIF Notes within the 6 District or on December 31, in 2048. We anticipate that the District will be decertified earlier 7 than 2048 since currently the only obligation proposed for the District should be repaid in 9 8 years. 9 10 Motion by Commissioner Webster, seconded by Commissioner Randle, to adopt H.R.A. 11 Resolution 21-05; a Resolution recommending that the City Council adopt a modification to the 12 development program for Redevelopment Project Area No. 3 and establish Lowry Grove TIF 13 District therein and adopt a Tax Increment Financing Plan. 14 15 B. HRA Resolution 21-06; a Resolution authorizing the execution of a Redevelopment 16 Agreement. 17 18 Executive Director Yunker reviewed in June and September of 2020, the City Council reviewed 19 and discussed a request for public financial assistance from Development 65 in connection to the 20 Hayden Grove Senior Living project at a work session. They are constructing a 135-unit senior 21 rental facility consisting of independent living, assisted living and memory care units, of which 7 22 of the units (5%) will be affordable to persons at or below 50% of the area median income 23 (AMI). Mr. Yunker reviewed the terms of the agreement. 24 25 Motion by Commissioner Jenson, seconded by Commissioner Walker, to adopt H.R.A. 26 Resolution 21-06; a Resolution authorizing the execution of a Redevelopment Agreement. 27 28 Motion carried 5-0. 29 30 C. Notice of Termination of Land Use Agreement with Bremer Bank. 31 32 Executive Director Yunker reviewed on October 22, 2020 the HRA approved Resolution 2020-33 06 approving the Land Swap Agreement between Bremer Bank and the Housing and 34 Redevelopment Authority of St. Anthony. Where Bremer Bank N.A. would acquire the city 35 owned parcel at 2654 Kenzie Terrace, and the city would acquire the .32-acre Bremer Bank 36 owned property at 2534 Kenzie Terrace at the intersection of Kenzie Terrace and Lowry Avenue 37 NE for a new City Gateway entrance node. 38 39 This was the initial step in a three-party project between Trident Development, LLC, Bremer 40 Bank, N.A. and the City of St. Anthony. The project was planned to be Trident proposing a 41 This was the initial step in a three-party project between Trident Development, LLC, Bremer 42 Bank, N.A., and the City of St. Anthony. The project was planned to be Trident proposing a 43 senior living facility on the existing Bremer Bank site, which will be constructed after the new 44