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Housing and Redevelopment Authority Meeting Minutes <br />March 23, 2021 <br />Page 2 <br />1 parcels into one larger district in order to be flexible to accommodate any future TIF requests the <br />2 City and HRA may deem to be warranted. <br />4 The duration of this redevelopment TIF district will be 25 years from the date of receipt of the <br />5 first increment, which is anticipated in 2023. Thus, it is estimated that the District, would <br />6 terminate at the earlier of satisfaction of payment on any pay-as-you-go TIF Notes within the <br />7 District or on December 31, in 2048. We anticipate that the District will be decertified earlier <br />8 than 2048 since currently the only obligation proposed for the District should be repaid in 9 <br />9 years. <br />10 <br />11 <br />12 <br />13 <br />14 <br />1.5 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />29 <br />30 <br />31 <br />32 <br />33 <br />34 <br />35 <br />36 <br />37 <br />38 <br />39 <br />40 <br />41 <br />42 <br />43 <br />44 <br />Motion by Commissioner Webster, seconded by Commissioner Randle, to adopt H.R.A. <br />Resolution 21-05; a Resolution recommending that the City Council adopt a modification to the <br />development program for Redevelopment Project Area No. 3 and establish Lowry Grove TIF <br />District therein and adopt a Tax Increment Financing Plan. <br />B. HRA Resolution 21-06; a Resolution authorizing the execution of a Redevelopment <br />Agreement. <br />Executive Director Yunker reviewed in June and September of 2020, the City Council reviewed <br />and discussed a request for public financial assistance from Development 65 in connection to the <br />Hayden Grove Senior Living project at a work session. They are constructing a 135 -unit senior <br />rental facility consisting of independent living, assisted living and memory care units, of which 7 <br />of the units (5%) will be affordable to persons at or below 50% of the area median income <br />(AMI). Mr. Yunker reviewed the terms of the agreement. <br />Motion by Commissioner Jenson, seconded by Commissioner Walker, to adopt H.R.A. <br />Resolution 21-06; a Resolution authorizing the execution of a Redevelopment Agreement. <br />Motion carried 5-0. <br />C. Notice of Termination of Land Use Agreement with Bremer Bank. <br />Executive Director Yunker reviewed on October 22, 2020 the HRA approved Resolution 2020- <br />06 approving the Land Swap Agreement between Bremer Bank and the Housing and <br />Redevelopment Authority of St. Anthony. Where Bremer Bank N.A. would acquire the city <br />owned parcel at 2654 Kenzie Terrace, and the city would acquire the .32 -acre Bremer Bank <br />owned property at 2534 Kenzie Terrace at the intersection of Kenzie Terrace and Lowry Avenue <br />NE for a new City Gateway entrance node. <br />This was the initial step in a three -party project between Trident Development, LLC, Bremer <br />Bank, N.A. and the City of St. Anthony. The project was planned to be Trident proposing a <br />This was the initial step in a three -party project between Trident Development, LLC, Bremer <br />Bank, N.A., and the City of St. Anthony. The project was planned to be Trident proposing a <br />senior living facility on the existing Bremer Bank site, which will be constructed after the new <br />