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Housing and Redevelopment Authority Meeting Minutes <br />March 14, 2006 <br />Page 2 <br />1 Commissioner Thuesen asked if value, the economy, or the current success of a project would <br />2 determine this increase. Ms. Kvilvang replied it is a combination of all three. <br />3 <br />4 Motion by Commissioner Thuesen, seconded by Commissioner Stille, to adopt H.R.A. <br />5 Resolution 06-0073 re: modification for redevelopment project area no. 3, the modification of the <br />6 Chandler Place Tax Increment Financing District and the modification of Tax Increment <br />7 Financing District No. 3-5. <br />8 <br />9 Motion carried unanimously. <br />10 <br />11 B. H.R.A. Resolution 06-008, re: sale of TIF revenue bonds for Silver Lake Village <br />12 Stacie Kvilvang, Ehlers & Associates, Inc., stated the redevelopment agreement with .Apache <br />13 Redevelopment LLC noted that upon successful completion of any element of the <br />14 redevelopment, the City / HRA. would issue tax exempt debt to refund and pay existing taxable <br />15 TIF notes. She added the City can get better rates as well as additional funds to do other projects, <br />16 and over time the City will have the option to close down the district early. She stated Ehlers has <br />17 a look back provision in which they review a project to see if the amount of public assistance <br />18 given was needed and/or warranted. She noted the proposed resolution is giving authority for <br />19 future issuance of bonds, with the principal not exceeding $5.8 million. <br />20 <br />21 Commissioner Stille stated that the burden is on the developer when there is risk. Ms. Kvilvang <br />22 agreed noting the developer had the risk and it is now mitigated because construction has been <br />23 completed and they are paying taxes on it. <br />24 <br />25 Motion by Commissioner Horst, seconded by Commissioner Stille, to adopt H.R.A. Resolution <br />26 06-008, re: sale of TIF revenue. bonds for Silver Lake Village <br />27 <br />28 Motion carried. unanimously. <br />29 <br />30 IV. STAFF REPORTS. <br />31 None. <br />32 <br />33 V. .R.A. COMMISSIONER COMMENTS, <br />34 None. <br />35 <br />36 VI. INFORMATION AND ANNOUNCEMENTS, <br />37 None. <br />38 <br />39 VII. ADJOURNMENT, <br />40 Acting Chair Gray adjourned the meeting at 7:18 p.m. <br />41 <br />42 Motion carried unanimous) . <br />43 <br />44 <br />