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1 CITY OF ST. ANTHONY <br />2 HOUSING AND REDEVELOPMENT AUTHORITY MEETING <br />3 November 14, 2006 <br />4 <br />5 CALL TO ORDER. <br />6 Chair Faust called the meeting to order at 8:56 p.m. <br />7 <br />8 ROLL CALL. <br />9 Commissioners present: Chair Faust; Commissioners Gray, Horst, 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 THE NOVEMBER 14, 2006 H.R.A. AGENDA. <br />14 Motion by Commissioner Horst, seconded by Commissioner Gray, to approve the November 14, <br />15 2006 Housing and Redevelopment Authority Agenda as presented. <br />16 <br />17 Motion carried unanimously. <br />18 <br />19 II. CONSENT AGENDA. <br />20 Motion by Commissioner Gray, seconded by Commissioner Thuesen, to approve the Consent <br />21 Agenda, which consisted of: <br />22 A. H.R.A. Meeting Minutes of October 24, 2006; and <br />23 B. Claims. <br />24 <br />25 Motion carried unanimously. <br />26 <br />27 III. PUBLIC HEARINGS. <br />28 None <br />29 <br />30 IV. GENERAL POLICY BUSINESS OF THE H.R.A. <br />31 A. H.R.A. Resolution 06-011; Amendment to Development Agreement for Silver Lake. <br />32 Village. <br />33 <br />34 Ms. Stacie Kvilvang, Ehlers and Associates, explained HRA resolution 06-011 is the fifth <br />35 amendment to the agreement with Apache Redevelopment, LLC for the Silver Lake Village <br />36 development area. She stated there are two sections to amend. Ms. Kvilvang explained section <br />37 10.1 addresses the dates for the construction of Phase 113 For Sale Housing Development <br />38 condominium buildings three and four. Ms. Kvilvang stated section 12.3 address the issuance of <br />39 a TIF note for both buildings. <br />40 <br />41 Ms. Kvilvang stated the developer requested extending the dates for one year, with the <br />42 construction of building three beginning September of 2007 and building four by September of <br />43 2008. She explained the delay in construction of both buildings is only one year from the <br />44 original projection as part of the sizing of the TIF note. She explained the one-year delay would <br />45 not jeopardize or decrease the amount of the TIF note due to increased property value. <br />46 Ms. Kvilvang stated relative to the TIF note for $3,432.758, the developer is requesting the note <br />47 be prorated accordingly between buildings three and four. She stated this would give the <br />48 developer a better chance to obtaining a better financing rate and would decrease carrying costs <br />