Laserfiche WebLink
1 <br />2 <br />3 <br />4. <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24, <br />2.5 <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 />Housing and Redevelopment Authority Meeting Minutes <br />April 10, 2006 <br />Page 2 <br />Ms. Kvilvang reported a sale was held at Ehlers & Associates on April 10, 2007 by the <br />underwriters. She mentioned banks, money market mangers, and pension funds purchased the <br />bonds. <br />Ms. Kvilvang reported the true interest cost is 5.13 percent. She explained that $2.9 million for <br />the first initial TIF note and $529,000 in interest of on the TIF note from the date of issue to the <br />date of closing on April 17, 2007 must be paid from the net proceeds of $4.2 million. She stated <br />the remaining balance of about $739,000 would pay down the Fannie Mae loan, as required by <br />the payoff documents. She reported a balance of $2.6 million would be left on Fanny Mae loan. <br />Ms. Kvilvang explained the landowner of the two buildings would pay land proceeds of <br />approximately $960,000 million, leaving $1.6 million outstanding on the loan. She reported an <br />extension of one two three years would be requested from Fanny Mae in August 2007. <br />Commissioner Stille asked if the debt coverage starts out as 125 or if the City have to work <br />towards it. <br />Ms. Kvilvang replied it would start at 125. <br />Motion by Commissioner Thuesen, seconded by Commissioner Gray, to approve Resolution 07- <br />006; a Resolution relating to Tax Increment Revenue Bonds (Silver Lake Village Phase IA <br />Housing), Series 2007; Fixing the Form and Details and Providing for the Execution and <br />Delivery Thereof and Security Therefore. <br />V. STAFF REPORTS. <br />None <br />VI. H.R.A. COMMISSIONER COMMENTS. <br />None <br />VII. INFORMATION AND ANNOUNCEMENTS. <br />None <br />VIII. ADJOURNMENT. <br />Chair Faust adjourned the meeting at 8:54 p.m. <br />Respectfully submitted, <br />Dianna Wise <br />TimeSaver Off Site Secretarial, Inc. <br />Motion carried unanimously. <br />FJ <br />