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10 <br />11 <br />12 <br />13 <br />14 <br />IS <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 />45 <br />46 <br />47 <br />48 <br />49 <br />CITY OF ST. ANTHONY <br />LIRA REGULAR MEETING MINUTES <br />APRIL 14, 2009 <br />CALL TO ORDER. <br />Chair Faust called the meeting to order at 7:59 p.m. <br />ROLL CALL. <br />Commissioners present: Chair Faust; Commissioners Gray, Roth, Stille, and Thuesen <br />Commissioners absent: None <br />Also Present: Executive Director Michael Morison and City Attorney Jay Lindgren. <br />I. APPROVAL OF APRIL 14, 2009 HRA MEETING AGENDA. <br />Motion by Commissioner Thuesen, seconded by Commissioner Gray, to approve the April 14, <br />2009 Housing and Redevelopment Authority Agenda as presented. <br />Motion carried unanimously. <br />II. CONSENT AGENDA. <br />Motion by Commissioner Gray, seconded by Commissioner Roth, to approve the Consent <br />Agenda, which consisted of: <br />A. H.R.A. Meeting Minutes of March 10 2009• and <br />B. Claims. <br />Motion carried unanimously. <br />III. PUBLIC HEARINGS. <br />None. <br />IV. GENERAL POLICY OF BUSINESS OF THE H.R.A. <br />A. Resolution 09-007; Authorizing Assignment of Mortgage Assignment of Leases and <br />Rents and Fixture Financing Statement Concerning Extension of Credit Facility from <br />Fannie Mae. Stacie Kvilvang, Ehlers & Associates and Jay Lindgren Dorsey & <br />Whitney, presenting. <br />Stacie Kvilvang, Ehlers & Associates, reviewed the proposed resolution and provided background <br />information on the Fannie Mae loan extension related to Silver Lake Village. She stated on April 1, <br />2009, the City and Fannie Mae executed the second amendment and modification to the loan and <br />security on the subject loan. Fannie Mae requested additional security on the loan in the form of an <br />assignment of the HRA's mortgage on the property. Ms. Kvilvang advised that upon discussion and <br />review with legal counsel, providing the assignment does not increase the City's risk in the deal. The <br />only time Fannie Mae would foreclose on this mortgage is if the City does not repay the loan, which is <br />unlikely. Ms. Kvilvang provided an overview of the rcmaining principal balance, the term of the <br />extension to December 31, 2010, and the schedule of payments. She explained that the loan will be <br />