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Housing and Redevelopment Authority Meeting Minutes <br />April 14, 2009 <br />Page 2 <br />1 repaid through land sale proceeds (estimated at $1.5 million) and tax increment that is generated when <br />2 the developer capitalizes its PAYG TIF note when it commences with construction. <br />4 Commissioner Stille requested an explanation on whether the economics still work with the land sale. <br />5 Ms. Kvilvang replied that the balance of the loan will be approximately $9,950,000 after the land sale. <br />6 Projected TIF revenue provides adequate proceeds to pay off the loan balance. <br />7 <br />8 Mayor Faust requested comments from the City Attorney regarding Fannie Mae's requirement for an <br />9 assignment of the HRA's mortgage on the property. City Attorney Lindgren stated he agrees with Ms. <br />10 Kvilvang that providing the assignment does not really increase the risk to the City. He stated it creates <br />11 an additional burden to go through, but the likelihood of Fannie Mae ever foreclosing on the mortgage is <br />12 remote. <br />13 <br />14 Motion by Commissioner Gray, seconded by Commissioner Roth, to approve Resolution 09-007, <br />15 Authorizing Assignment of Mortgage, Assignment of Leases and Rents and Fixture Financing Statement <br />16 Concerning Extension of Credit Facility from Fannie Mae. <br />17 <br />18 Motion adopted unanimously. <br />19 <br />20 B. Silver Lake Village Update. Stacie Kvilvang Ehlers & Associates presenting_ <br />21 <br />22 Ms. Kvilvang reported that 111 of the 130 units in the condominium buildings have had closings, 3 units <br />23 are pending sales and 3 are reserved. A total of 16 units are remaining. Of the 26 single level <br />24 townhomes, there are 21 units that have been sold or are under contract with the sale pending. <br />25 <br />26 Mr. Len Pratt, Developer of Silver Lake Village, stated the City of St. Anthony is held in high regard <br />27 with an outstanding school system and streets that are in good repair comparatively to the immediately <br />28 surrounding areas. He reported on recent sales of existing homes in St. Anthony and Northeast <br />29 Minneapolis that point to a possible recovery in the marketplace. Mr. Pratt provided an update on Silver <br />30 Lake Village, Phase 1B Housing. The housing plan consists of 120 units including 40 senior cooperative <br />31 homes and 80 senior rentals with services to include health care and memory care units. Mr. Pratt stated <br />32 the local head of HUD is in favor of HUD supported financing on this final phase of housing. The goal <br />33 is to get this project in the ground in 2009. <br />34 <br />35 Commissioner Stille inquired about the next step with the Phase 1B housing. Mr. Pratt stated a session is <br />36 scheduled for tomorrow for timeline planning. Iie hopes to have the health care provider and the builder <br />37 attend a Council workshop within the next 60 days. <br />38 <br />39 Ms. Kvilvang stated based on Mr. Pratt's update, staff will be looking to present the City Council and <br />40 HRA with a 7t" amendment to the Development Agreement in the next 30 to 60 days. <br />41 <br />42 City Manager Mornson indicated that an amendment to the existing PUD will be coming forward as <br />43 well. <br />44 <br />