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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 />1.7 <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 />50 <br />CITY OF ST. ANTHONY <br />IIRA REGIJLAR. MEETING MINUTES <br />JUNE 26, 2012 <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, Jenson, Stille, and Roth. <br />Commissioners absent: None. <br />Also Present: Executive Director Mark Casey. <br />Guest: Stacie Kvilvang (Ehlers & Associates). <br />I. APPROVAL OF JUNE 26, 2012, HRA MEETING AGENDA. <br />Motion by Commissioner Gray, seconded by Commissioner Jenson, to approve the June 26, <br />2012, Housing and Redevelopment Authority Agenda as presented. <br />Motion carried unanimously. <br />I1. CONSENT AGENDA. <br />Motion by Commissioner Gray, seconded by Commissioner Jenson, to approve the Consent <br />Agenda, which consisted of: <br />A. I.I.R.A. Mectinu Minutes of June 12, 2012; and <br />I3. Claims. <br />Motion carried unanimously. <br />III. PUBLIC HEARINGS. <br />None. <br />IV. GENERAL POLICY BUSINESS Oh' THE HOUSING AND REDEVELOPMENT <br />AUTHORITY <br />A. Resolution 12-07• Relating to Amendment'rax Increment Note for The Landings <br />Housing Project within Silver Lake Village. Stacie Kvilvang, Ehlers & Associates, <br />presenting. <br />Ms. Kvilvang explained the proposed revisions to the existing TIF note with Dominium <br />regarding how unpaid interest is handled and the term of tax increment available. She stated it <br />typically takes two years for a city to get tax revenue and when TIF notes are issued, it is <br />anticipated that the first two years of capitalized interest are added to the principal amount of the <br />Note; if tax increment generated in any one year is not adequate to pay the full principal and <br />interest, that interest is set aside as not being paid. She indicated the current TIF note states that <br />unpaid interest had to be added to the principal and the intent of the']']],' note was that interest <br />I <br />