HomeMy WebLinkAboutHRA MINUTES 06262012I CITY OF ST. ANTHONY
2 HRA REGULAR MEETING MINUTES
3 JUNE 26, 2012
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5 CALL TO ORDER.
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7 Chair Faust called the meeting to order at 7:59 p.m.
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9 ROLL CALL.
10 Commissioners present: Chair Faust; Commissioners Gray, Jenson, Stille, and Roth.
11 Commissioners absent: None.
12 Also Present: Executive Director Mark Casey.
13 Guest: Stacie Kvilvang (Ehlers & Associates).
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16 I. APPROVAL OF JUNE 26, 2012, HRA MEETING AGENDA.
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18 Motion by Commissioner Gray, seconded by Commissioner Jenson, to approve the June 26,
19 2012, Housing and Redevelopment Authority Agenda as presented.
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21 Motion carried unanimously.
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23 II. CONSENT AGENDA.
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25 Motion by Commissioner Gray, seconded by Commissioner Jenson, to approve the Consent
26 Agenda, which consisted of:
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28 A. H.R.A. Meeting Minutes of June 12, 2012• and
29 B. Claims.
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31 Motion carried unanimously.
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33 III. PUBLIC HEARINGS.
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35 None.
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37 IV. GENERAL POLICY BUSINESS OF THE HOUSING AND REDEVELOPMENT
38 AUTHORITY
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40 A. Resolution 12-07; Relating to Amendment Tax Increment Note for The Landings
41 Housing Project within Silver Lake Village. Stacie Kvilvang Ehlers & Associates
42 oresentin.
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44 Ms. Kvilvang explained the proposed revisions to the existing TIF note with Dominium
45 regarding how unpaid interest is handled and the term of tax increment available. She stated it
46 typically takes two years for a city to get tax revenue and when TIF notes are issued, it is
47 anticipated that the first two years of capitalized interest are added to the principal amount of the
48 Note; if tax increment generated in any one year is not adequate to pay the full principal and
49 interest, that interest is set aside as not being paid. She indicated the current TIF note states that
50 unpaid interest had to be added to the principal and the intent of the TIF note was that interest
[if
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Housing and Redevelopment Authority Meeting Minutes
June 26, 2012
Page 2
would only accrue and be added to principal until the first payment on August 1, 2006. She
stated when the TIF note was issued in 2004, the City did not anticipate receiving an inflationary
value increase in 2005 and the new end payment date on the TIF note should be reduced by one
year to provide Dominium with 25 years of TIF rather than 26. She added the remaining balance
at the end of the duration of the TIF district will be approximately $2.9 million.
Motion by Commissioner Roth, seconded by Commissioner Gray, to approve Resolution 12-07;
Relating to Amendment of Tax Increment Note for The Landings Housing Project within Silver
Lake Village.
V. STAFF REPORTS
None.
VI. H.R.A. COMMISSIONER COMMENTS
None.
VII. INFORMATION AND ANNOUNCEMENTS
None.
VIII. ADJOURNMENT
Chair Faust adjourned the meeting at 8:06 p.m.
Respectfully submitted,
Barbara Hughes
TimeSaver Off Site Secretarial. Inc.
City 0,17 -k -
Motion carried unanimously.