HomeMy WebLinkAboutHRA MINUTES 04102007I CITY OF ST. ANTHONY
HOUSING AND REDEVELOPMENT AUTHORITY MEETING
April 10, 2007
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6 CALL TO ORDER.
7 Chair Faust called the meeting to order at 7:46 p.m.
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9 ROLL CALL.
10 Commissioners present: Chair Faust; Commissioners Gray, Horst, Stille, and Thuesen.
I I Commissioners absent: None.
12 Also present Executive Director Michael Mornson
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15 1. APPROVAL OF APRIL 10, 2007 H.R.A. AGENDA.
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17 Motion by Commissioner Horst, seconded by Commissioner Gray, to approve the April 10, 2007
18 Housing and Redevelopment Authority Agenda as presented.
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20 Motion carried unanimously.
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22 ll. CONSENT AGENDA.
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These items are considered routine and will be enacted by one motion. There will be no separate
discussion of these items unless a Commissioner or citizen so requests, in which event the item
26 the item will be removed from the Consent Agenda and placed elsewhere on the agenda.
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28 A. Approve the H.R.A. Minutes.
29 B. Claims
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31 Motion by Commissioner Gray, seconded by Commissioner Stille to approve the Consent
32 Agenda.
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34 Motion carried unanimously.
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36 III. PUBLIC HEARINGS.
37 None
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39 IV. GENERAL POLICY BUSINESS OF THE H.R.A.
't0 A. Resolution 07-006; Approval of Bond Resolution for Tax Increment Revenue Bonds
41 (Silver Lake Village Phase IIA Housing), Series 2007.
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43 Ms. Stacie Kvilvang, Ehlers & Associates, stated the Commission approved approximately $4.6
44 million in Tax Increment Revenue Bonds for Phase IA housing at Silver Lake Village at the
March 13, 2007 HRA meeting. Ms. Kvilvang explained the benefits associated with Tax
16 Increment Revenue Bonds. She also explained the concept of super sinkers relative to paying
47 down the bonds.
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Housing and Redevelopment Authority Meeting Minutes
•April 10, 2006
Page 2
I Ms. Kvilvang reported a sale was held at Ehlers & Associates on April 10, 2007 by the
2 underwriters. She mentioned banks, money market mangers, and pension funds purchased the
3 bonds.
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.5 Ms. Kvilvang reported the true interest cost is 5.13 percent. She explained that $2.9 million for
6 the first initial TIF note and $529,000 in interest of on the TIF note from the date of issue to the
7 date of closing on April 17, 2007 must be paid from the net proceeds of $4.2 million. She stated
8 the remaining balance of about $739,000 would pay down the Fannie Mae loan, as required by
9 the payoff documents. She reported a balance of $2.6 million would be left on Fanny Mae loan.
10 Ms. Kvilvang explained the landowner of the two buildings would pay land proceeds of
1 l approximately $960,000 million, leaving $1.6 million outstanding on the loan. She reported an
12 extension of one two three years would be requested from Fanny Mae in August 2007.
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I't Commissioner Stille asked if the debt coverage starts out as 125 or if the City have to work
15 towards it.
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17 Ms. Kvilvang replied it would start at 125.
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19 Motion by Commissioner Thuesen, seconded by Commissioner Gray, to approve Resolution 07-
006; a Resolution relating to Tax Increment Revenue Bonds (Silver Lake Village Phase IA
Housing), Series 2007; Fixing the Form and Details and Providing for the Execution and
22 Delivery Thereof and Security Therefore.
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24 Motion carried unanimously.
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26 V. STAFF REPORTS.
27 None
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29 V1. H.R.A. COMMISSIONER COMMENTS.
30 None
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32 VII. INFORMATION AND ANNOUNCEMENTS.
33 None
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35 VIII. ADJOURNMENT.
36 Chair Faust adjourned the meeting at 8:54 p.m.
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39 Respectfully submitted,
40 Dianna Wise
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