HomeMy WebLinkAboutHRA MINUTES 11252003CITY OF ST. ANTHONY
4) HOUSING AND REDEVELOPMENT AUTHORITY MEETING
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5 NOVEMBER 25, 2003
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7 CALL TO ORDER.
8 Chair Hodson called the meeting to order at 7:56 p.m.
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10 ROLL CALL.
11 Commissioners present: Chair Hodson; Commissioners Sparks and Faust.
12 Commissioners absent: Commissioners Horst and Thuesen.
13 Also present: Executive Director Michael Momson.
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16 I. APPROVAL OF NOVEMBER 25, 2003, H.R.A. AGENDA.
17 Motion by Commissioner Sparks, seconded by Commissioner Faust, to approve the November
18 25, 2003, Housing and Redevelopment Authority Agenda as presented.
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20 Motion carried unanimously.
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22 11. CONSENT AGENDA.
23 Motion by Commissioner Sparks, seconded by Commissioner Faust, to approve the Consent
0 Agenda, which consisted of:
26 A. H.R.A. Meeting Minutes of October 28.2003; and
27 B. Claims.
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29 Motion carried unanimously.
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31, 111. PUBLIC HEARINGS.
32 None.
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34 IV. GENERAL POLICY BUSINESS OF THE H.R.A.
35 A. Resolution HRA 03-019. re: Fannie Mae loan relating to property acquisition for the
36 Northwest Ouadrant Redevelopment.
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38 Executive Director Momson noted by approving this resolution the HRA agreed to enter into an
39 agreement with Fannie Mae for loan funds to be used by the HRA to assist in acquiring
40 commercial property in the Northwest Quadrant area. He explained the proceeds to pay back the
41 loan would come from the developer when the "For Sale" housing was sold and from the future
42 increment, if needed. He added the City would not close on the loan until the developer had 20%
43 of the "For Sale' housing pre -sold.
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Mr. Momson indicated this funding was needed by the developer to assist in the redevelopment
16 of the Northwest Quadrant and Fannie Mae had approved a $3.35 million non -revolving line of
47 credit to the St. Anthony Village HRA. He stated the City anticipated closing on the loan on or
Housing and Redevelopment Authority Meeting Minutes
•November 25, 2003
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before May 31, 2004, and the term of the loan was three years; however, a three-year extension
could be obtained, if necessary.
4 Mr. Momson stated this was a part of the negotiations with the Pratt development team, as the
5 HRA was applying for a Fannie Mae loan in order to help the developer acquire three
6 commercial properties behind Apache Plaza.
8 Mr. Momson explained the benefits to the City by applying for this loan were lower interest rates
9 and the loan would not be taken until the developer indicated proof of 20% presale of the
10 housing, which guaranteed payback of the loan. He noted the payback would come from the
11 developer with the future increment and payment when the City resold to the developer for the
12 housing. He added this was part of the financial package reviewed with Ms. Kvilvang from
13 Ehlers and Associates.
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15 Mr. Momson indicated this action started the process and there was a tentative plan to close with
16 the bank on Monday, December 1. He noted there would be a lot of activity over the next six
17 months; however, there would also be "dead time," as notices needed to be given to some of the
18 businesses. He added it was hoped construction would begin on the commercial piece sometime
19 next year.
0 Len Pratt, Pratt -Ordway, Inc., stated is were being dotted and is were being crossed on the
22 Development Agreement, at which time the closing would be underway and proper notices
23 would be sent to individuals and businesses in the mall. He indicated a spring start and
24 groundbreaking were the goal.
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26 Mr. Pratt stated he wanted to announce the name of the project. He explained comments had
27 been heard about the name at one of the public hearings; therefore, the citizens were asked for
28 input regarding naming the project. He noted 14 responses were received and 11 out of the 14
29 respondents referred to the words "Silver Lake." He indicated a consulting firm was hired and it
30 was suggested "Silver Lake" be combined with "Village," which.formed "Silver Lake Village."
31 He noted the name was a combination of suggestions offered by the respondents.
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33 Mr. Pratt noted the word "Plaza" was also suggested; however, the consultants felt "Plaza" had
34 historic meaning but might not be the right term for a new retail area.
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36 Commissioner Faust thanked Mr. Pratt for his research on naming the project, along with his
37 involvement with the community.
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39 Mr. Pratt stated he wished to thank the 14 respondents by making a donation on their behalf to
40 the community theater group and the community orchestra.
Motion by Commissioner Faust, seconded by Commissioner Sparks, to adopt Resolution HRA
03-019 related to the Northwest Quadrant/Apache Plaza Redevelopment, approving a loan for
44 property acquisition.
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Housing and Redevelopment Authority Meeting Minutes
.November 25, 2003
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Motion carried unanimously.
V. STAFF REPORTS.
None.
V. H.R.A. COMMISSIONER COMMENTS.
None.
VI. INFORMATION AND ANNOUNCEMENTS.
Mr. Mornson suggested the Commissioner interviews discussed during the Council meeting be
scheduled for December 16 from 3:30 p.m. to 5:30 p.m.
VII. ADJOURNMENT.
Chair Hodson adjourned the meeting at 8:06 p.m.
Respectfully submitted,
Marjorie R. Jenkins
TimeSaver Off Site Secretarial, Inc.