HomeMy WebLinkAboutHRA MINUTES 102219850
CITY OF ST. ANTHONY
HOUSING AND REDEVELOPMENT AUTHORITY MINUTES
October 22, 1985
The meeting was called to order by Chair Sundland at 8:21 P.M.
Present for roll call: Sundland, Vice Chair Enrooth, Secretary/TReasurer Marks,
and Commissioner Makowske.
Absent: Commissioner Ranallo.
Also present: David Childs, Executive Director.
Motion by Commissioner Makowske and seconded by Secretary/Treasurer Marks to accept
as presented the minutes of the H.R.A. meeting held October 8, 1985.
Motion carried unanimously.
Mr. Childs reported the Walbons had torn down all the buildings on the property they
had sold the H.R.A. for the Townhomes of St. Anthony project, and, as had been
agreed to by the H.R.A., were now entitled to $25,000 for the demolition.
Motion by Commissioner Makowske and seconded by Secretary/Treasurer Marks to approve
payment of $25,000 to the Walbons subject to the receipt of a letter from Brighton
Development Corporation that they accept the land for the townhome project.
Motion carried unanimously.
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The Executive Director then told the H.R.A. members the closing on the Walker
property would be held the next day and the groundbreaking should follow closely
since Bor-Son Building Corporation is ready to tear the Mimosa Restaurant building
down to make way for the senior housing project.
Mr. Childs indicated it would be necessary to schedule a special H.R.A. meeting as
soon as possible to consider the Redevelopment Agreement for the Chandler Place
which is now in its final stages of development and to discuss Housing Revenue
Bonding with the City Attorney. The Executive Director indicated that,since the
October 8th meeting, staff had been able to_negoti,ate_an_ agreement, more acceptable
to the City, under which the developers would be putting $700,000, or a Letter of
Credit, for the same amountinto the required reserve fund for Housing Redevelop-
ment Bonds for the project. Under this arrangement, Mr. Childs said, the health
center owners would be investing their own money for from four to six years, when
they could begin to recoup their investment as the tax increment revenues came in;
the payback period and closing of the tax increment district would be accelerated;
and, the City would still be getting a $700,000 second mortgage on the property at 3%.
The special meeting was delayed until 5:30 P.M., Tuesday, October 29th, in the hope
that Commissioner Ranallo would have recovered enough from his accident to attend.
It was also noted that another special meeting of the Council would be necessary
following the November 5th elections to certify the results of that election, and
that there would have to be some rescheduling of the December meetings since a
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number of staff and Council members would be attending the League of Cities con-
ference in Seattle, December 10th, and Christmas Eve falls on the second date that
month for which a Council meeting is scheduled..
Motion by Vice Chair Enrooth and seconded by Secretary/Treasurer Marks to adjourn
the Housing and Redevelopment Authority meeting at 8:35 P.M.
Motion carried unanimously.
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Respectfully submitted,
Helen Crowe, Secretary