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HomeMy WebLinkAboutHRA MINUTES 11091982• CITY OF ST. ANTHONY HOUSING AND REDEVELOPMENT AUTHORITY MINUTES November 9, 1982 The meeting was called to order by Chairman Sundland at 9:00 P.M. Present for roll call: Sundland; Vice Chairman Letourneau; Secretary/ Treasurer Marks; and Commissioners Enrooth and Ranallo. Also present: David Childs, Executive Director; Richard Krier, Westwood Planning & Engineering Co.; and Judy Makowske, Planning Commission Representative. flotion by Commissioner Ranallo and seconded by Commissioner Enrooth to approve as submitted the minutes for the H.R.A. meeting held August 24, 1982. Motion carried unanimously. The marke_tiLg_progress report and attached marketing schedule from Mr. Krier were accepted as informational following a short discussion. The planning consultant gave the names of three major developers who have indicated a high degree of interest in the Kenzie Terrace • Redevelopment Project. His recommendations for setting the reuse value for the project were followed as per his letter of November 9, 1982. Motion by Secretary/Treasurer Marks and seconded by Commissioner Ranallo to establish a reuse valuation for the north property (parcels 240003 and 240004) at $210,000 and for the south property (parcels 240027, 240028, and 240029) at $632,000 and a sale value for multi- family housing at $3,000 per dwelling unit. Motion carried unanimously. The project had received clearance from the Environmental Quality Board and would not have to submit an Environmental Impact Statemen later, Mr. Krier said. However, as he advised in his November 9th letter, any future developer must be concerned with the indirect source permit issued by the Minnesota Pollution Control Agency because that agency has indicated they might have some concerns related to noise effects of Highway 88 on the multi -family housing. Motion by Secretary/Treasurer [larks and seconded by Commissioner Enrooth to refer the zoning ordinance amendments proposed for the redevelopment projects to the Planning Commission for consideration during a public hearing. • flotion carried unanimously. Mr. Childs indicated the RFD's had been sent to solicit proposals from eight financial consultants, whom he named. Three finalists will be brought to the H.R.A. for interviews. -2 - The format for the Redevelopers Agreement is being reviewed by the Attorney and would be presented with his recommendations for H.R.A. approval at a later date. Mr. Krier distributed copies of the letter he proposes to send to developers the next day to let them know just what would be expected in the way of submittals from them. With their proposals, the planning consultant said, the developers would be required to make a $5,000 deposit which would be refundable, interest free, to the developers who are not selected for the project. Mr. Krier indicated he had also stipulated the financial tools the City would be willing to utilize, such as special assessment, housing revenue bonds, industrial revenue bonds and parking revenue bonds, which he believes may be an added incentive for a developer to'undertake the project which would be risk free for the City. With the failure of the senior housing project north of I:enzie Terrace to get 202 funding, it would now be possible for the project to be developed'in two phases with that area being developed first to include approximately 100 dwelling units which could be marketed primarily to seniors and empty nesters. However, Mr. Krier recom- mended no age limits be set and the rental option left open so no developer would be precluded from making a proposal. Mrs. Makowske asked whether developing this area first might not increase the value of the Saliterman property which would become the • second phase to be developed in 1985. Mr. Krier confirmed that would be the case, but said he believes the City would benefit from waiting to buy that property rather than paying out the money now and letting the land sit idle. Investing the the northern parcel first would result in a better cash flow for the property, according to the con- sultant, who then discussed the cash flow projections and the schedule he proposes for the project. When Commissioner Ranallo asked Mr. Krier how he perceived the chances for the project to succeed, he was told that of all the redevelopment projects Westwood is handling, this one is the most viable, because there had been much more interest shown in this project than the consultant had originally expected. He told Mrs. Makowske he believes it would be more advantageous to the City to have one developer handle both phases of the project. It was the general consensus that the natural market for this type of housing would most certainly be mostly the empty nesters who would most likely have the $70,000 purchase price and Mr. Krier speculated that market would be viable for the rest of his lifetime. The next report to the H.R.A. would be made within the next few weeks when it is anticipated a few firm proposals may be submitted. Motion by Commissioner Ranallo and seconded by Commissioner Enrooth • to adjourn the Housing and Redevelopment Authority at 9:95 P.M. fiction carried unanimously. Respectfully submitted, Helen Crowe, Secretary