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CITY OF ST. ANTHONY <br />4) HOUSING AND REDEVELOPMENT AUTHORITY MEETING <br />4 <br />5 NOVEMBER 25, 2003 <br />6 <br />7 CALL TO ORDER. <br />8 Chair Hodson called the meeting to order at 7:56 p.m. <br />9 <br />10 ROLL CALL. <br />11 Commissioners present: Chair Hodson; Commissioners Sparks and Faust. <br />12 Commissioners absent: Commissioners Horst and Thuesen. <br />13 Also present: Executive Director Michael Momson. <br />14 <br />15 <br />16 I. APPROVAL OF NOVEMBER 25, 2003, H.R.A. AGENDA. <br />17 Motion by Commissioner Sparks, seconded by Commissioner Faust, to approve the November <br />18 25, 2003, Housing and Redevelopment Authority Agenda as presented. <br />19 <br />20 Motion carried unanimously. <br />21 <br />22 11. CONSENT AGENDA. <br />23 Motion by Commissioner Sparks, seconded by Commissioner Faust, to approve the Consent <br />0 Agenda, which consisted of: <br />26 A. H.R.A. Meeting Minutes of October 28.2003; and <br />27 B. Claims. <br />28 <br />29 Motion carried unanimously. <br />30 <br />31, 111. PUBLIC HEARINGS. <br />32 None. <br />33 <br />34 IV. GENERAL POLICY BUSINESS OF THE H.R.A. <br />35 A. Resolution HRA 03-019. re: Fannie Mae loan relating to property acquisition for the <br />36 Northwest Ouadrant Redevelopment. <br />37 <br />38 Executive Director Momson noted by approving this resolution the HRA agreed to enter into an <br />39 agreement with Fannie Mae for loan funds to be used by the HRA to assist in acquiring <br />40 commercial property in the Northwest Quadrant area. He explained the proceeds to pay back the <br />41 loan would come from the developer when the "For Sale" housing was sold and from the future <br />42 increment, if needed. He added the City would not close on the loan until the developer had 20% <br />43 of the "For Sale' housing pre -sold. <br />44 <br />Mr. Momson indicated this funding was needed by the developer to assist in the redevelopment <br />16 of the Northwest Quadrant and Fannie Mae had approved a $3.35 million non -revolving line of <br />47 credit to the St. Anthony Village HRA. He stated the City anticipated closing on the loan on or <br />