06-25-07 Special
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RICHFIELD
HOUSING AND REDEVELOPMENT
AUTHORITY MEETING MINUTES
Richfield, Minnesota
Special Meeting
June 25, 2007
CALL TO ORDER I
The meeting was called to order by Chair Sandahl at 8:10 a.m.
ROLL CALL
HRA Members
Present:
Sue Sandahl; Martin Kirsch; Joan Heimberger; and David Gepner.
HRA Members
Not Present:
Donna Drummond.
Staff Present:
Steve Devich, Executive Director (arrived at 8:20 a.m.); Pat Smith, Acting
Community DevelopmentDirector; Myrt Link, Community Development
Accountant; and Nancy Gibbs, City Clerk.
Item #1
CONSIDERATION OF PROPOSAL FOR SETTLEMENT OF $12,995 DEFERRED
LOAN IN AMOUNT OF $8,000 FOR 6221 SHERIDAN AVENUE S.R. NO. 26
Acting Community Development Director Smith presented Staff Report No. 26.
Chair Sandahl asked if the City charges homeowners for staff time.
Community Development Accountant Link stated yes, we charge a $50 flat fee. She said
sometimes this does not cover staff cost.
Chair Sandahl asked if there is a limit on how many times a homeowner can refinance.
Community Development Accountant Link responded, no.
Chair Sandahl suggested limiting the amount of times a loan can be subordinated.
HRA Special Meeting Minutes
-2-
June 25, 2007
Chair Sandahl stated we may want to change the loan to value ratio to 80% plus increase
the $50 subordination charge and require a Owners and Encumbrance Report.
Chair Sandahl stated we need to have a study session for policy procedure.
M/Gepner, S/Kirsch to consider a proposal for settlement of a $12.995 Deferred Loan in the
amount of $8.000 for 6221 Sheridan Avenue.
Motion carried 4-0.
I ADJOURNMENT
The meeting was adjourned by unanimous consent at 8:40 a.m.
Date Approved: Julv 16, 2007
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Nancy Gibbs
City Clerk