07-30-07 Special
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RICHFIELD
HOUSING AND REDEVELOPMENT
AUTHORITY MEETING MINUTES
Richfield, Minnesota
Special Meeting
July 30, 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; Donna Drummond; and
David Gepner.
Staff Present:
Steve Devich, Executive Director; Bruce Palmborg, Community
Development Director; Vanessa Haight, Housing Specialist; and Nancy
Gibbs, City Clerk.
HRA APPROVAL OF AGENDA
MlDrummond, S/Kirsch to approve the aQenda.
Motion carried 5-0.
Item #1
CONSIDERATION OF SUBORDINATION REQUEST FOR HRA DEFERRED
LOAN AT 6625 FIFTH AVENUE S.R. NO. 31
Housing Specialist Haight presented Staff Report No. 31.
Commissioner Drummond stated if Mr. Nihart is allowed to refinance, the HRA would have
a better chance of recovering the $8500.
Housing Specialist Haight stated that our loan to ratio use was at 100%.
HRA Special Meeting Minutes
-2-
July 30, 2007
Chair Sandahl stated she would like to see the Niharts extend their 3D-year deferred
rehabilitation loan from the date they took over loan from previous owner in 1992.
Chair Sandahl stated contingent upon the facts that he execute the documents on our
resubordination agreement and extend the period of time of 30 years from 1992.
Commissioner Drummond agreed.
M/Sandahl, S/Kirsch that the HRA subordinate the loan at 6625 5th Avenue South,
provided all owners siQn off on an amendment to the loan aQreement. The new amendment
provides for a 3D-year period from 1992.
Motion carried 5-0.
I ADJOURNMENT
The meeting was adjourned by unanimous consent at 8:27 a.m.
Date Approved: AU2Ust 20. 2007
n IL. Devicl1
Executive Director
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Nancy Gibf
City Clerk