09-30-08 Special
HOUSING AND REDEVELOPMENT
AUTHORITY MEETING MINUTES
Richfield, Minnesota
Special Meeting
September 30, 2008
CALL TO ORDER
The meeting was called to order by Chair Sandahl at 7:30 a.m.
ROLL CALL
HRA Members
Present: Sue Sandahl Chair; Joan Helmberger; and Martin Kirsch.
HRA Members
Absent: David Gepner and Doris Rubenstein.
Staff Present: John Stark, Acting Executive Director; Kirsten Partenheimer, Housing
Specialist; and Cheryl Krumholz, Recording Secretary.
Item #1 CONSIDERATION OF SUBORDINATION REQUEST OF HRA’S
TRANSFORMATION HOME LOAN PROGRAM AT 6520 GIRARD AVENUE
S.R. NO. 44
Acting Executive Director Stark presented Staff Report No. 44.
Acting Executive Director Stark stated that the loan to value ratio slightly exceeds the
amount permitted by the HRA subordination policy.
Acting Executive Director Stark stated staff will be returning to the HRA with proposed
amendments to the current subordination policy giving the HRA Executive Director flexibility in
exceeding the policy in small increments.
M/Sandahl, S/Kirsch to approve the subordination request of HRA’s Transformation Home
Loan Program at 6520 Girard Avenue.
Motion carried 3-0.
HRA Special Meeting -2- September 30, 2008
The HRA consensus was to consider subordination policy amendments to give Richfield
homeowners an opportunity to improve their homes and eliminate precarious financing.
ADJOURNMENT
The meeting was adjourned by unanimous consent at 7:36 a.m.
Date Approved: October 20, 2008
~~~e~
Cheryl Kr mholz
Recording Secretary
ng Executive Director