12-15-08 Regular
HOUSING AND REDEVELOPMENT
AUTHORITY MEETING MINUTES
Richfield, Minnesota
Regular Meeting
December 15, 2008
CALL TO ORDER
The meeting was called to order by Chair Sandahl at 7:00 p.m.
ROLL CALL
HRA Members
Present: Sue Sandahl, Chair; Joan Helmberger; Doris Rubenstein; David Gepner;
and Steven Quam.
Staff Present: Steven L. Devich, Executive Director; John Stark, Community
Development Director; John Dean, HRA Attorney; and Nancy Gibbs, City
Clerk.
Item #1 HRA APPROVAL OF MINUTES
Commissioner Quam corrected Item #9 of the minutes from the Regular HRA Meeting of
November 17, 2008 to reflect that the subordination request for HRA Transformation Homes
Incentive Loan at 7144 Park Avenue was denied.
Commissioner Gepner corrected the minutes from the Special HRA Worksession of
November 3, 2008 to remove “Interim” from Community Development Director Stark’s title.
M/Sandahl, S/Gepner to approve the minutes of (1) Special HRA Worksession of
November 3, 2008 and (2) Regular HRA Meeting of November 17, 2008 as amended.
Motion carried 5-0.
HRA APPROVAL OF AGENDA
Item #2
2-
HRA Meeting - December 15, 2008
M/Gepner, S/Quam to approve the agenda.
Motion carried 5-0.
Item #3 CONSIDERATION OF PUBLIC FINANCING ASSISTANCE IN AMOUNT OF
$8,700,000 IN COMBINED 429 BONDS, TAX INCREMENT FINANCING AND
FANNIE MAE COMMUNITY EXPRESS LOAN FUNDS SECURED BY CITY OF
RICHFIELD TO ASSIST IN DEVELOPMENT OF CEDAR POINT PHASE II AND
CONSTRUCT PORTION OF RICHFIELD PARKWAY S.R. NO. 52
Community Development Director Stark presented Staff Report No. 52.
After much discussion by the HRA Commissioners regarding clarification on the financing of
this project, Community Development Director Stark stated the developer would need to acquire
private financing of $25–30 million to secure to project.
Community Development Director Stark stated that the City Council would need to take
action on bonding authority of the 429 Bonds and Fannie Mae Community Express Loan Funds.
Commissioner Gepner stated that all we are doing here tonight is considering the
endorsement concept.
M/Gepner, S/Sandahl to approve consideration of public financing assistance in amount of
$8,700,000 in Combine 429 Bonds, Tax Increment Financing, and Fannie Mae Community
Express Loan Funds secured by City of Richfield to assist in development of Cedar Point Phase II
and construct portion of Richfield Parkway.
Chair Sandahl agreed with Commissioner Gepner to move forward with the concept.
Commissioner Rubenstein asked the City Clerk Gibbs to read back the motion. The motion
was read.
Commissioner Rubenstein wanted assurance that the motion was just to consider this
concept.
Commissioner Quam also wanted clarification.
HRA Attorney Dean stated that you are being presented with a concept of a financing
package and deciding whether you think it is appropriate to move forward. If the motion is
approved it states that this concept merits consideration to move forward. The motion tonight does
not obligate you to anything; this is not an approval for this specific financing package.
Motion carried 5-0.
Item #4 EXECUTIVE DIRECTOR REPORT
None.
HRA Meeting -3- December 15, 2008
Item #5 CLAIMS AND PAYROLL
M/Gepner, S/Helmberger that the following claims and payrolls be approved:
U.S. Bank 12-15-2008
Section 8 Checks: 116171 - 116314
HRA Checks: 30428 - 30453
TOTAL
Motion carried 5-0.
ADJOURNMENT
The meeting was adjourned by unanimous consent at 7:48 p.m.
Date Approved: January 20, 2009;'
$ 182,657.80
$ 57,256.83
$ 239,914.63
~.~.,.
Sandahl
it
Nancy Gibbs ~ • veri L. Devich
City Clerk Executive Director