01-16-96 agendaCITY OF RICHFIELD, MINNESOTA
TUESDAY, JANUARY 16, 1996
REGULAR HOUSING AND REDEVELOPMENT AUTHORITY MEETING
COUNCIL CHAMBERS
7:00 P.M..
AGENDA
CALL TO ORDER
APPROVAL OF MINUTES OF REGULAR HRA MEETING OF DECEMBER 18, 1995
1. OPPORTUNITY FOR CITIZENS TO ADDRESS THE HRA ON ITEMS NOT ON THE
AGENDA
2. ELECTION OF OFFICERS FOR HOUSING AND REDEVELOPMENT AUTHORITY
FOR 1996
HRA LETTER NO. 1
3. DESIGNATION OF ACTING EXECUTIVE DIRECTOR FOR 1996
HRA LETTER NO. 2
4. CONSIDERATION OF RESOLUTIONS DESIGNATING OFFICIAL DEPOSITORIES
FOR HOUSING AND REDEVELOPMENT AUTHORITY FOR 1996, INCLUDING
APPROVAL OF COLLATERAL
HRA LETTER NO. 3
5. DESIGNATION OF OFFICIAL NEWSPAPER FOR 1996
HRA LETTER NO. 4
6. CONSIDERATION OF RESOLUTION AUTHORIZING PURCHASE OF 6837 LOGAN
AVENUE FOR RICHFIELD REDISCOVERED
HRA LETTER NO. 5
7. CONSIDERATION OF RESOLUTION RECOMMENDING APPROVAL OF REVISED
PURCHASE AGREEMENT AND PROMISSORY NOTE; SAGE COMPANY
HRA LETTER NO. 6
8. EXECUTIVE DIRECTOR REPORT
9. CLAIMS AND PAYROLL
ADJOURNMENT
Auxiliary aids for individuals with disabilities are available upon request. Requests
must be made at least 96 hours in advance to the Administrative Services Director at
861 -9702.
HOUSING AND REDEVELOPMENT AUTHORITY
HRA Letter No. 6
Agenda January 16, 1996
Issue Statement:
Consideration of a resolution recommending approval of a revised purchase agreement
and promissory note; Sage Company.
Background:
On July 17, 1995 the HRA approved an Agreement for Purchase and Sale and a
Promissory Note to provide for the HRA to take title to three Sage apartment
communities, Hampton Place, Heritage Square East and Crestwood. Sage
representatives participated in drafting that document. Sage than expressed a desire to
delay the transaction until 1996. In the fall of 1995 Sage selected another attorney to
review the Agreement. Attached is the document which resulted from those
discussions as well as the initial agreement.
The document has been renamed Agreement For Donation of Property. In summary
the changes which have been made do not significantly modify the outcomes as stated
in the initial agreement but in some instances the process for achieving the outcome is
different. The terminology has been modified to more clearly and consistently define
the title transfer as a gift.
The primary points of the agreement are as follows:
Page 1 paragraphs A -D provide an overview of the transaction.
Article I Transfer of Property (Page 2).
• Provides for the HRA to access current information related to operations.
Article II Purchase Price, Payment and Closing (Pages 2 -9).
• (Paragraphs 2.1 - 2.2). Defines purchase price and gift.
• (Paragraph 2.3) The closing date is to be 30 days after the date of HUD
approval but not before January 1, 1996 nor after June 1, 1996. HUD
approval is expected within 120 days.
• (Paragraph 2.3.2.). Sage is to provide a warranty deed, bill of sale to include
an inventory of all property items, site surveys, plans and specifications,
assignment of tenant leases, rent roll and evidence that all on -site Sage
employees have been terminated by Sage as of the date of closing. [The on-
site employees work on the basis of a contract with Sage. The contracts
indicate that the employees will be terminated when Sage conveys title to
another party. This is common in the industry. Stuart Shelard expects to
interview and hire these employees and then evaluate their performance].
• (Paragraph 2.3.3). Sage will continue to responsibly operate the property
until title is transferred. Some operating standards are included.
(Paragraph 2.3.4.). The HRA will provide at closing: the promissory note, the
second and third mortgages, opinion of reputable bond counsel stating the
validity and enforcement of the notes and that the interest earnings due Sage
from the note are exempt from taxes, an opinion as to the validity and
enforceability of the second and third mortgage guarantees.
A description of the mortgages follows - each property has a HUD issued
mortgagee known as the first mortgage. Because Sage is loaning the
existing reserve fund to the HRA, two additional mortgages are needed to
guarantee repayment to Sage. A second mortgage on each of the three
properties will guarantee each particular property's portion of the reserve
fund. Each property will also have a third mortgage guaranteeing the portion
of the reserve fund attributable to the other two properties, i.e., Crestwood will
have a third mortgage guaranteeing the reserve fund of Heritage Square East
and Hampton Place. This third mortgage treats the reserve fund loan
payment as a pool and will assure that all three loans are paid off at the same
time. Without the pool the loans would have staggered pay off dates.
• (Paragraph 2.3.5). Is a list of conditions with which the HRA and Sage must
be satisfied prior to closing. For the HRA these include title insurance policy,
approval by HUD and any other organizations including that of the City, the
overall condition of the property both buildings and grounds and
environmental conditions.
• (Paragraph 2.3.5(f)). Sage is responsible for all costs related to the removal
of an underground fuel tank at Heritage Square East and any remediation.
However, please note that Sage has removed the tank and the paragraph
remains in the Agreement simply because Sage is awaiting the letter noted
from MPCA.
• For Sage the list of conditions with which they must be satisfied prior to
closing include performance of HRA, the validity of the notes, mortgages and
the opinion regarding tax exemption of interest.
(Paragraph 2.3.7). Conditions under which damage to property could be
basis for not proceeding are delineated.
• (Paragraph 2.3.11). Sage will pay an amount equal to security and other
tenant deposits at closing. HRA will pay an amount related to monies in
certain escrow accounts at closing.
• (Paragraph 2.3.13). Sage will pay all required Sage employee salaries and
benefits and HRA will accept 24 hour apartment vacation requirement contained
in Sage contract with Sage employees.
Article I I I Warranties (Pages 9 -11).
• (Paragraph 3.1.) HRA accepts property "as is - where is" based solely on
results of its own due diligence and subject only to the warranties by Sage
stated in the agreement.
Articles IV, V & VI (Pages 11 -12).
• These articles deal with Notices, Liquidated Damages and General Provisions.
Exhibit C, the Promissory Note,
• The HRA, is obligated to pay Sage for the replacement reserve from apartment
revenues. The estimate of the value of the fund is approximately $700,000.
The amortization period would be three to five years with 5.5% interest.
Recommended Motion:
Adopt the attached resolution and recommend to the Boards of Directors that the
Agreement for Donation of Property and Promissory Note be approved.
Basis of Recommendation:
1. Drafting of the agreement has involved experienced personnel including Stuart
Nolan, Stuart Shelard; Mark Ruff, Publicorp; John Dean, Kennedy & Graven and
other attorneys at Kennedy & Graven.
2. The agreement provides adequate protection to the HRA.
3. The agreement has been negotiated with Sage.
4. The agreement is thorough and is intended to help provide a smooth ownership
transaction.
Alternative Recommendation:
1. Modify the proposed agreement.
2. Delay action.
Discussion /Decision Mode:
The transaction cannot progress without an agreement.
Respectfully submitted,
James . rosser
Executive irector
JDP:ds
HRA RESOLUTION NO.
ACCEPTING AGREEMENT FOR DONATION OF PROPERTY RESCINDING
AGREEMENT FOR PURCHASE AND SALE DIRECTING APPROVAL OF SAME
(HAMPTON PLACE, CRESTWOOD, HERITAGE SQUARE EAST)
WHEREAS, pursuant to 1995 Minnesota Laws, Chapter 264, Article 3, Section
42 the HRA has participated in the creation of three non - profit corporations
( "Corporations ") each of which will own, manage and operate one of the following
apartment communities in the City of Richfield:
1. Hampton Place
2. Crestwood
3. Heritage Square East; and
WHEREAS, pursuant to the Act, the HRA is empowered to direct the activities of
such Corporations; and
WHEREAS, an Agreement For Purchase And Sale was approved on July 17,
1995; and
WHEREAS, an Agreement For Donation of Property has been prepared to
replace the Agreement For Purchase and Sale.
NOW, THEREFORE, BE IT RESOLVED by the Housing and Redevelopment
Authority in and for the City of Richfield as follows:
1. The Agreements For Purchase and Sale previously approved are each of
them rescinded.
2. That each Corporation is hereby directed to rescind the Agreement For
Purchase and Sale pertaining to it'.
3. That each Corporation is hereby directed to approve the Agreement For
Donation Of Property pertaining to it and to carry out all acts and do all things
necessary to consummate the transaction.
4. That the Executive Director and Commission Chairperson of the HRA are
directed to take all actions and do all things required to effectuate the
provisions of this resolution.
5. That insubstantial modifications maybe subsequently approved by the Board
Chair and legal counsel.
Adopted by the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota this 16th day of January, 1996.
Thomas E. Harms, Chair
ATTEST:
Vern Luettinger, Secretary
HOUSING AND REDEVELOPMENT AUTHORITY
HRA Letter No. 5
Agenda January 16, 1996
Issue Statement:
Consideration of a resolution authorizing the purchase of 6837 Logan Avenue for
Richfield Rediscovered.
Background:
The property at 6837 Logan Avenue is available for sale by the owner. The 616 square
foot house has one illegal bedroom, no basement and no garage. The property suffers
from years of deferred maintenance. It does not have a reliable source of heat beyond
space heaters. The plumbing and electrical systems and the structure itself are
substandard. In the appraiser's opinion, the house contributes no value to the site. The
owner is an elderly women who can no longer live independently and has moved out.
The lot is in a nice residential neighborhood, and is well- suited for new construction.
Staff has had preliminary discussions with a builder representing Better Homes and
Gardens magazine. They are looking for an urban site to build an idea house that will
receive national attention for its design and furnishings. This is one site they are
considering.
Recommended Motion:
Adopt the attached resolution which authorizes:
1. The purchase of 6837 Logan Avenue for $30,000.
2. The Executive Director and HRA Chairperson to execute a purchase agreement and
other documents to effectuate the purchase.
Basis of Recommendation:
1. The property meets program requirements for acquisition.
2. Funding for acquisition is available.
3. The owner has voluntarily indicated an interest in selling the property to the HRA.
4. The purchase price is based on an appraised market value of $30,000.
Alternative Recommendation:
Do not authorize acquisition.
Discussion /Decision Mode:
A purchase agreement has been prepared.
ReJsProsser submitted,
Ja
Exrector
Is JDP:cak
•
HRA RESOLUTION NO.
RESOLUTION AUTHORIZING PURCHASE
OF REAL PROPERTY LOCATED AT:
6837 LOGAN AVENUE
WHEREAS, the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota (HRA) desires to purchase certain real property pursuant to and in
furtherance of the Richfield Rediscovered Redevelopment Project (Project) heretofore
adopted by the City of Richfield (City) and the HRA, said real property being described
as follows:
Lot 11, Block 5, Wood Lake Highlands Addition, Hennepin County.
WHEREAS, the HRA is authorized by Minnesota Statues Section 469.012 to
acquire real property within its area of operation; and
WHEREAS, the property meets all program requirements for acquisition; and
WHEREAS, the HRA has caused an appraisal of the subject property to be
made by a qualified independent professional real estate appraiser and has negotiated
a purchase price with the owner of $30,000, based on the appraised value; and
WHEREAS, funds have been provided by the HRA and are available for
acquisition.
NOW, THEREFORE, BE IT RESOLVED by the Richfield Housing and
Redevelopment Authority:
1. That the approved purchase price is $30,000.
2. That the Chairperson and Executive Director are authorized to execute a
purchase agreement and other documents to effectuate purchase for the amount set
forth in this resolution.
Adopted by the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota this 16th day of January 1996.
ATTEST:
Vern Luettinger, Secretary
Thomas E. Harms, Chair
HOUSING AND REDEVELOPMENT AUTHORITY
HRA Letter No. 4
Agenda January 16, 1995
Issue Statement:
Designation of official newspaper for 1996.
Background:
The Richfield Sun - Current, published by Minnesota Sun Publications, has been the
City's and HRA's official newspaper for many years.
Attached is a copy of a letter from Minnesota Sun Publications requesting that they be
designated the official newspaper for the City of Richfield for 1996. The 1996 legal
advertising rate is approximately 7% higher than the 1995 rate.
1 Column Width
$1.09 per line - first insertion
$0.55 per line - subsequent insertions
The City will submit legal notices to the Sun Newspaper via modem, therefore qualifying
for a 10% rate discount.
Recommended Motion:
Designate the Richfield Sun - Current as the official newspaper of the Richfield HRA for
the year 1996.
Basis for Recommendation:
1. The paper is delivered to nearly all residences in the City, thereby providing City-
wide coverage of legal notices to residents.
2. The paper has served well as the official newspaper for many years.
3. The paper has expressed a desire to continue to provide this service.
4. The cost for legal publications is reasonable
Alternative Recommendation:
Not make a designation and request the City Clerk's office to check into using another
publication, such as the Minneapolis StarTribune, however, this would be much more
costly.
Discussion /Decision Mode:
The HRA publishes legal notices on a frequent basis, there, this item has been placed
on the January 16, 1996 HRA agenda so that a designation can be made for 1996.
Respectful) ubmitted,
James D. Prosser
Executive Director
JDP:cak
HOUSING AND REDEVELOPMENT AUTHORITY
HRA Letter No. 3
Agenda January 16, 1996
Issue Statement:
Resolutions designating official depositories for the HRA of Richfield for 1996, including
the approval of collateral.
Background:
In accordance with Minnesota Statutes Section 475.66 and 118.005, the HRA of
Richfield must annually establish financial institutions which have pledged the
necessary collateral over and above the amount of federal insurance, as public
depositories. The Firstar Bank is pledging collateral in the amount of $1,000,000. This
collateral pledge means that the HRA's deposits up to this amount are secured with the
depository. In addition to this collateral pledge, HRA funds are protected by the Federal
Deposit Insurance Corporation in the amount of $100,000, making the total protection
afforded by this depository for HRA funds equal to $1,100,000. A resolution naming the
Firstar Bank as the 1996 official depository for the Richfield Housing and
Redevelopment Authority is attached to this letter.
In 1995, Firstar Bank has a community reinvestment rating of "satisfactory." Within
Richfield, Firstar Bank has supported remodeling programs and made various cash
donations in support of City and HRA programs.
A resolution must be provided annually, designating certain savings and loan
associations and banks as official depositories for investment of certain HRA funds.
With approval of these official depositories, the HRA will be able to invest funds in these
institutions, not exceeding the federal insurance of $100,000. All designated
depositories have received a community reinvestment rating of "satisfactory" or better in
1995.
Finally, a resolution is also attached which designates certain financial institutions as
depositories for the investment of HRA Funds for 1996. These institutions, such as
investment brokerage firms offer government securities in the manner required by law.
These financial institutions include Richfield Bank and Trust Co.; FBS Investment
Services Inc.; Dain Bosworth; Prudential Securities; Piper, Jaffray & Hopwood; Smith
Barney; and Federated Investors.
Recommended Motion:
It is recommended that the HRA adopt the attached resolutions designating official
depositories, with the understanding that the HRA could not invest in any of the
depositories beyond the level of insurance coverage of the pledged collateral.
E
• Basis for Recommendation:
1. It is recommended that the HRA adopt the attached resolutions designating official
depositories, with the understanding that the HRA could not invest in any of the
depositories beyond the level of insurance coverage of the pledged collateral.
2. The HRA has worked with the institutions recommended in the past and has found
to have a good working relationship with these institutions.
Alternative Recommendation:
The HRA could solicit other financial institutions for official depositories, but past
relationships with the depositories recommended have proven satisfactory for the HRA.
Discussion /Decision Mode:
Action of the HRA is.desirable at January 16, 1996, HRA meeting so that the HRA may
invest funds in the approved financial institutions for the year 1996 immediately.
Respectf y submitted,
James rosser
Executive Director
i JDP:cak
•
0 HRA RESOLUTION NO.
RESOLUTION DESIGNATING THE FIRSTAR BANK A DEPOSITORY
OF FUNDS OF THE HOUSING AND REDEVELOPMENT AUTHORITY FOR
RICHFIELD FOR THE YEAR 1996 AND APPROVING COLLATERAL
BE IT RESOLVED, by the Housing and Redevelopment Authority of Richfield as
follows:
That, in accordance with law, the Firstar Bank be, and hereby is designated a
depository of the funds of the Housing and Redevelopment Authority, and subject to the
following terms and conditions:
The said depository shall not be required to give bonds or other securities for such
deposits provided that the total sum thereof shall not at any time exceed in any
depository the sums for which its deposits are insured under the Acts of Congress of the
United States relating to insurance of bank deposits; but not in case such deposits in any
such depository shall at any time exceed such insured sum, said depository shall
immediately furnish bonds or other security for such excess according to law, approved
by the Housing and Redevelopment of Richfield.
. That said depository shall pay on demand all deposits therein; and shall pay all
time deposits, at or after the end of the period for which the same shall be deposited, on
demand.
BE IT FURTHER RESOLVED, that there shall be maintained a general account in
which shall be deposited all monies. Checks on this account shall be signed by the
following officers or their facsimile signatures:
THOMAS E. HARMS, CHAIR
JAMES D. PROSSER, EXECUTIVE DIRECTOR
BE IT FURTHER RESOLVED, that there shall be a daily interest savings account.
All withdrawals from said account will be for transfers to the general checking account.
BE IT FURTHER RESOLVED, that collateral in the amount of $1,000,000,
deposited for safekeeping at the Firstar Bank - Milwaukee, Wisconsin is hereby
approved.
Passed by the Housing and Redevelopment Authority of Richfield, Minnesota this
16th day of January, 1996.
0 Thomas E. Harms, Chair
ATTEST:
Vern Luettinger, Secretary
is
HRA RESOLUTION NO.
RESOLUTION DESIGNATING CERTAIN FINANCIAL
INSTITUTIONS AS DEPOSITORIES FOR THE INVESTMENT OF
HOUSING AND REDEVELOPMENT AUTHORITY OF RICHFIELD FUNDS IN 1996
WHEREAS, the Housing and Redevelopment Authority of Richfield has money which is available for
investment; and
WHEREAS, different financial institutions offer different rates of return on investments; and
. WHEREAS, the Housing and Redevelopment Authority of Richfield shall purchase U. S. Treasury
Bills, U. S. Treasury Notes and other such government securities in the manner required by law from the
institution offering the highest rate to the Housing and Redevelopment Authority providing greater
flexibility in the investment program and maximize interest income thereon.
NOW, THEREFORE, BE IT RESOLVED, by the Housing and Redevelopment Authority of Richfield,
Minnesota, as follows:
1. It is hereby found and determined that it is in the best interest of the proper management of
Housing and Redevelopment Authority funds that certain financial institutions be designated as
additional depositories for Housing and Redevelopment Authority funds for 1996.
2. The following financial institutions designated as depositories for Housing and Redevelopment
Authority funds:
FBS Investment Service, Inc.
Richfield Bank and Trust Company
Dain Bosworth, Inc.
Prudential Securities
Piper, Jeffrey & Hopwood
Federated Investors, Trust for short-term U. S. Government Securities
Smith Barney
3. The Treasurer and Finance Manager are hereby authorized to deposit Housing and
Redevelopment Authority funds in any or all of the depositories herein designated.
Such deposits may be made and withdrawn from time to time by the Treasurer or
Finance Manager as his /her best judgment and the interests of the Housing and
Redevelopment Authority dictates.
4. The investment of funds and the reporting thereof pursuant to this resolution shall
be conducted in accordance with established policies regarding the investment of
these funds.
Passed by the Housing and Redevelopment of Richfield, Minnesota this 16th day of January,
1996.
ATTEST:
Van Luettinger, Secretary
Thomas E. Harms, Chair
HRA RESOLUTION NO.
•
RESOLUTION DESIGNATING CERTAIN SAVINGS AND LOAN
ASSOCIATIONS AND BANKS AS DEPOSITORIES FOR THE INVESTMENT
OF THE HOUSING AND REDEVELOPMENT AUTHORITY FUNDS IN 1996
WHEREAS, pursuant to Minnesota Statutes, Section 475.66 and 118.005,
municipal funds may be deposited in any Savings and Loan Association which has its
deposits insured by the Federal Savings and Loan Insurance Corporation; and
WHEREAS, the amount of said deposits may not exceed the Federal Savings
and Loan Insurance Corporation insurance covering such deposits which insurance
amount is presently $100,000; and
WHEREAS, the deposit of Housing and Redevelopment Authority funds in
Savings and Loan Associations and Banks would provide greater flexibility in the
Housing and Redevelopment Authority's investment program and maximize interest
income thereon.
NOW, THEREFORE, BE IT RESOLVED, by the Housing and Redevelopment
Authority of Richfield, Minnesota as follows:
1. It is hereby found and determined that it is in the best interest of the proper
management of Housing and Redevelopment Authority funds that certain
Savings and Loan Association and Banks be designated as additional
depositories for Housing and Redevelopment Authority funds for 1996.
2. The following Savings and Loan Associations and Banks are hereby
designated as additional depositories for Housing and Redevelopment
Authority funds:
Norwest Bank Minnesota, NA
6445 Nicollet Avenue South
Richfield, Minnesota 55423
Richfield Bank & Trust Company
6625 Lyndale Avenue South
Richfield, Minnesota 55423
Twin City Federal Banking and Savings
3330 West 66th Street
Edina, Minnesota 55435
3. It is further found and determined that the purpose of such depository
designation is to facilitate the proper and advantageous investment of the
Housing and Redevelopment Authority funds and that such designation is not
exclusive nor does it preclude the deposit of any Housing and
Redevelopment Authority funds in other officially designated depositories aof
Housing and Redevelopment Authority.
4. The Treasurer and Finance Manager are hereby authorized to deposit
Housing and Redevelopment Authority funds in any or all of the depositories
herein designated up to the amount of $100,000, or such other amount as
may be subsequently permitted by law, such deposits to be in the form of
demand accounts for Public Unit Savings Certificates purchased by the
Housing and Redevelopment Authority of Richfield, payable to the Housing
and Redevelopment Authority of Richfield on the signatures of the Treasurer
or Finance Manager.
Passed buy the Housing and Redevelopment Authority of Richfield, Minnesota this 16th
day of January, 1996.
ATTEST:
•
Vern Luettinger, Secretary
•
Thomas E. Harms, Chair
HOUSING AND REDEVELOPMENT AUTHORITY
HRA Letter No. 2
Agenda January 16, 1996
Issue Statement:
Designation of Acting Executive Director.
Background:
On January 8, 1996, the City Council appointed the Director of Administrative Services
to serve as the Acting City Manager in the absence of the City Manager.
Since the City Manager also serves as the Executive Director of the HRA, it is
recommended that the Administrative Services Director, Steven Devich, be designated
by the HRA as the Acting Executive Director of the HRA to serve in that capacity during
the absence of the Executive Director.
Recommended Motion:
The HRA designate Steven L. Devich, Administrative Services Director, as the Acting
Executive Director of the HRA.
Basis of Recommendation:
1. A designation of an Acting Executive Director is a normal business action of the
HRA similar to the designation of depositories and the official newspaper.
2. The Administrative Services Director has been designated as the Acting Executive
Director in the past.
3. The Administrative Services Director serves as the Acting City Manager, filling
other similar responsibilities for the City Manager in the Manager's absence.
Alternative Recommendation:
1. 'Make no designation of Acting Executive Director.
2. Make the designation of Acting Executive Director to another individual or
position.
Discussion /Decision Mode:
Designation of the Acting Executive Director is a matter that would normally be
considered at the first business meeting of each year.
Respectfully submitted,
I
40 Jame } Prosser
Executive Director
JDP:cak
HOUSING AND REDEVELOPMENT AUTHORITY
-06, HRA Letter No. i
Agenda January 16, 1996
Issue Statement:
Election of officers for the Housing and Redevelopment Authority.
Background:
The bylaws of the Richfield Housing and Redevelopment Authority provide that the
HRA hold an annual meeting in January of each year. The bylaws further provide that
the Chair, Vice Chair and Secretary of the HRA be elected at this meeting.
Officers for the years 1994 and 1995 are as follows:
1994
Thomas Harms, Chair
Joan Heimberger, Vice Chair
Vern Luettinger, Secretary
1995
Thomas Harms, Chair
Joan Heimberger, Vice Chair
Vern Luettinger, Secretary
Recommended Motion:
Elect officers for the year 1996.
Basis of Recommendation:
The bylaws of the HRA require that such an election be held at the annual meeting in
January of each year.
Alternative Recommendation:
Do not hold the election. However, this would be in contradiction to the HRA bylaws.
Discussion /Decision Mode:
This item has been scheduled for the January 16, 1996 HRA meeting in accordance
with the HRA bylaws.
RFe submitted,
Josser
Eirector
JDP:cak