07-18-05 Regular
HOUSING AND REDEVELOPMENT
AUTHORITY MEETING MINUTES
Richfield, Minnesota
Regular Meeting
July 18,2005
The meeting was called to order by Chair Harms at 7:00 p.m.
HRA Members
Present:
Thomas Harms; Sue Sandahl; Martin Kirsch; Kristal Stokes; and Joan
Heimberger.
Staff Present:
Steve Devich, Executive Director/Acting City Clerk; Bruce Palmborg,
Community Development Director; and Patrick Smith, Community
Development Manager.
Item #1
M/Sandahl, S/Kirsch to approve the minutes of (1) Reaular HRA Meetina of June 20.2005
and (2) Special HRA Meetina of June 28. 2005.
Motion carried 5-0.
Item #2
The agenda was approved by unanimous consent.
Item #3
HRA Meeting Minutes
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July 18, 2005
A. Approved contract with Julianne Schweitz to work with Livable Communities Team beginning
August 1, 2005 for 12 months S.R. No. 26
B. Approved issuing Certificate of Completion to Twin Cities Habitat for Humanity for 6805-12th
Avenue S.R. No. 27
C. Approved management agreement with ROI Properties for managing certain HRA owned and
leased properties S.R. No. 28
D. Approved resolution modifying terms of HRA Resolution No. 821 regarding HRA $2,500,000
tax increment revenue note, Series 2001A S.R. No. 29
HRA RESOLUTION NO. 951
RESOLUTION MODIFYING THE TERMS OF RESOLUTION NO. 821
REGARDING THE AUTHORITY'S $2,500,000 TAX INCREMENT
REVENUE NOTE, SERIES 2001A.
This HRA Resolution appears as HRA Resolution No. 951 in HRA Resolution Book NO.7.
M/Kirsch, S/Stokes to approve the Consent Calendar.
Motion carried 5-0.
Item #4
Executive Director Devich asked Community Development Director Palmborg to make this
presentation to the HRA.
Community Development Director Palmborg reviewed Staff Report No. 30 regarding
consideration of participation in Twin Cities Community Capital Fund at $50,000 level and
execution of Participation Agreement and Loan Fund Escrow Agreement.
Mr. Palmborg explained the program parameters and stated that the amount of money that
really was at risk is $5,000 of the $50,000 deposit.
Commissioner Heimberger asked Mr. Scott Martin, President of the Twin Cities Community
Capital Fund if he was also involved in the similar state fund.
Mr. Martin stated that he was and further explained the origins of the Twin Cities Fund.
Chair Harms asked what types of local businesses that could be utilized by this program.
Community Development Director Palmborg stated that while no specific types of
businesses were targeted, it was another tool in our toolbox.
Mr. Martin stated that there was a great deal of flexibility in this program available to help
many different types of businesses. He suggested that the program be kept flexible.
HRA Meeting Minutes
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July 18, 2005
Mr. Martin stated that this program ishighly recommended by the Minnesota Department of
Economic Development.
Chair Harms asked what the rate was and if there were loan defaults.
Mr. Martin stated that the benchmark is the ten-year treasury and explained the "gap"
financing process and structure. There have been no defaults in this program to date.
Commissioner Heimberger asked what the staff requirement was.
Community Development Director Palmborg stated that there was very little City/HRA staff
time involved.
Mr. Martin stated that the Fund handled most of the work associated with the request.
Chair Harms asked who comprised the governing board.
Mr. Martin stated that the new board would be elected next week. After that time, there will
be six elected Board members who would then appoint three at-large Board members.
Commissioner Stokes asked if Mr. Palmborg could recall any projects in the last few years
where this could have been used.
Mr. Palmborg stated that while he couldn't think of one off hand, with all of the potential
projects that come about at the same time, it has become more difficult to find financing.
Therefore, this would be a valuable tool to have as an option.
M/Kirsch, S/Helmberger to approve participation in the Twin Cities Community Capital Fund
at the $50,000 level and execution of the Participation Aoreement and Loan Fund Escrow
Aoreement by the Chair and Executive Director.
Motion carried 5-0.
Item #5
Executive Director Devich reported on the process and cost of cable casting HRA meetings.
Item #6
M/Stokes, S/Helmberger that the followino claims and payroll be approved.
FIRSTAR BANK
Section 8 Checks: 108140 - 108273
HRA Checks: 27582 - 27612
$ 189,701.66
$ 99,500.38
Motion carried 5-0.
HRA Meeting Minutes
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July 18, 2005
The meeting was adjourned by unanimous cons
!
L. Devich
Acting City Clerk
event. Devich
Executive Director