01-19-93 agendaCITY OF RICHFIELD
HOUSING AND REDEVELOPMENT AUTHORITY
TUESDAY, JANUARY 19, 1993
7:00 P.M.
COUNCIL CHAMBERS
AGENDA
CALL TO ORDER
APPROVAL OF MINUTES OF HRA MEETING OF DECEMBER 21, 1992 HRA
MEETING
1. OATH OF OFFICE TO HRA COMMISSIONER, RUSS SUSAG
2. OPPORTUNITY FOR CITIZENS TO ADDRESS THE HRA ON ITEMS NOT ON
THE AGENDA
3. ELECTION OF OFFICERS FOR THE HOUSING AND REDEVELOPMENT
AUTHORITY FOR 1993
HRA LETTER N0. 1
4. DESIGNATION OF ACTING EXECUTIVE DIRECTOR FOR 1993
HRA LETTER NO. 2
5. DESIGNATION OF OFFICIAL NEWSPAPER FOR 1993
HRA LETTER NO. 3
6. CONSIDERATION OF RESOLUTIONS DESIGNATING OFFICIAL
DEPOSITORIES FOR HOUSING AND REDEVELOPMENT AUTHORITY FOR
1993, INCLUDING APPROVAL OF COLLATERAL
HRA LETTER NO. 4
7. CONSIDERATION OF CONTINUATION OF PUBLIC HEARING ON SALE OF
PORTION OF CLOVERLEAF SITE TO THE CITY TO PROVIDE FOR
CONSTRUCTION OF 77TH STREET
HRA LETTER NO. 5
8. CONSIDERATION OF RESOLUTION AUTHORIZING DEDICATION OF GIRARD
AVENUE EXTENSION TO THE CITY OF RICHFIELD; CLOVERLEAF SITE
HRA LETTER NO. 6
9. PUBLIC HEARING AND CONSIDERATION OF RESOLUTION AUTHORIZING
SALE OF 7528 COLFAX AVENUE
HRA LETTER N0. 7
10. CONSIDERATION OF RESOLUTION AUTHORIZING PURCHASE OF 6636
SHERIDAN AVENUE FOR REDEVELOPMENT AND CONTINUED SINGLE
FAMILY RESIDENCE PURPOSES
HRA LETTER N0. 8
11. EXECUTIVE DIRECTOR REPORT
12. 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:
C
HOUSING AND REDEVELOPMENT AUTHORITY
HRA Letter No.$
Agenda January. l9, 1993
Issue Statement:
Authorization to acquire 6636 Sheridan Avenue for redevelopment
and continued single family residence purposes.
Background:
A representative for Richard Cash, 6636 Sheridan, has proposed
the voluntary sale of his property to the City. On November 23,
1992, the City authorized staff to pursue the purchase. Since
the purchase coincides closely with an HRA program already.
underway, the HRA is being requested to consider the purchase on
behalf of the City. The City would fund the purchase from the
Capital Projects Fund.
The improvement to the .neighborhood is greatest if the existing
house structure is demolished and a new home built. A program
approach similar to Richfield Rediscovered is envisioned where a
market rate sale to a builder/buyer team could be initiated after
purchase. Anew two, three or four bedroom home that complements
the site and neighborhood could be provided. A purchase should.
occur as soon as possible and, in any case, prior to the end of
February 1993. The Planning Commission has determined the
acquisition and disposition to be consistent with the
comprehensive plan.
Recommended Motion:
Adopt the attached resolution which accomplishes the following:
1. Authorizes staff to finalize the purchase of the property for
approximately $65,000 and initiate a new construction
redevelopment project at the site.
2. Authorizes the Executive Director and Chair to execute a
purchase agreement and other documents as necessary to
effectuate the purchase. Sale to a builder would be
considered at an appropriate future time.
Basis of Recommendation:
1. The property has been voluntarily offered for sale.
2. The City has authorized the purchase and seeks the
redevelopment of the property through an HRA program.
3. A purchase price of $64,814 has been negotiated. (The 1992
estimated market value for tax purposes is $71,300.)
4. An opportunity to purchase and greatly improve the
residential quality of use of the property has been
presented.- This property was originally purchased by Mr.
Cash in 1975 as a "handyman special". Rehabilitation
initiatives of the owner, unsightly storage of materials,
general property maintenance, and health and safety issues
have been continuing concerns of the neighborhood and City.
The need for continuous monitoring and actions in a court of
law have become the rule rather than the exception.
5. The property is close to foreclosure which is scheduled for
February 1993. By allowing the foreclosure to proceed,
creditors will likely not be adequately reimbursed. The
increasingly deteriorating conditions are unlikely to be
resolved by Mr. Cash or creditors given this financial
circumstance. The future investment is likely to be
insufficient to elevate the quality of improvements to match
those in the neighborhood.
6. Delaying the purchase prolongs the existing conditions.
7. Redevelopment options exist. The purchase/new construction
option provides the opportunity for value added improvements
to a neighborhood of 580,000 to $90,000 homes. A property
valued at 5110,000 or more is envisioned. The rehabilitation
option resolves deteriorating conditions. However,
rehabilitation, unless even more significant than proposed,
does not overcome the economic obsolescence that has
occurred. There may be hidden costs due to unforeseen
circumstances during rehabilitation. Approximately $41,960
in rehabilitation costs would only yield a property valued at
$75,000 to $80,000.
8. New construction is more cost effective. over time than
rehabilitation because bf the substantially higher real
estate taxes generated. In addition, the rehabilitation
could be substantially higher in cost than estimated due to
unforeseen problems..
9. City funds for acquisition and demolition are available.
Staff resources are available to redevelop the site, identify
a builder/buyer team, enter into a development agreement, and
develop a new home.
10. The Planning Commission has determined that acquisition and
disposition for residential purposes is in conformance with
the Comprehensive Plan.
Alternative Recommendation:
Do not authorize acquisition. Alternately, authorize acquisition
with a different project scope.
Discussion/Decision Mode:
Authorization provides an
end of February 1993. A
summer 1993.
opportunity to acquire/demolish by the
new home could be provided as soon as
Respec ully submitted,
Jame D. Prosser
Executive Director
JDP:cak
RESOLUTION NO.
THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR
THE CITY OF RICHFIELD, MINNESOTA
RESOLUTION AUTHORIZING PURCHASE OF 6636 SHERIDAN AVENUE
WHEREAS, the Housing and Redevelopment Authority in and for
the City of Richfield, Minnesota (HRA) desires to purchase
certain real property being described as:
6636 Sheridan Avenue South; Lot 12, Block 4, "Tingdale Bros.
Lincoln Hills" Hennepin County.
WHEREAS, the HRA acquires property and builds and
rehabilitates structures for residential purposes; and
WHEREAS, the HRA would acquire the property to correct
blighting housing and public nuisance conditions and provide
housing in decent and safe condition; and
WHEREAS, the property has been voluntarily offered for sale
for $64,814; and
WHEREAS, a funding source has been identified.
WHEREAS, the Planning Commission has made a finding that the
acquisition and disposition of this parcel for residential
purposes is consistent with the Comprehensive Plan.
NOW, THEREFORE, BE IT RESOLVED by the Housing and
Redevelopment Authority in and for the City of Richfield,
Minnesota as follows:
1. The Executive Director is authorized to purchase 6636
Sheridan Avenue for 564,814.
2. The Executive Director and Chair are authorized to execute a
purchase agreement and other documents as necessary to
effectuate the purchase.
Adopted by the Housing and Redevelopment Authority in and for
the City of Richfield, Minnesota this 19th day of January, 1993.
Thomas E. Harms, Chairperson
ATTEST:
Joan Helmberger, Secretary
HOUSING AND REDEVELOPMENT AUTHORITY
HRA Letter No. 7
Agenda January 19, 1993
Issue Statement:
The public hearing and sale of 7528 Colfax Avenue.
Background:
The construction project at 7528 Colfax Avenue was authorized by
the HRA in November 1990, as a cooperative project with Vo-Tech.
The project is completed and a sale is anticipated on February 5,
1993.
A three member, income qualified family presently renting an
apartment in South Minneapolis has been selected as purchaser.
They meet the requirements stated in Attachment A. HRA
authorization to sell the property is required prior to final
processing. The home is being sold for $110,000.
The purchasers are making a down payment of 55,000. They have
applied for an FHA mortgage in the amount of $81,000. The
difference between the initial purchase price and the estimated
market value, $24,000, is provided by the HRA as a second
mortgage. Project costs are covered by the down payment and
first mortgage. The second mortgage accomplishes the following:
1. Makes the initial purchase price affordable.
2. Prevents a speculative purchase in which the buyer might
benefit from selling the home quickly.
Funds received when the second mortgage is repaid are returned to
the New Home Program for financing housing activities of the HRA.
The HRA will pay two points for mortgage discounting
(approximately 51,620) and the cost of title insurance
(approximately $200) at closing. After closing, the Vo-Tech
contract of $65,210 will be paid. These costs have been
anticipated in the 1993 budget and will be paid by the proceeds
of sale.
If during final processing the family is found ineligible by the
lender, the purchase agreement is void and earnest money
released. At this time however, the lender has qualified the
purchaser through the preliminary processing.
Prior to sale, the HRA will have an opportunity to inspect the
~~
work during an open house. Fixtures and floor coverings are
being installed at this time. The open house is scheduled for
Monday, February 1, 1993.
Recommended Motion:
It is recommended that following the public hearing, the HRA
} adopt the attached resolution which authorizes the disposition of
the HRA owned property at 7528 Colfax Avenue.
Basis of Recommendation:
1. A qualified family has been identified as purchaser and meets
program requirements.
2. A purchase agreement cannot be processed further by the
lender without HRA authorization of sale.
3. A public hearing notice has been published in the Sun-Current
which allows the HRA to consider the sale at the January
meeting.
4. The Planning Commission has determined that the sale for
residential purposes is consistent with the Comprehensive
Plan.
Alternative Recommendation:
Do not adopt the resolution. However, this would cause a delay
in the sale of the property, increase HRA holding costs, and be
very disturbing for the identified family.
Discussion/Decision Mode:
Authorization of the sale is required at the January 19 meeting
so that the buyers can finalize mortgage financing for a February
5, 1993 closing.
Respe t lly submitted,
Jam s D. Prosser
Exe tive Director
JDP:ds
RESOLUTION N0.
THE HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF RICHFIELD, MINNESOTA
RESOLUTION AUTHORIZING SALE OF REAL
PROPERTY LOCATED AT
7528 COLFAX AVENUE SOUTH
WHEREAS, the Housing and Redevelopment Authority (HRA, owns
certain real property located at 7528 Colfax Avenue, legally
described as: Lot 8 and South 3 feet of Lot 7, Block 22, "Irwin
Shores Addn.; and
WHEREAS, the HRA acquired the property so that the South
Hennepin Vocational Technical College (Vo-Tech) could construct a
new single family home at 7528 Colfax Avenue, to be sold by the
HRA to a moderate income family; and
WHEREAS, construction work is completed; and
WHEREAS, the Huspeni family has been identified as qualified
purchasers for 7528 Colfax Avenue; and
WHEREAS, the conditions of sale include a total sales price
of $110,000, a first mortgage of $81,000 payable to the lender, a
lien of $24,000 payable to the HRA, and a 55,000 downpayment; and
WHEREAS, the sale of 7528 Colfax Avenue may be authorized by
the HRA following a public hearing which considers the
disposition of the property; and
WHEREAS, that hearing has been held following proper
publication of notice.
NOW, THEREFORE, BE IT RESOLVED by the Housing and
Redevelopment Authority in and for the City of Richfield,
Minnesota that the HRA Chairperson and Executive Director are
authorized to execute the purchase agreement and other required
documents so that the disposition of HRA owned property at 7528
Colfax Avenue occurs as presented herein.
Passed by the Housing and Redevelopment Authority in and for
the City of Richfield, Minnesota this 19th day of January, 1993.
Thomas E. Harms, Chairperson
ATTEST:
Joan Helmberger, Secretary
ATTACHMENT A
NEW, HOME PROGRAM
ELIGIBILITY REQUIREMENTS
FOR
HOME BUYERS
- Have a 3-8 member family (a family is defined as persons
related by blood, marriage or operation of law).
- Be a first time home buyer (or have not owned in 3 years).
- Have the following maximum annual income depending upon
family size:
Family Size Maximum Income
3 534,750
4 $38.,600
5 541,700
6 $44,800
7 547,850
8 550,950
This income is 80% of the metropolitan area median income - an
accepted CDBG program income level.
- Have the ability to make monthly payments on a 581,000
mortgage, pay $5,000 down, and pay buyer required closing
costs.
- Agree to be subject to a lien by the HRA for the difference
between the initial sales prices and the actual value.
HOUSING AND REDEVELOPMENT AUTHORITY
HRA Letter No.6
-,, Agenda January 19, 1993
Issue Statement:
Dedication of Girard Avenue extension to the City of Richfield;
Cloverleaf site.
Background:
When the HRA purchased the Cloverleaf site, the purchase was
subject to an agreement relating to the Girard Avenue extension.
In 1982, Lyons, the then owner of the Cloverleaf site, and
Erickson, the owner of the Corporate Travel property adjacent to
I-35W, entered into an agreement providing for the construction
and maintenance of the road which separates their two properties
and provides access to 76th Street, and to 78th Street at Emerson
Avenue. The agreement also provides for the dedication of this
road to the City at a time when the parties are agreeable. It
further provides that the parties agree not to accept
compensation when given to the City.
As planning for the construction of 77th Street continues, it
recently became apparent that a detour of 76th Street traffic
will be necessary. For approximately 45 days an excavation
across 76th Street will be necessary to accommodate the
installation of a storm sewer line. The most efficient and least
disruptive detour route would be to utilize the Girard Avenue
Extension and Emerson Avenue.
Erickson has recently indicated an interest in dedicating his
interest to the City. To effectuate a dedication, the HRA must
also be willing to respond in a similar manner and, of course,
the City Council must agree to accept the dedication.
There is no apparent reason for the HRA to continue to own an
interest in the road. Although Erickson is responsible for
maintenance and liability under the agreement, ownership still
represents a potential liability to the HRA. There is no good
reason for the HRA to own a private road.
While the north/south segment was constructed to City standards
the east west segment to Emerson was not. That area was already
paved as it provided access to the Cloverleaf Motel. For this
segment to meet City standards, the paved area must be widened
and an overlayment put on the existing pavement. The additional
six feet of pavement would be accomplished within the dimensions
of the existing private road width which is 30 feet with only 18
feet paved currently. The cost would be covered under the 77th
Street project.
Recommended Motion:
Adopt the attached resolution which indicates the willingness of
the HRA to dedicate the HRA portion of the private road to the
City and authorizes the Chair and Executive .Director to execute a
permanent easement agreement and related documents to effectuate
the dedication subject to acceptance by the City Council.
Basis of Recommendation:
1. The private road would be the most efficient and least
disruptive detour route.
2. The purchase of the Cloverleaf site was subject to the
Erickson-Lyons agreement.
3. The agreement provides for dedicating the road to the City.
4. The north/south portion of the road was constructed to City
standards.
5. The east/west segment is not to City standard but would be
improved to that standard by the City as part of the 77th
Street project.
6. The request is being initiated with-the HRA because the
timing of the availability of information regarding the need
for the detour route and the relationship between the meeting
schedules of the City Council and the HRA.
Alternative Recommendation:
1. Reject the recommendation.
2. Delay the recommendation.
Discussion/Decision Mode:
An affirmative response will permit the finalization of a detour
route to continue and the timely submittal of additional plans to
MnDOT for approval which would help assure a spring construction
start.
Respectfully submitted,
James Prosser
Executive Director
JDP:ds
RESOLUTION N0.
THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR
THE CITY OF RICHFIELD
RESOLUTION AUTHORIZING THE DEDICATION
OF A PRIVATE ROAD TO
THE CITY OF RICHFIELD
WHEREAS, the Housing and Redevelopment Authority in and-for
the City of Richfield, Minnesota (HRA) purchased a tract of land
known as the Cloverleaf site; and
WHEREAS, the purchase was subject to a Declaration of
Easements and Related Covenants and Revocation of Prior
Agreements which was recorded with Hennepin County as document
#4716372 and signed by the then property owners, Erickson and
Lyons, (Agreement); and
WHEREAS, the Agreement provides for the establishment,
continuation and termination of a private road on the westerh and
southern edges of the site as indicated in attached Exhibit A;
and
WHEREAS, the City is responsible for the maintenance of
public streets and the HRA is not; and
WHEREAS, the City has a need for a detour route related to
the 77th Street Project which route could utilize the private
road; and
WHEREAS, Erickson, the owner of the other portion of the
private road, has indicated a willingness to dedicate their
portion to the City; and
WHEREAS, legal counsel has opined that the dedication of the
road by the HRA to the City by perpetual easement does not
require a public hearing.
NOW, THEREFORE, BE IT RESOLVED by the Housing and
Redevelopment Authority:
1. The Chair and Executive Director are authorized to
execute a perpetual easement and related documents to
.dedicate the HRA portion of the road to the City.
2. The dedication to the City is subject to acceptance of
the road by the City Council.
3. The dedication to the City by the HRA is subject to
Erickson dedicating its interest to the City.
Adopted by the Housing and Redevelopment Authority in and
for the City of Richfield, Minnesota this 19th day of January,
1993.
Thomas E. Harms, Chair
ATTEST:
Joan Helmberger, Secretary
TOPOGRAPHIC B LOCATION SURVEY FOR:
KORSUNSKY, KRANK, ERICKSON ARCHITECTS, INC.
Exhibit A
W
Z
W
a
0
-~ ~~~
...- "~-
-- ~- ~~~\- ~tiotrwVYw __
dr,'~~~ I ~~ ... N_- .~ poop
~;-;~ r~y ~
•,, i ~ I. ~, ~,,, ~ \ ~,
'; IIII MT01T~ 1 , .r
~ ~
I i t
`\ - l ~ '1 ~
_.%'-r~
~ .. ~ ~
i~lii i\ \ ~ -~~,- \ \ '
~,..
.I J
91 r i. , 1 ~ ~ ~5 ~ /
',Ii I ~ / ~ ,,: i~' i 0.6~~/~ /I ~/ 11
i r ~ i , ~ ~ ~:~ ~
III ~ ~ , ~~ r ~`l % i J~ /%~i~~,,- `~~.
III 1 r/ice/i /~ •,__,, ~/,~•~ / ~ '. „' 1
~,' j l l % i ~ /~ t
;J/~~.._-__~__-
w.a•e.r «..~r
'~
z 7 \ __!
• o ^~`- -
~ ~,
~ I
_ ~•~ I.~ r
\~i;'. [~
.~
..~.. t
~..~•~.
~/ i .. • .
~ ~~ - ~':
1
~ ~~` S k'
I
1
ti
I '~
I I
~~ ; ; ~
/ /
/ /
r~; ~ /~ I
1 ~ I
~ ~ ~ ~. _
~~I ,Y
o~ ~ ~
//• ~ )` ~
/ ~ S
.. ...
'D.J • ,,.
~.
F ':..7` .
QrF ~;
:~~i~y
~y
t
._ti0
~ ~i \ \
d
,.,I \~~ ~, ~ \s
~ ~\ ~
,...I I , \~ \ \\~
\ }.. `.
\\\' \'\\ ~ 1 ; d..
Ii
i ~ / ~ ~ r S
,~ ~ g
. fti ,. ~\
:.~ \ -
\ .. ~
e'' <•,b ~ ~~ ~
eo •••.••.~.
ws.~1~.~
F ~ ~r ur,r~r.~ l~..w )~ r „r,I Y.~w'll"1~.. ~. ~,r.w
r I ~~ riM.y~. ~~ ~I. ~
...
-~r ....,~_._,_.,..,.,--..,_.,.-...
~,-, .,., ~_., , ~ r
L- wr
•. nip r~...~. .~.~~... ~...
r r,.n + w f w~ N 1 • ~w ~M, w =;~r rr ~ w ~•~ rr~.
I 1 M,w r.~•M.wr.,+ •~ Y ~4 u.r.~.'r ~ r+Y N ~.~
1.~~ _
•Y • Ir. V...w~~ '
N
F
~; PRIVATE ROAD
~1~ande lend I~arveylnC ^oc.
r..~w ....+.e
HOUSING AND REDEVELOPMENT AUTHORITY
HRA Letter No.5
Agenda January 19, 1993
Issue Statement:
Continuation of a hearing on the sale of a portion of the
Cloverleaf site to the City to provide for the construction of
77th Street.
Background•
The City Council authorized just compensation and the purchase of
the portion of the Cloverleaf site needed for the 77th Street
Project along with several other partial takings on December
14th. However, MnDOT/FHWA (Federal Highway Administration)
approval has not yet been provided for the partial takings.
Thus, the official offer to purchase cannot be made at this time.
It was hoped the approval would be received prior to the HRA
meeting of January 19, 1993.
Recommended Motion:
Adopt a motion continuing the land sale .hearing to the February
16, 1993 HRA meeting.
Basis of Recommendation:
1. The public hearing was advertised for December 21, 1992, and
the HRA continued the hearing until January 19, 1993.
2. Because the MnDOT/FHWA approval has not yet been provided, an
offer from the City cannot yet be made. If an offer were
made MnDOT/FHWA fund eligibility would be eliminated.
3. The appropriate response is to continue the hearing until the
February meeting.
Alternative Recommendation:
1. End the hearing.
2. Continue the hearing to another date.
3. Not grant the right of entry.
Discussion/Decision Mode:
Continuation will avoid the necessity of advertising the hearing
again and permit plan processing to continue.
Respectfully submitted,
Jam s D. Prosser
Exe ive Director
JDP : j s
HOUSING AND REDEVELOPMENT AUTHORITY
HRA Letter No.4
Agenda January 19,. 1993
Issue Statement:
Resolutions designating official depositories for the HRA of
Richfield for 1993, 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
51,000,000. 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 5100,000, making
the total protection afforded by this depository for HRA funds
equal to $1,100,000. A resolution naming the Firstar Bank as the
1993 official depository for the Richfield Housing and
Redevelopment Authority is attached to this letter.
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
5100,000.
Finally, a resolution is also attached which designates certain
financial institutions as depositories for the investment of HRA
funds for 1993. These institutions, such as investment brokerage
firms, offer government securities in the manner require by law.
These financial institutions include Richfield Bank and Trust
Co., FBS Investment Services Inc., Dain Bosworth, Prudential
Securities, Piper, Jaffray & Hopwood, Shearson Lehman Brothers,
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.
Basis of 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 the January 19, 1993, HRA
meeting so that the HRA may invest funds in the approved
financial institutions for the year 1993 immediately.
Respectfu y submitted,
James Prosser
Executive Director
JDP:ds
HRA RESOLUTION NO.
A RESOLUTION DESIGNATING CERTAIN SAVINGS AND
LOAN ASSOCIATIONS AND BANKS AS DEPOSITORIES
FOR THE INVESTMENT OF THE HOUSING AND REDEVELOPMENT
AUTHORITY FUNDS IN 1993
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 as follows:
1. It is hereby found and determined that it is in the
best interests of the proper management of Housing and
Redevelopment Authority funds that certain Savings and
Loan Associations and Banks be designated as additional
depositories for Housing and Redevelopment Authority
funds for 1993.
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 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 of the Housing and Redevelopment
Authority.
4. The Executive Director 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 Executive Director or Finance Manager.
Passed by the Housing and Redevelopment Authority of
Richfield this 19th day of January, 1993.
Thomas E. Harms, Chairperson
ATTEST:
Joan Helmberger, Secretary
HRA RESOLUTION NO.
A RESOLUTION DESIGNATING CERTAIN FINANCIAL INSTITUTIONS
AS DEPOSITORIES FOR THE INVESTMENT OF HOUSING AND
REDEVELOPMENT AUTHORITY OF RICHFIELD FUNDS IN 1993
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 City
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
interests 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 1993.
2. The following financial institutions designated as
depositories for Housing and Redevelopment Authority
funds:
Richfield Bank & Trust Company
FBS Investment Service, Inc.
Dain Bosworth, Inc.
Prudential - Securities
Piper, Jaffray & Hopwood
Shearson Lehman Brothers
Federated Investors, Trust
Securities
Smith Barney
for Short-Term U.S. Govt.
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 Authority of
Richfield this 19th day of January, 1993.
Thomas E. Harms, Chairperson
ATTEST:
Joan Helmberger, Secretary
HRA RESOLUTION NO.
RESOLUTION DESIGNATING THE FIRSTAR BANK A DEPOSITORY
OF FUNDS OF THE HOUSING AND REDEVELOPMENT AUTHORITY FOR
RICHFIELD FOR THE YEAR 1993 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 sum 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 Authority of Richfield.
That said depository shall pay on demand all deposits there;
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, Chairman
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 the collateral in the amount of
51,000,000 deposited for safekeeping at the Firstar Bank,
Milwaukee, Wisconsin is hereby approved.
Passed by the Housing and Redevelopment Authority of Richfield
this 19th day of January, 1993.
ATTEST:
Thomas E. Harms, Chairperson
Joan Helmberger, Secretary
HOUSING AND REDEVELOPMENT AUTHORITY
HRA Letter No.3
Agenda January 19, 1993
Issue Statement:
Designation of Official Newspaper for 1993.
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 1993.
Recommended Motion:
Designate the Richfield Sun-Current as the official newspaper of
the Richfield HRA for the year 1993.
Basis for Recommendation:
1. The paper has served well as the official newspaper for many
years.
2. The paper has expressed a desire to continue to provide this
service.
3. The newspaper is in close proximity to City offices if it is
necessary to hand deliver legal notices before publication
deadlines.
4. The paper is delivered to each residence in the City, thereby
providing city-wide coverage of legal notices to residents.
Alternative Recommendation:
1. Not make a designation and request the City Clerk's office to
check into using another publication, such as the Minneapolis
Star & Tribune.
Discussion/Decision Mode:
This item has been placed on the January 19, 1993 HRA agenda so
that a designation can be made for 1993.
Respectfully submitted,
Jam s Prosser
Exec ive Director
JDP:cak
MINNESOTA ,
~j~
PUBLICATIONS
Sun•Current Sun•Post Sun•Sailor
December 11, 1992
Mr. Tom Ferber
City of Richfield
6700 Portland Avenue South
Richfield, MN 55423
Dear Mr. Ferber:
Please consider the Sun-Current as the city of Richfield's official newspaper for the
year 1993 at your January organizational meeting.
The rate structure for legals effective January 1, 1993 will~be:
1 column width: $0.72 per line -first insertion ($7.92 per inch)
$0.42 per line -subsequent insertions ($4.62 per inch)
2 column width: $1.44 per line -first insertion ($15.84 per inch)
$0.84 per line -subsequent insertions ($9:24 per inch)
Notarized affidavits on each of your publications will be provided.
Minnesota Sun Publications will accept legal notices on diskettes. Your IBM or
compatible personal computer makes it easy for you to submit legal notices produced with
WordPerfect, Wordstar or MS Word word-processing programs. Files saved in ASCII are
also acceptable. As this represents as cost-effective and efficient method for us to
produce the copy for publication, we will offer a 15% rate discount on all notices
submitted on diskettes.. We recommend that other municipal departments coordinate their
legal notice publishing needs with the city clerk's office as well.
All legal ads should be sent to our Bloomington office by Thursday noon preceding our
Wednesday publications. In order to expedite our service to you, please direct your
legals to the attention of Meridel Hedblom, Minnesota Sun Publications, 7831 East Bush
Lake Road, Bloomington, MN 55439. For your convenience our fax number is 896-4754.
Thank you for considering the Sun-Current as-your official newspaper for the ensuing
year. We are honored and pleased to serve you and look forward to a mutually beneficial
working relationship with the city of Richfield.
Sincerely,
~~~ ~~LZIG~:~~
Donald W. Thurlow
\~ Publisher
Bloomington Office: 7831 East Bush Lake Road Bloomington, MN 55439 Ph: (612) 896_4700
HOUSING AND REDEVELOPMENT AUTHORITY
HRA Letter No.2
Agenda January 19, 1993
Issue Statement:
Designation of Acting Executive Director.
Background•
On January•11, 1993, 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 Devich, Director of Administrative
Services, 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.
Respectfull submitted,
James rosser
Execute Director
JDP:cak
HOUSING AND REDEVELOPMENT AUTHORITY
HRA Letter No. 1
Agenda January 19, 1993
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 1989-1992 are as follows:
1989
Thomas Harms, Chair
Vern Luettinger, Vice Chair
Joan Helmberger, Secretary
1990
Thomas Harms, Chair
Vern Luettinger, Vice Chair
Joan Helmberger, Secretary
1991
Thomas Harms, Chair
Vern Luettinger, Vice Chair
Joan Helmberger, Secretary
Recommended Motion:
Elect officers for the year 1993.
1992
Thomas Harms, Chair
Ivan Ludeman, Vice Chair
Joan Helmberger, Secretary
Basis of Recommendation:
1. The bylaws of the HRA require that such an election be held
at the annual meeting in January of each year.
Alternative Recommendation:
1. 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 19, 1993 HRA
meeting in accordance with the HRA bylaws.
Respectfully submitted,
JDP:cak
James Prosser
Execu e Director