03-07-1988 SpecialCITY OF RICHFIELD, MINNESOTA
HOUSING AND REDEVELOPMENT AUTHORITY
SPECIAL MEETING
MARCH 7, 1988
MEMBERS PRESENT: Thomas Harms, Chairman; Joan Helmberger;
Ivan Ludeman; Vern Luettinger; and
Donald Hassenstab
1
STAFF PRESENT: James D. Prosser, Executive Director;
Byron Wallace, Community Development
Director; Bruce Palmborg, Housing and
Redevelopment Coordinator; and Council
Member Edwina Garcia.
The meeting was called to order by Chairman Harms at 6:02
P.M.
Item ~~1 APPROVAL OF ITEMS TO THE CONTRACT FOR PRIVATE
DEVELOPMENT WITH THE LINCOLN COMPANIES. HRA LETTER
N0. 14.
Chairman Harms introduced the only item on the agenda,
approval of the transfer agreement and subordination agreement
related to the CDP development.
Executive Director Prosser reviewed HRA Letter No. 14 and
stated that~the agreements had been prepared upon direction by
HRA at the February 16, 1988 meeting. The agreements provide
further assurances that the development project will be
completed.
Mr. Prosser asked Attorney Dean to explain changes. Mr.
Dean indicated the two major changes included in the development
agreement were the following: a provision holding Lincoln
Properties responsible for completion of the project; a
subordination agreement stating if the development is foreclosed
by a bank, the bank is not responsible for completing the
project.
Attorney Dean noted that if that were the case, the HRA
would still have received funds from sale of building and would
not have forwarded any funds to the development. Thus, the HRA
and City would remain whole.
M/Ludeman, S/ Luettinger that the following resolution be
adopted: that it be spread in the resolution book and that_it be
made part of these minutes:
HRA Minutes 2 March 7, 1988
RESOLUTION N0. 319A
RESOLTION APPROVING AGREEMENTS WHICH ARE PART OF THE CONTRACT FOR
PRIVATE REDEVELOPMENT WITH THE LINCOLN COMPANIES
Motion carried 5-0. This resolution appears as Resolution
No. 3 in Resolution Book No. 3.
REPORTS OF EXECUTIVE DIRECTOR
There was a brief oral report on recent events related to
discussions with the developer of Landmark Centre.
~Mr. Prosser initiated a brief discussion related to possible
rescheduling of HRA meetings to a day other than the third
Monday. There was no consensus for a change of meeting days.
ADJOURNMENT
M/Ludeman, S/Luettinger to adjourn the meeting.
Motion carried 5-0.
The meeting was adjourned at 6:15 p.m. ,~ .~
Date Approved: 3/21/88 / //0/,~f~,,L~iU l`~/~'~~~`''
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