02-13-1995 SpecialCITY OF RICHFIELD, MINNESOTA
SPECIAL
HOUSING AND REDEVELOPMENT AUTHORITY MEETING
February 13, 1995
HRA MEMBERS
PRESENT: Tom _Harms, Joan Helmberger, Michael Sandahl, Russ
. Susag, and Vern Luettinger.
STAFF PRESENT: James Prosser, Executive Director; Steven Devich,
Administrative Services Director; and Byron Wallace,
. Community Development Director.
The meeting was called to order by Chair Harms at 6:30 p.m.
Item #1 CONSIDERATION OF RESOLUTION RELATING TO ACCEPTANCE OF
LETTER OF CREDIT AND RELEASING MORTGAGE INTEREST HELD
BY HRA, CSM PHASE 1, HRA LETTER N0.~8
Executive Director Prosser reviewed HRA Letter No. 8 regarding consideration of a
resolution relating to the acceptance of a Letter of Credit and releasing of mortgage
interests held by the HRA, CSM Phase I.
Mr. Prosser stated that the Letter of Credit was a better form of credit.
M/Luettinger, S/Susag that the following resolution be adooted• that it be s rep ad in
the resolution book and that it be made Dart of these minutes:
HRA RESOLUTION NO 539
RESOLUTION RELATING TO ACCEPTING LETTER OF CREDIT
AND RELEASING MORTGAGES
Motion carried 5-0. This resolution appears as HRA Resolution No. 539 in HRA
Resolution Book No. 4.
Item #2 CONSIDERATION OF STIPULATION OF SETTLEMENT REGARDING
PREVIOUSLY OWNED CITY PROPERTY NEAR EMERSON AVENUE
AND NEW 77TH STREET; CSM, PHASE I, HRA LETTER N0.9
Executive Director Prosser reviewed HRA Letter No. 9 regarding consideration of
the approval of a Stipulation of Settlement regarding previously owned City property,
CSM, Phase I.
HRA Minutes -2- February 13, 1995
M/Luettinger, S/Susag to approve the Stipulation of Settlement regarding previous~r
owned Citv property and to direct staff to present it to the City Council along with the
Hg's request for approval.
Motion car i~5-0.
ADJOURNMENT
Executive Director Prosser provided a brief status report on the ILN relocation
process.
Commissioner Luettinger stated that he had talked to Kirk Fox of Doherty Furniture
concerning the lease for'his store in the new project.
Mr. Prosser responded that they had talked to Mr. Fox regarding this issue, and
that one option for him may be an escape clause in his lease.
The meeting was adjourned by unanimous c nt at 6:37 p.m.
Date Approved: 2/28/95
homas Harms Chair
Steven L. Devich Jame . D. Prosser
Acting City Clerk Exec tive Director
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