07-01-1996 Special->
HRA MINUTES
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. Richfield, Minnesota
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Special Housing and Redevelopment
Authority Meeting
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July 1, 1996
The meeting was called to order by Chairperson Harms at 6:00 p.m.
HRA Members
Present: Thomas Harms, Chairperson; Joan Helmberger; Vem Luettinger;
Michael Sandahl; and Russ Susag.
Staff Present : James Prosser, Executive Director; Thomas Ferber, City Clerk; Bruce
Nordquist, Housing Supervisor; and John Dean, City Attorney.
Executive Director Prosser reviewed HRA Letter No. 39 regarding consideration of a
proposed Second Amendment to the Contract for Private Redevelopment with TOLD
Development Company for the Meridian Crossings Project.
HRA Attorney Dean reviewed and answered questions regarding the proposed
Second Amendment to the Contract for Private Redevelopment with TOLD Development
Company. He indicated that the amendment would shift the timing of assistance but not the
amount of assistance given to the developer. He stated changes were made in addressing
the activities related to the Phase II property to occur after the Phase I closing but before the
Phase II closing. He stated a new Schedule C to the Limited Revenue Tax Increment Note
Special HRA Meeting Minutes
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July 1, 1996
for each phase which would provide for the recognition of costs related to the Phase II
activities. Mr. Dean indicated that an assessment agreement was also included in the
amendment.
Sid Inman, Ehlers & Associates, Inc., discussed the But For Analysis for the Meridian
Crossings Project.
HRA Commissioner Luettinger stated concerns about the interest that would be lost.
Chairperson Harms suggested that HRA Attorney Dean seek a contingent $500,000
secondary guarantee related to this amendment to the Contract for Development.
M/Sandahl, S/Susag to approve the Second Amendment to the Contract for Private
Development with TOLD Development Com ap~y for the Meridian Crossings Project.
Motion carried 5-0.
Ralph Robinson, TOLD Development Company, presented a short promotional film
about Meridian Crossings and reviewed the status of leasing for the project.
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The meeting was adjourned by unanimous co
Date Approved: 7/15/96
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Thomas P. Ferber
City Clerk
6:20 p.m.
`Thomas E. Harms
Chair
James D. Prosser
tive Director