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12-21-1998 ~' C~.._.J. CALL TO QRDER Regular Meeting December 21, 1998 The meeting was called to order by Chair Harms at 7:00 p.m. ~l ''ROLL CALL HRA Members Present: Thomas Harms; Joan Helmberger; Kristal Stokes; Michael Sandahl and Russ Susag. Staff Present : James Prosser, Executive Director, Steven Devich, Acting City Clerk; Bruce Palmborg, Community Development Director; and Bruce Norquist, Housing & Redevelopment Manager. APPROVAL OF MINUTES M/Susag, S/Helmberger to approve the minutes of the Regular HRA Meeting of November 16. 1998 and the minutes of the Special HRAlCity Council Meeting of November 16. 1998. Motion carried 5-0. Item #1 OPPORTUNITY FOR CITIZENS TO ADDRESS. THE HRA. HOUSING AND REDEVELOPMENT AUTHORITY MEETING MINUTES Richfield, Minnesota HRA Meeting Minutes -2- No one wished to address the HRA. December 21, 1998 M/Sandahl, S/Stokes that the following HRA resolutions be adopted. that they be spread in the HRA resolution book and that they be made part of these minutes: HRA RESOLUTION N0.696 RESOLUTION DESIGNATING THE FIRSTAR BANK A DEPOSITORY OF FUNDS OF THE HOUSING AND REDEVELOPMENT AUTHORITY FOR RICHFIELD FOR THE YEAR 1999 AND APPROVING COLLATERAL HRA RESOLUTION N0.697 RESOLUTION DESIGNATING CERTAIN FINANCIAL INSTITUTIONS AS DEPOSITORIES FOR THE INVESTMENT OF HOUSING AND REDEVELOPMENT AUTHORITY OF RICHFIELD FUNDS IN 1999 HRA RESOLUTION N0.698 RESOLUTION DESIGNATING CERTAIN SAVINGS AND LOAN ASSOCIATIONS AND BANKS AS DEPOSITORIES FOR THE INVESTMENT OF HOUSING AND REDEVELOPMENT AUTHORITY FUNDS IN 1999 Motion carried 5-0. These resolutions appear as HRA Resolution No.'s 696, 697, and 698 in HRA Resolution Book No. 5. 1 Executive Director Prosser reviewed HRA Letter No. 81 regarding consideration of request by CSM Properties, Inc. for 60 day extension to submit preconditions outlined in Interchange West Redevelopment contract. Mr. Prosser stressed that the 60 day extension would not push back the final date. ~_ HRA Meeting Minutes -3- December 21, 1998 Executive Director Prosser stated the final date would be February 16, 1999 at which time the developer would come back to the HRA and present the plan. Murray Komberg, CSM Corporation, made a status report to the HRA on the Interchange West Project. Kevin Anderson, Richfield property owner, stated that he has never received a purchase agreement for their home. Chair Harms stated the delay is due at least in part to the fact that a number of homeowners do not know the financial impact of selling their homes. There was general discussion regarding the process and timetable for purchasing 1 homes in the area. Item #4 CONSIDERATION' OF RESOLUTION APPROVING FIRST AMENDMENT TO CONTRACT fOR PRIVATE REDEVELOPMENT WITH GRAMERCY PARK. COOPERATIVE AT LAKE SHORE DR1VE; GRAMERCY~TIF DISTRICT.. HRA LETTER N0.82 Executive Director Prosser reviewed HRA Letter No. 82 regarding consideration of a resolution approving first amendment to a contract for private redevelopment with Gramercy Park Cooperative at Lake Shore Drive; Gramercy TIF District. Commissioner Sandahl asked what the amount of TIF support requested was. Executive Director Prosser responded that it went from $3,000,000 to $2,230,174. Chair Harms stated that he understood that the TIF assistance was to be reduced proportionately. Sid Inman, Ehlers & Associates, responded that on an absolute dollar per unit basis, the TIF increased sligh`~y because of fixed costs. However, he stated that on a percentage of total project cost basis, the TIF percentage is reduced slightly. Chair Harms and Commissioner Sandahl both stated a concern that the TIF assistance was greater than they had wished it would have been. However, that assistance was set at a prior meeting and the issue before the HRA tonight was to deal with an adjustment to the project, which is out of the developers control and was justified. M/Susag, S/Sandahl that the following HRA resolution be adopted. that it be spread in the HRA resolution book and that it be made part of these minutes: HRA Meeting Minutes -4- December 21, 1998 HRA RESOLUTION N0.699 RESOLUTION APPROVING FIRST AMENDMENT TO CONTRACT FOR PRIVATE REDEVELOPMENT WITH GRAMERCY PARK COOPERATIVE Motion carried 5-0. This resolution appears as HRA Resolution No. 699 in HRA Resolution Book No. 5. ;, Item #5 CONSIDERATION-OF RESQLUTION'DECLARING QFFICtAL'INTENT OF= HRA TO ISSUE :PAY AS YOU GO ~ TAX INCREMENT NC3TE FC?R URBAMv' VILLAGE AS. TAX EXEMPT aNCREMENT I?EBT~ .. HRA LETTE~t NC1 83 ..". ''~ ,'~t.Y -. Executive Director Prosser reviewed HRA Letter No. 83 regarding consideration of a request from Richfield State Agency (RSA) to issue the "pay as you go" tax increment note for the Urban Village as tax exempt debt. M/Sandahl, S/Helmberger that the following HRA resolution be adopted. that it be spread in the HRA resolution book and that it be made part of these minutes: HRA RESOLUTION N0.700 RESOLUTION DECLARING THE OFFICIAL INTENT OF THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF RICHFIELD TO REIMBURSE CERTAIN EXPENDITURES FROM THE PROCEEDS OF BONDS TO BE ISSUED BY THE AUTHORITY Motion carried 5-0. This resolution appears as HRA Resolution No. 700 in HRA Resolution Book No. 5. Item #6 EXECUTIVE DIRECTOR REPORT ;: - None. ~, Item #7 ~ s ~L~11MS AND`PAYR~LL :-~ s. ~ .~~~ M/Sandahl, S/Helmberger that the following claims and payrolls be aRproved: HRA Meeting Minutes -5- FIRSTAR BANK HRA Checks: 20216-20236; 20311-20371 Section 8: 13102-13198 Motion carried 5-0. ADJOURNMENT December 21, 1998 $ 653,391.10 $ 119,707.67 The meeting was adjourned by unanimous c tat 7:35 p.m. Date Approved: 1/19/99 Thomas E. Harms 0 ~ ~~ 'ven L. Devich Acting City Clerk ~_. .Y .