081511regular HOUSING AND REDEVELOPMENT
RICHFIELD AUTHORITY MEETING MINUTES
Richfield, Minnesota
Regular Meeting
August 15, 2011
CALL TO ORDER
The meeting was called to order by Chair Sandahl at 7:00 p.m.
ROLL CALL
HRA Members Sue Sandahl, Chair; Doris Rubenstein, Debbie Goettel and Steven Quam
Present:
HRA Members Joan Helmberger
Absent:
Staff Present: John Stark, Acting Executive Director; Karen Barton, Community
Development Manager; Myrt Link, Community Development Accountant;
Chris Regis, Finance Manager; Julie Eddington, Attorney and Cheryl
Krumholz, Recording Secretary.
Item #1 APPROVAL OF MINUTES OF (1) REGULAR HRA MEETING OF JULY 18, 2011
AND (2) SPECIAL HRA MEETING OF JULY 25, 2011
M/Goettel, S/Rubenstein to approve the minutes of the Regular HRA Meeting of July 18,
2011 and Special HRA Meeting of July 25, 2011.
Motion carried 4-0.
Item #2 HRA APPROVAL OF AGENDA
M/Sandahl, S/Quam to approve the agenda.
Motion carried 4-0.
HRA Meeting -2- August 15,2011
Item #3 PRESENTATION AND CONSIDERATION OF ACCEPTING RICHFIELD HRA
ANNUAL TAX INCREMENT DISTRICT STATUS UPDATE (STAFF REPORT NO.
38)
Rebecca Kurtz, Ehlers and Associates, presented the update. She said the HRA is able to
meet all of its TIF District obligations. The cash balances have some significant use restrictions so
she recommended being conservative in making changes.
M/Sandahl, S/Rubenstein to accept the Richfield HRA annual tax increment district status
update.
Motion carried 4-0.
Item #4 CONSIDERATION OF RESOLUTION ACCEPTING MONETARY CONTRIBUTIONS
FOR COMMUNITY DEVELOPMENT EVENTS AND PROGRAMS (STAFF REPORT
NO. 39)
Acting Executive Director Stark presented Staff Report No. 39.
M/Rubenstein, S/Goettel that the following resolution be adopted and that it be made part of
these minutes
HRA RESOLUTION NO. 1099
RESOLUTION AUTHORIZING RICHFIELD COMMUNITY DEVELOPMENT
DEPARTMENT TO ACCEPT DONATIONS FROM THE LISTED BUSINESSES FOR
DESIGNATED USES
Motion carried 4-0. This resolution appears as HRA Resolution No. 1099.
Item #5 PUBLIC HEARING REGARDING BUSINESS SUBSIDY NOT TO EXCEED $650,000
AND CONSIDERATION OF RESOLUTION APPROVING BUSINESS SUBSIDY
AGREEMENT WITH LYNDALE GARDENS, LLC AND FUNDING AGREEMENT
WITH LYNDALE GARDENS, LLC (STAFF REPORT NO. 40)
Community Development Manager Barton presented Staff Report No. 40.
M/Goettel, S/Sandahl to close the public hearing.
Motion carried 4-0.
Julie Eddington, Kennedy and Graven, explained the business subsidy agreement and
funding agreement, including the job and wage goals. She added that the HRA would enter a
contract with the developer and this would establish a partnership to provide tools to move the
project forward with a common focus.
M/Goettel, S/Rubenstein that the following resolution be adopted and that it be made part of
these minutes
HRA Meeting -3- August 15,2011
HRA RESOLUTION NO. 1100
RESOLUTION APPROVING A FUNDING AGREEMENT AND A
BUSINESS SUBSIDY AGREEMENT
Motion carried 4-0. This resolution appears as HRA Resolution No. 1100.
Item #6 CONSIDERATION OF RESOLUTION ADOPTING MODIFICATION TO
REDEVELOPMENT PLAN FOR RICHFIELD REDEVELOPMENT PROJECT AREA
AND ADOPTING AMENDED AND RESTATED TAX INCREMNT FINANCING PLAN
FOR 2010-1 HOUSING TAX INCREMENT FINANCING DISTRICT; WOODLAKE
HOUSING (STAFF REPORT NO. 41)
Community Development Director Stark presented Staff Report No. 41.
Community Development Director Stark distributed a revised plan which included minor
changes.
Terry McNellis, developer, discussed the status of their HUD financing request application
and the projects financing and demolition timelines.
M/Quam, S/Rubenstein that the following resolution be adopted and that it be made part of
these minutes
HRA RESOLUTION NO. 1101
RESOLUTION ADOPTING A MODIFICATION TO THE REDEVELOPMENT PLAN
FOR THE RICHFIELD REDEVELOPMENT PROJECT AREA AND ADOPTING AN
AMENDED AND RESTATED TAX INCREMENT FINANCING PLAN FOR THE
2010-1 HOUSING TAX INCREMENT FINANCING DISTRICT (WOODLAKE
HOUSING)
Motion carried 4-0. This resolution appears as HRA Resolution No. 1101.
Item #7 CONSIDERATION OF:
A. RESOLUTION APPROVING CONTRACT FOR PRIVATE DEVELOPMENT
WITH WOODLAKE RICHFIELD APARTMENTS, LLC;
B. RESOLUTION APPROVING ISSUANCE OF TAX INCREMENT LIMITED
REVENUE NOTE, SERIES 2011A AND 2011B; AND
C. RESOLUTION AUTHORIZING INTERFUND LOAN FOR ADVANCE OF
CERTAIN COSTS IN CONNECTION WITH AMENDED AND RESTATED
HOUSING TAX INCREMENT FINANCING DISTRICT 2010-1 (STAFF
REPORT NO. 42)
Community Development Director Stark presented Staff Report No. 42.
Julie Eddington, Kennedy and Graven, explained the conduit revenue bonds.
M/Sandahl, S/Rubenstein that the following resolutions be adopted and that it be made part
of these minutes
HRA Meeting -4- August 15,2011
HRA RESOLUTION NO. 1102
RESOLUTION APPROVING A CONTRACT FOR PRIVATE DEVELOPMENT BETWEEN
THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF
RICHFIELD AND WOODLAKE RICHFIELD APARTMENTS, LLC
This resolution appears as HRA Resolution No. 1102.
HRA RESOLUTION NO. 1103
RESOLUTION APPROVING THE ISSUANCE OF, AND PROVIDING THE FORM,
TERMS, COVENANTS AND DIRECTIONS FOR THE ISSUANCE OF ITS TAX
INCREMENT LIMITED REVENUE NOTE, SERIES 2011A IN AN AGGREGATE
PRINCIPAL AMOUNT NOT TO EXCEED $822,000 AND ITS TAX INCREMENT LIMITED
REVENUE NOTE, SERIES 2011B IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO
EXCEED $500,000
This resolution appears as HRA Resolution 1103.
HRA RESOLUTION NO. 1104
RESOLUTION AUTHORIZING INTERFUND LOAN FOR ADVANCE
OF CERTAIN COSTS IN CONNECTION WITH AMENDED AND RESTATED HOUSING
TAX INCREMENT FINANCING DISTRICT 2010-1 (WOODLAKE HOUSING)
This resolution appears as HRA Resolution 1104.
Motion carried 4-0.
Item #8 CONSIDERATION OF RESOLUTIONS APPROVING 2012 PROPOSED HRA
BUDGET AND TAX LEVY AND 2011 REVISED HRA BUDGET (STAFF REPORT
NO. 43)
Community Development Director Stark presented a PowerPoint presentation of the 2011
revised and 2012 proposed HRA budget.
Finance Manager Regis explained the reserve balances and the levy as it pertains to the
General Fund.
M/Goettel, S/Quam that the following resolution be adopted and that it be made part of
these minutes
HRA RESOLUTION NO. 1105
RESOLUTION APPROVING PROPOSED 2012 HOUSING AND REDEVELOPMENT
AUTHORITY BUDGET AND CERTIFYING THE 2012 TAX LEVY
This resolution appears as HRA Resolution No. 1105.
HRA RESOLUTION NO. 1106
RESOLUTION AUTHORIZING REVISION OF THE 2011 BUDGET OF THE
HOUSING AND REDEVELOPMENT AUTHORITY OF RICHFIELD
HRA Meeting -5- August 15,2011
This resolution appears as HRA Resolution No. 1106.
Motion carried 4-0.
Item #9 HRA DISCUSSION ITEMS
None.
Item #10 EXECUTIVE DIRECTOR REPORT
None.
Item #11 CLAIMS AND PAYROLL
M/Goettel, S/Quam that the following claims and payrolls be approved:
U.S BANK 08/15/2011
Section 8 Checks: 120849-120958 $ 138,813.53
HRA Checks: 31262-31280 $ 456,896.73
TOTAL $ 595,710.26
Motion carried 4-0.
ADJOURNMENT
The meeting was adjourned by unanimous consent at 8:05 p.m.
Date Approved: September 19, 2011 euvvit.LA
Suz M. andahl
Ch it/1-491 .Af
Cheryl rumh Iz -o- S :rk
Recording Secretary A ctins Executive Director
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