HRA 11/10/1988 - 29658�
CITY OF FRIDLEY
HOUSING & REDEVELOPMENT AUTHORITY MEETING, NOVEMBER 10, 1988
___________________.._..__..____.,______________....__.,____-____-_-_-_-
CALL TO ORDER•
Chairperson Commers called the November 10, 1988, Housing &
Redevelopment Authority meeting to order at 7:05 p.m.
ROLL CALL•
Members Present: Larry Commers, Virginia Schnabel,
John Meyer, Walter Rasmussen
Members Absent: Duane Prairie
Others Present: Jock Robertson, Executive Director to HRA
Dave Newman, HRA Attorney
Rick Pribyl, City Finance Director
William Burns, City Manager
Tim Turnbill, Police Department
Bill Fogerty, Winfield Development
Joe Commers, The Commers Company
Liv Horneland, Coldwell Banker
Pat Fisher, Stinski project
^ Cheryl Stinski
APPROVAL OF SEPTEMBER 8, 1988, HOUSING & REDEVELOPMENT AUTHORITY
MINUTES•
MOTION by Mr. Rasmussen, seconded by Ms. Schnabel, to approve the
September 9, 1988, Housing & Redevelopment Authority minutes as
written.
UPON A VOICE VOTE, ALL VOTING AYE, CHAIRPERSON COMMERS DECLARED THE
MOTION CARRIED UNANIMOUSLY.
CONSIDERATION OF PROCEDURE5 AND DEVELOPERS FOR REDEVELOPMENT OF THE
SOUTHWEST CORNER OF UNIVERSITY AND MISSISSIPPI STREET:
Mr. Robertson stated several developers have responded to the RFQ.
He had indicated earlier to the developers who responded that they
would each have about 5 minutes to make a presentation at the HRA
meeting. One of the respondents was Liv Horneland from Coldwell
Banker. Coldwell Banker has now secured exclusive listings on all
the private property on the site, and it is their intent to try to
find a developer as a buyer of the property and to assist that
developer with finding tenants. This is a short listing agreement
and Coldwell Banker and City Staff formally agreed that Coldwell
Banker should have until November 30 to try to put together a
i"1 package. The other developers who responded with interest on this
site have agreed to wait for a month. It was his understanding
HOIISING � REDEVELOPMENT AIIT80RITY MEETING, NOV. 10, 1988 -PAGE 2
that Ms. Horneland did talk to all the developers listed on the
City's mailing list for RFQ's for the southwest quadrant.
Ms. Horneland stated the sellers definitely want something to occur
on this site. They had retained Coldwell Banker's services for
that purpose. Since the relatively short time ago when they
obtained the listings, they have obtained considerable interest and
have met with the City to make sure they were not doing anything
contrary to the City's plans and that what they were doing would
be in the City's best interest. At this point, they have obtained
three parties that are making offers. There are also a couple of
other developers who have shown interest. They are trying to do
this as expeditiously as possible in everyone's best interest. She
could not say how long it was going to take to respond to these
offers, but they are trying to make a decision this month in order
to honor the City's time schedule, as well as their own.
Ms. Schnabel asked if the prospective developers were making offers
on individual parcels or on the whole package.
Ms. Horneland stated they are making offers on all three
properties. They want to do the whole package. Any development
^ will be contingent upon City approval.
Ms. Horneland stated the sellers are very concerned that the
property get developed. They are being very careful, and
credability and ability to perform are key things they are
considering.
Mr. Newman stated the City has also received other responses to the
RFQ. The discussion staff has had with Coldwell Banker is that
Coldwell Banker will have until the end of November to select a
developer for the property. If they have not done that by November
30, then staff will notify the other people who have responded to
the RFQ on December 1 and have them in attendance at the next HRA
meeting on December 8.
Mr. Newman stated after the September meeting, Mr. Levy contacted
staff to tell staff he and the other sellers had signed a listing
agreement with Coldwell Banker, that they would like the
opportunity to try ta develop the property, and to ask the City to
hold off for a little while. Mr. Levy also named a few very
prospective developers. Staff felt comfortable with these
developers. Staff then contacted Larry Commers, the HRA
Chairperson, and reviewed this situation with him, and explained
to him that under Mr. Levy's proposal, the HRA would not be acting
on the responses to the RFQ until Coldwell Banker had the
opportunity to complete their process. He stated this was taking
!', a little longer than staff had anticipated, so it has been delayed
now until the HRA's December meeting.
HOIISING & REDEVELOPMENT AIIT80RITY MEETING, NOV. 10, 1988 -PAGE 3
�,
Mr. Newman stated Coldwell Banker has asked staff what the City's
position would be on the Liquor Store. If Coldwell Banker finds
a developer, they are certainly going to receive a commission from
the other property or�mers, and they are asking the HRA's position
on this situation. He stated this was something staff reviewed
with Mr. Commers because it is an issue the HRA has not
specifically reviewed in the past. He stated he wanted the HRA to
be aware that this point has been raised.
Mr. Newman stated that after the discussion with Mr. Levy, staff
thought they should give Mr. Levy and the other sellers an
opportunity to try developing the property on their own. Mr. Levy
wanted to know that if they find a developer, would the HRA enter
into a development agreement with the developer? Mr. Newman stated
he told Mr. Levy he thought the HRA would be comfortable with the
property owners entering into a 60 day option; and within that 60
day period, the developer would be required to enter into a
conceptual agreement with the HRA. If they reached that conceptual
agreement within 60 days, then the option would be extended for
another 60-90 days. Mr. Levy felt comfortable with that.
The HRA members agreed with staff's recommendation to give Coldwell
^ Banker until November 30 to find a developer for the southwest
corner of University and Mississippi Street. Discussion was
continued until the next meeting.
INTRODUCTION OF WILLIAM BURNS. CITY MANAGER:
Mr. Robertson formally introduced Mr. Burns to the HRA members.
Mr. Commers stated he felt the HRA has had a pretty good working
relationship with the City Council over the years, and he hoped
that good relationship would continue.
Mr. Robertson stated that under the HRA Charter, Mr. Burns is the
Director of the HRA, and he, Mr. Robertson, is the Executive
Director. The HRA might want to think about what role they want
Mr. Burns to play as Director. This could be discussed at a future
meeting.
Mr. Rasmussen stated he has an ongoing anxiety about the
independence of the HRA and having to wear two hats, with the City
on one side and the HRA on the other. He stated it was his opinion
that it would be nice if the HRA's Director was independent of the
City. �
CONSIDERATION OF WINFIELD PROPOSAL ON 57TH PLACE:
�1 Mr. Commers stated the HRA members had received a copy of a letter
to Mr. Thomas Dolphin, President of Crosstown Bank, from Winfield
HOII3ING & REDEVELOPMENT AIITHORITY MEETING� NOV. 10, 1988 -PAGE 4
Developments, Inc., regarding the proposed lease to Crosstown Bank
for banking and office facilities at 57th Ave. and University Ave.
N.E.
Mr. Commers stated the HI2A had originally given Winfield
Developments, Inc. , a 90 day period in which to put the project
together. He asked Mr. Fogerty where he was with respect to the
lease with Crosstown Bank.
Mr. Fogerty stated they just arrived at the numbers last week. He
had wished they could have had the lease signed by now. He was
requesting a three week extension in order to get the lease done
and to get the appraisal done on Rapid Oil.
Mr. Newman stated that at the last meeting, they had talked about
a lot of concepts that neither party had agreed upon, and the next
step was to get a firm price on Rapid Oil so they could work the
numbers.
Mr. Robertson stated he has talked to Mr. Bubany of Winfield who
said the appraisal is done on Rapid Oil, and it is on its way.
Marshall Stevens is the appraiser.
^ Mr. Robertson stated it is staff's recommendation that the HRA
grant an extension to Winfield Developments, Inc., to November 30
for a bare bones agreement.
Mr. Joe Commers stated that as a competing developer for this
project, he would like to bring up a couple of things in the
interest of this project. At the August 11 HRA meeting, Mr.
Casserly had suggested that "the desirable course would be for the
HRA to pick a developer to proceed with trying to put together a
viable proposal that would essentially pay for itself with more
specific commitments, give the developer a deadline, and if the
developer cannot meet that deadline, then they would go with
another developer". Also at that same meeting, Mr. Fogerty had
stated: ��They have a very high quality attractive development for
this site, and he did think they would be able to put the project
together within three months. Within 45 days, they would be
willing to post a$50,000 letter of credit or whatever the HRA
deemed necessary.��
Mr. Joe Commers stated that in July Mr. Fogerty had said their
anchor tenant is a bank and they have a firm commitment for the
bank. He had also stated they were also willing to put up a letter
of credit to start the project.
Mr. Joe Commers stated as a very interested and enthused developer
for this project, he wanted to bring up these points. It seemed
� to him that 90 days ago, the HRA was very vehement about a 90 day
agreement to give this particular developer the time to put
HOIISING & REDEVELOPMENT AIIT80RITY MLETIN6� NOV. 10, 1988 -PAGE 5
�'°�
together a viable proposal. Quite frankly, in reviewing this from
the sidelines, he stated Security Development would like to ask the
HRA to give them a period of time in which to put together a viable
proposal as the competing developer.
Mr. Joe Commers stated it was his understanding the competition was
supposed to have a signed lease and soil tests done by this time,
yet they have not seen anything of substance from this developer.
He thought the HRA and the City staff should be reminded that maybe
they should think about the whole situation and perhaps give the
Security Development team a chance to do their thing. They feel
very confident that they could expedite the project in March and
finish the project in October.
Mr. Newman stated Mr. Joe Commers made some very valid points. As
the HRA remembered, Mr. Fogerty originally asked for a shorter time
period, and staff recommended 90 days. Staff has been somewhat
frustrated that the leasing arrangements have not been progressing
in the timeframe that was discussed. At the last �HRA meeting,
staff and the HRA were under the impression from Mr. Fogerty that
the lease agreements would be completed within a week or so;
however, it does appear that Winfield is progressing in obtaining
the lease. Based on the proposal originally made to the HRA, it
� was his understanding that a bank as a major tenant was much more
preferable to the HRA. In light of the fact that Winfield has
indicated they can provide that major tenant and have agreed to
have a conceptual agreement within the next 20 days, staff feels
comfortable with an extension to November 30. However, staff feels
that unless substantial progress is made within the next 20 days,
staff will not recommend any more extensions.
MOTION by Ms. Schnabel, seconded by Mr. Rasmussen, to grant an
extension of exclusive development rights to Winfield Developments,
Inc., until November 30, 1988, for the 57th Place Development.
UPON A VOICE VOTE, SCHANBEL, RASMLTSSEN, AND MEYER VOTING AYE,
COMMERS ABSTAINING, CHAIRPERSON COMMERS DECLARED THE MOTION
CARRIED.
Mr. Commers stated that even though he abstained from voting, he
would support the extension until November 30. He would caution
Mr. Fogerty, however, that he should follow through quickly as the
HRA will not continue to grant extensions.
CONSIDERATION OF PARKING LOT LEASE TO COLUMBIA PARK PROPERTIES•
Mr. Robertson stated in their original lease, Columbia Park
Properties had an option for the 26,000 square feet of parking area
that expired in January 1986. Subsequently, the HRA extended the
�'1 option for two years through May 31, 1988. The City is presently
� using that parking area for temporary parking while the Fridley
r�,
HOUBING & REDEVELOPMENT AIITHORITY MEETING. NOV. 10. 1988 -PAGE 6
ramp is being built. Colwmbia Park Properties informed the City
that they will not be able to make a commitment for several years
to proceed with their second phase building expansion which would
require the additional parking.
Mr. Robertson stated staff is recommending the HRA lease that site
for temporary parking on a year-by-year basis at the same rate they
are leasing it for now, to be available as soon as the need for
temporary parking is over and the ramp is completed. In this way,
the HRA will be able to review with Columbia Park Properties, the
leaseholder, their plans on an annual basis. This is agreeable with
Columbia Park Properties, and staff had included the text of the
lease in the HRA agenda. Staff would recommend the HRA approve the
lease. There is also a release and quit-claim deed that would be
to complete the termination of any interest Columbia Park
Properties might have under the terms of the earlier option.
Mr. Robertson stated Columbia Park Properties has reviewed the
language of the lease and the quit-claim deed, and they are in
agreement with it.
Ms. Schnabel asked if there was any possibility of the City doing
some landscaping along the service drive by this parking lot. She
� stated it is such a bare, open space. It bothered her that the
City demands that other people beautify their property and
landscape to the hilt, but yet here is some property the City has
that doesn't look very good. She thought the City has an
obligation to at least beautify this area a little. With the
completion of the parking ramp and the remodeling of City Hall,
this might be an appropriate time to add some landscaping aspects.
Mr. Robertson stated the City put down a thin layer of blacktop on
this lot because it is their intention to break it up again in the
spring when the temporary parking is no longer needed. So, they
will have not only the boulevard area, but approximately 60 feet
of space that will be replaced with black dirt. If it is the HRA's
desire, staff could prepare some kind of minimum landscaping plan
that would be in that 60 foot area until Columbia Park Properties
picks up an option on the lot.
Ms. Schnabel stated she would like staff to prepare a landscaping
plan for this lot for the HRA's consideration.
MOTION by Mr. Rasmussen, seconded by Mr. Meyer, to approve the
parking lot lease with Columbia Park Properties as set forth on
pages 2-B through 2-D of the November 10, 1988, HRA agenda.
UPON A VOICE VOTE, ALL VOTING AYE, CHAIRPERSON COP2MERS DECLARED
THE MOTION CARRIED UNANIMOUSLY.
�"1
-- CONSIDERATION OF SETTING UP PROJECT MAINTENANCE TRUST FUNDS:
�"1
HOIISING & REDEVELOPMENT AIITHORITY MEETING, NOV. 10, 1988 -PAdE 7
Mr. Robertson stated staff's recommendation is that staff be
directed to prepare a policy alternative paper. They are fairly
confident that legally the HRA cannot create a trust fund in the
technical sense of the word that cannot be modified by future
action of the HRA. They can call it a reserve fund or something
like that. The point of the staff's recommendation is to do a more
thorough analysis of what the legalities are, what the policy
options are, and what the financial options are. This then can be
discussed in a joint conference meeting with the HRA and the City
Council. Mr. Burns, the City Manager, is instituting more frequent
City Council conference meetings, so this could conceivably be done
in January.
Mr. Commers asked, regarding the first estimate that was made in
March by John Flora (March 4, 1988, memo from John Flora, re:
Project Maintenance Costs), was that just a guess of what the
maintenance the maintenance costs will be on current projects?
Mr. Pribyl stated he believed that was a"ball park" figure. The
figure, $176,000, was a very high estimate, and he did not know
how Mr. Flora arrived at that figure.
^ Ms. Schnabel stated that regarding Mr. Flora's memo and the
attachment to his memo (agenda page 3-B) entitled "HRA Costs
Maintenance", she would like to see the prices broken down. For
example: Lights $10.00 x 100 x 12 =$12,000. What does that mean?
Are they talking about original lights, costs for replacing lights,
costs for fixtures, bulbs, electrical costs, etc.? These are
questions she would like answered. She would like to know
specifically what the HRA is being charged for.
i�
Mr. Pribyl stated that when they know the basis for these
estimates, they will make that information available to the HRA.
CONSIDERATION OF PLAZA RAMP SECURITY SYSTEM:
Mr. Robertson stated that at the September meeting, the HRA
authorized him to expend money for the design for the installation
of the electrical conduit for the lights and surveillance system
the consultant had recommended in order to preserve all options for
future decisions on safety. He stated that has been done. The
cost of the drawings and design was about $1,100. The actual cost
of the work was about $9,370. The costs were outlined on page 4-
C of the agenda:
Additional interior fixtures $2,080
Additional conduit and rough-in work 5,790
Extra light pole basis 1,500
TOTAL $9,370
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HO_IISING & REDEVELOPMENT AIITHORITY MEETING, NOV. 10, 1988 -PAGE 8
Mr. Robertson stated that since the last meeting, the passive
safety system with the additional lighting has been committed, and
all the options for an aative system of electrical surveillance
have been retained. They also have the architects working on
screening the ventilation opening on the north side with chain link
fencing. The costs of those are included on agenda page 4-C also.
Mr. Robertson stated that at the September meeting, the HRA raised
the question of whether the Police Department would be in a
position to hire full time or part time staff to monitor the
surveillance system. He stated Mr. Turnbull was at the meeting to
respond to that question.
Mr. Turnbull stated the HRA had asked him to give them an estimate
of the cost of hiring a person to monitor the full surveillance
system, specifically if, in fact, it would take a full time person
to do that or what the level of commitment from the Police
Department would be. He stated he has discussed this with Jim
Hill, Public Safety Director, who has determined that in the
current 1989 approved budget, there is at this time no funding for
the purpose of hiring someone to monitor the surveillance
equipment. They are probably talking about someone who would be
on a half time basis. If they take the lowest payscale level in
1,.� the Police Department, which is the Community Service Officer
(CSO), that is about $6,000 on an annual basis. That would
probably provide around 20-24 hours per week of monitoring time.
Generally, there are meetings at City Hall on Monday through
Thursday nights, and they would provide surviellance until those
meetings are over, averaging about 6 hours a day.
Mr. Turnbull stated that, again, he wanted to emphasize that the
people who are in the front office area of the Police Department
have many responsibilities so what they are talking about are some
additional hours on the part of the CSO to be in the office area
to assist in monitoring the screen that would provide surveillance
for the cameras. Since there is no money in the 1989 budget for
these additional hours, it would be a task that would need to be
assigned above and beyond what is currently budgeted.
Ms. Schnabel asked Mr. Turnbull if the Police Department would be
interested in hiring someone for this purpose beyond the 1989
budget.
Mr. Turnbull stated that if there is a job that has to be done,
then some arrangement has to be made to do that job.
Mr. Meyer stated he would first like to see what this ramp looks
like with the passive security before making any decision on the
monitoring surveillance equipmemt.
�'`�
- Mr. Turnbull stated that, as he stated at a previous meeting, there
„"�,
HOIISING & REDEVELOPMENT AIITHORITY MEETING� NOV. 10, 1988 -PAGE 9
is no sense in having cameras if no one is monitoring the cameras.
It is his opinion that they should not say they have a certain
level of security if they are not going to follow through with the
whole system.
Mr. Meyer stated he thought it was a good idea to give everyone,
especially women, the feeling of comfort and security, at least by
having the walls brightly painted, more lighting, etc. Then later,
if they feel it is necessary, they can consider putting in the
hardware and the monitors. He stated he felt the $40,040 takes
care of the ramp "security measure” items that should be done
immediately as part of this construction. The rest can be set
aside for now.
Mr. Rasmussen asked if the Police Department had given an opinion '
on what the level of security should be for the ramp.
Mr. Turnbull stated he believed it was Mr. Hill's recoinmendation
at the August meeting that the City does not need a security
system--that the increased lighting and increased visibility would
probably provide an adequate amount of security. However, it was
not up to him or the Police Department to tell the HRA what level
of security they should have on their property. They should take
^ into consideration the fact that this property is directly next to
City Hall where there will be squad cars coming and going 24 hours
a day. It is not the Police Department's job to provide security
specifically in the ramp, however, but their presence will be a
deterrent. There is also other issues with regard to security,
vandalism, or damage to HRA property.
Ms . Schnabel stated it is the kind of situation where they will
never know if the security system is adequate until there is an
incident, and then they will know. She agreed they should have the
painting and additional lighting, etc., done now. Then after the
ramp is finished, they can view the ramp in the daylight and
evening hours, and make a decision on whether or not to go with
the cameras. Perhaps also at that time, they might want to poll
some of the people who will be using the ramp in the evening and
daylight hours.
MOTION by Ms. Schnabel, seconded by NIr. Meyer, to authorize the
security system budget for the parking ramp be increased by $40, 040
for the additional passive security considerations.
Mr. Meyer stated it seemed to him that for things like these
parking ramp security system items, they should receive a statement
from the architect stating they have reviewed these proposals and
costs, that the costs are proper and necessary and should be
properly executed. He stated the HRA has had earlier discussions
� that the ramp and the remodeling are a joint venture between the
architect and construction manager.
,�
HOIISING & REDEVELOPMENT AIITHORITY MEETING. NOV. 10, 1988 -PAGE 10
Mr. Robertson stated the architect has, in fact, approved these
prices and the consulting services of Electronic Interiors. The
current document exists as part of a larger document for a number
of change orders also signed off by the architect. He had
neglected to put it in the HRA information packet. He would
furnish that information to the HRA at their next meeting.
INFORMATION ON PASCHKE UNIVERSITY INDUSTRIAL PARK:
Mr. Newman stated the HRA received a copy of a letter he sent to
John Gries on Sept. 26, and he has not received any response to
that letter.
INFORMATION ON DEFENSE FROM CLARK ENGINEERING:
Mr. Newman stated the HRA has copies of the correspondence on this
item, he has not received any response other than the service of
a summons and complaint.
INFORMATION ON "THE COTTAGES" PROPOSAL:
Mr. Robertson stated the City has asked the applicant of both St.
^ Williams (Norwood Square) and "The Cottages" (also going through
a change in name and ownership) to hold their applications for
Council final approval on the zoning and special use permits until
staff has prepared an analysis and policy paper for Council
consideration of what should be the senior housing policy in
Fridley. He had included a copy of that policy paper in the HRA
packet.
�'1
Mr. Robertson stated the Council met and discussed this policy
paper on Oct. 31 and essentially what the Council decided was that
since senior housing is being built at market rate and there seems
to be a market for it, at this time the City Council is advising
the HRA that they do not believe financial assistance is required.
Further, the City Council directed staff to prepare an outline of
an additional study to better determine the needs of Fridley
elderly citizens. The reasons for this are the data they have to
date done by the Maxfield Study. That study envisions the market
area stretching from Brooklyn Park on the west to Arden Hills on
the east, and they really do not have good data on what the market
is for either market rate elderly housing or market rate assisted
elderly housing for Fridley.
Mr. Robertson stated they subsequently met with the City Manager
and have an outline of the types of research questions that have
to be answered. They are preparing some cost estimates of what it
would take to either have a consultant do the research or have a
non-profit group at the University of Minnesota do the work. He
anticipated some answers by the end of the winter.
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HOIISING � REDEVELOPMENT AIITHORITY MEETINa NOV. 10, 1988 -PAGE 11
INFORMATION ON STINSKI OFFICE PROPOSAL:
Mr. Robertson stated City Council did grant the rezoning and
variance on September 12. Staff asked for some financial
assistance information and a proforma from Ms. Stinski, which only
arrived last Thursday; therefore, staff has not had a chance to
review this thoroughly. Staff did have a meeting last Thursday
with Ms. Stinski and her financial consultant, Pat Fisher. The HRA
should note that on agenda pages 9-A through 9-D, the initial
proposal was for the City to authorize a bond sale of housing
revenue bonds in the amount of $31,550 for 20 years which would be
a total of $631,000. Of course, the HRA has never undertaken this
kind of assistance before. The proposed rental rate of $15.25/sq.
ft. is near the top of the market rate for the northern suburbs and
the proforma assumes a vacancy rate of 160. If there was a vacancy
ratio of 5� which is the industry norm, that would nearly cover the
missing $30,000 a year. Of course, at this time it is unrealistic
to assume that they could build and immediately rent up to 95%
occupancy. However, he thought it was equally unrealistic to
assume they would run a vacancy ratio of 16% over an entire 20 year
period.
� Mr. Robertson stated he took the initiative of asking Ms. Stinksi
and Mr. Fisher to prepare some alternative financial assistance
proposals. They both thought they could have something prepared
for the HRA meeting, and this was merely a progress report from
them.
Mr. Pat Fisher stated that after meeting with Mr. Robertson, they
prepared three different financial assistance proposals. The first
alternative was doing something with the interest rate reduction
program where, instead of issuing bonds which puts the City at
risk, the project would pay taxes into the City and the City would
rebate a certain amount of taxes back to the project. With this
alternative, the City has no liability to issue tax bonds. He
stated that of the three proposals they have prepared, they feel
the interest rate reduction program is the best alternative.
Mr. Fisher stated this project will not work without city
assistance.
Mr. Commers asked when Ms. Stinski comtemplated starting the
project.
Ms. Stinski stated that, based on the HRA's recommendation, and the
HRA's assistance, she would like to start around the first of the
year. She stated she has a signed lease for approximately one-
third of the building already.
�
- Mr. Robertson stated staff really needs some policy direction from
�
HOIISINt3 & REDEVELOPMENT AIITHORITY MEETING. NOV. 10 1988 -PAGE 12
the HRA. Up until now, the HRA has never participated in this kind
of financial assistance. When staff inet with the City Council to
discuss the elderly housing project, staff pointed out that the
general formula the HRA has used in previous projects was either
a second mortgage up to l00 of the total project value or a grant
for land assembly or soil correction ranging from 20 - 5% of the
total prject value. The City Council asked staff when this policy
had been adopted, and he was not able to answer that question;
therefore, he needed some reaction from the HRA on how staff should
proceed. Should they run this by the City Council because this
would be a new policy? Is the HRA comfortable with this procedure
and the precedent it will set for future projects?
Mr. Commers stated he could not see any problem with exploring this
if the tool is available, but the HRA does not know how it works
in terms of the total amount of financing, what the liability might
be, etc. They need some feedback from staff on how the interest
rate reduction program works.
The HRA members were in agreement that this type of financing
should be explored.
Mr. Robertson stated he would meet with Mr. Fisher and Ms. Stinski
^ as soon as possible to look at these alternatives and would bring
more information back to the December HRA meeting.
CONSIDERATION OF RESOLUTION NO. HRA 4-1988 DESIGNATING OFFICIAL
DEPOSITORIES FOR THE FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY:
MOTION by Ms. Schnabel, seconded by Mr. Meyer, to approve
Resolution No. HRA 4-1988 Designating Official Depositories for
the Fridley Housing and Redevelopment Authority.
UPON A VOICE VOTE, ALL VOTING AYE, CHAIRPERSON COMMERS DECLP,RED THE
MOTION CARRIED UNANIMOUSLY.
CLAIMS (1808 - 1835�:
MOTION by Mr. Meyers, seconded by Ms. Schnabel, to approve the
check register as presented.
UPON A VOICE VOTE, ALL VOTING AYE, CHAIRPERSON COMNIERS DECLARED THE
MOTION CARRIED UNANIMOUSLY.
OTHER BUSINESS:
Mr. Pribyl stated he and Mr. Rasmusssen had met and discussed an
investment policy for the HRA. They would be bringing information
for discussion to the December HRA meeting.
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�- Mr. Newman stated that discussions with the Lake Pointe people have
HOIISING & REDEVELOPMENT AIIT80RITY MEBTING NOV. 10, 1988 -PAGE 13
��
been on hold for a period of time, partly due to the change in city
administration. He stated that, subject to any direction contrary
to it, staff will begin informal discussions with the Lake Pointe
people in the near future.
ADJOURNMENT:
MOTION by Mr. Rasmussen, seconded by Mr. Meyer, to adjourn the
meeting. Upon a voice vote, all voting aye, Chairperson Commers
declared the November 10, 1988, Housing & Redevelopment Authority
meeting adjourned at 9:30 p.m.
R�s ectfully s mitted,
Lyn e Saba
Re rding Sec�etary
MOTION
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