02-01-2024
Housing and Redevelopment Authority
February 1, 2024
7:00 PM
Fridley City Hall, 7071 University Avenue NE
Minutes
Call to Order
Chairperson Showalter called the Housing and Redevelopment Authority meeting to order at 7:00 p.m.
Present
Elizabeth Showalter
Gordon Backlund
Troy Brueggemeier
Rachel Schwankl
Kyle Mulrooney
Others Present
Paul Bolin, HRA Assistant Executive Director
Vickie Johnson, Development Consultant
Action Items
1. Approval of Expenditures
Motion by Commissioner Backlund to approve the expenditures. Seconded by Commissioner
Mulrooney.
Upon a voice vote, all voting aye, Chair Showalter declared the motion carried unanimously.
2. Approval December 7, 2023, Meeting Minutes
Motion by Commissioner Brueggemeier to approve the meeting minutes of December 7, 2023 as
presented. Seconded by Commissioner Schwankl.
Upon a voice vote, all voting aye, Chair Showalter declared the motion carried unanimously.
3. Approval of Resolution 2024-01, Amendment to Sherman Associates Loan Agreement
Paul Bolin, HRA Executive Director, stated that in 2020 the HRA approved a $600,000 loan for the
URSA Apartments with repayments to start December 2, 2023. He explained that the annual payment
is based on a formula of calculations of Sherman Associates’ operating income and expenses and as
the payment date approached, both parties determined that a later pay date would be better for both
parties, allowing the use of audited financial reports. He stated that the audited financial statements
Housing and Redevelopment Authority Minutes Page 2
2/1/2024
are completed by the end of April. Staff recommends approval of the resolution amending the loan
agreement.
Commissioner Backlund asked if this would extend the term of the loan. Mr. Bolin confirmed that the
ending date would be moved out about four months to match the changed start date.
Motion by Commissioner Mulrooney to adopt HRA Resolution 2024-01. Seconded by Commissioner
Brueggemeier.
Upon a voice vote, all voting aye, Chair Showalter declared the motion carried unanimously.
Informational Items
4. Update on Housing Programs
Mr. Bolin stated that there has not yet been any loan activity for 2024, but noted there were two
remodeling advisor visits in January. He said the open house on the housing programs will be held
on March 27 from 5 to 7 p.m. He advised of an April deadline to apply for the grant programs.
Adjournment
Motion by Commissioner Backlund to adjourn the meeting. Seconded by Commissioner Mulrooney.
Upon a voice vote, all voting aye, Chairperson Showalter declared the motion carried unanimously, and
the meeting adjourned at 7:07 p.m.
Respectfully submitted,
Melissa Moore
City Clerk