01-27-2003 HR MIN - Laserfiche WebLink

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Housing and Redevelopment Authority Minutes Page3 January 27,2003 • (The motion was called nominating Commissioner Thompson as Secretary)... THE MOTION CARRIED 4-0. b. Appoint Executive Director COMMISSIONER MOTIN MOVED TO APPOINT CATHERINE MEHELICH AS EXECUTIVE DIRECTOR OF THE HRA. COMMISSIONER THOMPSON SECONDED THE MOTION.THE MOTION CARRIED 4-0. c. Designate Official Newspaper COMMISSIONER THOMPSON MOVED TO DESIGNATE THE STAR NEWS AS THE OFFICIAL NEWSPAPER FOR THE HRA FOR 2003.COMMISSIONER LIESER SECONDED THE MOTION.THE MOTION CARRIED 4-0. d. Designate Official Depositories COMMISSIONER THOMPSON MOVED TO DESIGNATE THE FOLLOWING OFFICIAL DEPOSITORIES FOR THE EDA FOR 2003: • FIRST NATIONAL BANK OF ELK RIVER • 4M FUND • WELLS FARGO BANK THE BANK OF ELK RIVER • USBANK COMMISSIONER MOTIN SECONDED THE MOTION.THE MOTION CARRIED 4-0. 7. Downtown Revitalization Project 7.1. Project Activities Update Director of Economic Development Catherine Mehelich provided a status report in regard to the activities staff has been working on since the end of November. She spoke briefly about the tax increment financing redevelopment eligibility assessment and discussed the wild and scenic river issues. Jim Prosser of Ehlers &Associates reviewed development activities that have or will be taking place in relation to the redevelopment process.The activities discussed include development concept review, establishing a tax increment district,land use approvals, developer assistance agreement,environmental reviews,and land assembly and relocation. 7.2. Consider Resolution Establishing a Policy on Interfund Loans for TIF District Catherine presented a resolution that establishes a policy for the 1-IRA to make interfund loans to finance expenses in preparation for a downtown TIF district. She explained that the resolution formalizes the HRA's intent to repay the interfund loan plus interest received from the tax increment of the applicable district once established.