01-14-1992 HR MIN - Laserfiche WebLink

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Housing and Redevelopment Authority Page 2 January 14, 1992 Commissioner Kropuenske noted that the City Council approved a list of ten depositories for City funds when it considered official depositories on 1/6/92. Additionally, Commissioner Kropuenske noted that the Economic Development Authority approved the same list of depositories when it considered this issue on 1/13/92. Commissioner Kropuenske recommended that the HRA also designate the same list of ten depositories for City funds. The HRA concurred with this recommendation. The ten depositories used by the City Council and EDA are: 1. The Bank of Elk River 2. First National Bank of Elk River/Bankers Systems Investment Centers 3. Security Financial of Elk River 4. Marquette National Bank of Minneapolis 5. Merrill Lynch 6. Prudential Bache 7. Shearson Lehman Hutton 8. Norwest Bank 9. Dain Bosworth 10. Paine Webber COMMISSIONER TOTH MOVED TO APPROVE THE TEN DEPOSITORIES WHICH ARE USED BY THE CITY COUNCIL AND THE ECONOMIC DEVELOPMENT AUTHORITY AS THE • OFFICIAL DEPOSITORIES FOR HRA FUNDS. COMMISSIONER SCHULDT SECONDED THE MOTION. THE MOTION CARRIED 5-0. It was the consensus of the HRA that the City Administrator should continue to serve as the Executive Director. 5. Financial Update The Executive Director reviewed with the HRA a 1/10/92 memo from the Finance Director, Lori Johnson. This memo indicated that no HRA funds were spent in 1991; revenues received in 1991 were approximately $29,500; and the cash balance at the end of 1991 is estimated at $62,800. It was noted that no expenditures in 1991 was consistent with the goals of the HRA as it was desired to accumulate some funds for a larger scale project rather than spending smaller amounts on an annual basis. 6. Update of FHA Project at 4th and Holt Street Economic Development Coordinator, Bill Rubin, reviewed with the HRA his 1/8/92 memo on this issue. It was the Coordinator's understanding that neither of the two sellers would receive extra capital gain benefits in the event "friendly condemnation" was used pursuant to this option discussed at the 12/19/91 HRA meeting. The Developer, Metcalf and Larson, an Attorney group from Monticello, had met with Guardian Angels Foundation to determine the Foundation's interest in jointly developing • the apartment project under a nonprofit status. Funds are available immediately for nonprofit applications. It was also noted that Mr. Larson has received a letter from the FHA which more clearly identifies