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Housing and Redevelopment Authority Page 3 <br /> January 14, 1992 <br /> • possible funding for the project, but funding would not occur until <br /> after the purchase agreements on the properties expire. <br /> Dick Hinkle provided a general update on the position of the Guardian <br /> Angels Foundation as it relates to this project. It was also noted <br /> that there are approximately 139 individuals on the waiting list for <br /> the Guardian Angels Foundation. <br /> The HRA would prefer to have this project developed by an applicant <br /> that is not considered exempt from property taxes. Some nonprofit <br /> organizations do not pay real estate taxes. The City would receive a <br /> long-term benefit if the project were privately developed. <br /> Commissioner Kropuenske suggested that as a last alternative, the HRA <br /> consider acquiring one of the two properties if the developer is <br /> willing to contribute funds toward the acquisition price. In addition, <br /> the HRA may be reluctant to recommend the approval of Tax Increment <br /> funds if the apartment project is jointly developed by Metcalf and <br /> Larson as a nonprofit group. <br /> The HRA continued to express interest in this project and its desire to <br /> see the independent living project take place at the proposed <br /> redevelopment site. Staff was instructed to keep the communication <br /> lines open with Mr. Larson and to advise the HRA of any need for their <br /> involvement in the project. It was noted that an HRA meeting can be <br /> • held on a relatively short notice basis if necessary to further discuss <br /> this issue. <br /> 7. Other Business <br /> Commissioner Schuldt updated the HRA on the type of housing projects <br /> that are owned and managed by the St. Cloud HRA. It was also noted <br /> that the Washington County HRA is actively involved in housing projects. <br /> 8. Staff Updates <br /> There was no staff update presented at this time. <br /> 9. Adjournment <br /> There being no further business, COMMISSIONER TOTH MOVED TO ADJOURN THE <br /> HRA MEETING. COMMISSIONER KROPUENSKE SECONDED THE MOTION. THE MOTION <br /> CARRIED 5-0. <br /> The meeting of the Elk River Housing and Redevelopment Authority was <br /> adjourned at approximately 7:50 p.m. <br /> Respectfully submitted, <br /> Vp <br /> Patrick D. Klaers <br /> Executive Director <br />