07-14-1992 HR MIN - Laserfiche WebLink

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• Commissioner Duitsman asked about the status of the Guardian Angels expansion project and whether or not the market existed for both projects. Brad Larson indicated that Elk Terrace Ltd. Partnership and Guardian Angels were required to do market studies to determine project feasibility. In addition, Farmers Home Administration and the Department of Housing and Urban Development must sign off on the respective projects. Commissioner Toth arrived at this time. COMMISSIONER KROPUENSKE MOVED TO AUTHORIZE THE PREPARATION OF A TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT DISTRICT NO. 10. COMMISSIONER DUITSMAN SECONDED THE MOTION. THE MOTION CARRIED 5-0. COMMISSIONER DUITSMAN MOVED TO SET AN HRA PUBLIC HEARING FOR TUESDAY, AUGUST 25, 1992, AT 7:00 P.M. AT THE ELK RIVER CITY HALL TO CONSIDER PUBLIC COMMENT ON THE TAX INCREMENT FINANCING PLAN. COMMISSIONER TOTH SECONDED THE MOTION. THE MOTION CARRIED 5-0. COMMISSIONER KROPUENSKE MOVED TO REQUEST THAT THE CITY COUNCIL CONSIDER SETTING A PUBLIC HEARING ON THIS MATTER. COMMISSIONER DUITSMAN SECONDED THE MOTION. THE MOTION CARRIED 5-0. Bill Rubin indicated that staff would also begin work on developing a note to be privately placed in order to help finance the HRA's cost in • this project. 6, 1993 Budget and Levy HRA Commissioners were asked to begin considering items for the 1993 budget and related levy. It is estimated that the HRA's 1993 levy will generate approximately $30,000. This item can be discussed and finalized at the August 25, 1992, HRA meeting. 7. Other Business No other business was brought before the HRA. 8. Adjournment There being no further business, COMMISSIONER KROPUENSKE MOVED TO ADJOURN THE HRA MEETING. COMMISSIONER TOTH SECONDED THE MOTION. THE MOTION CARRIED 5-0. The meeting of the Elk River Housing and Redevelopment Authority was adjourned at 7:45 p.m. Respectfully submitted,/I ice.�-r R • William Rubin Economic Development Coordinator