06-05-1995 HR MIN - Laserfiche WebLink

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Housing and Redevelopment Authority Minutes Page 2 June 5, 1995 Commissioners Farber and Hinkle indicated that they would like to see as much • public support for the project as possible. Commissioner Farber indicated that in order to receive support, the public will have to be kept informed of the progress of this project. Commissioner Hinkle suggested not calling the project a downtown project as this may eliminate community support. COMMISSIONER DUITSMAN MOVED TO APPROVE A CONTRACT FOR SERVICES WITH HOISINGTON KOEGLER GROUP, INC. IN THE AMOUNT OF $26,081.00 FOR THE PROPOSED DESIGN OF THE MISSISSIPPI RIVERFRONT PATHWAY PROJECT IN DOWNTOWN ELK RIVER. COMMISSIONER HINKLE SECONDED THE MOTION. THE MOTION CARRIED 4-0. Executive Director Bill Rubin informed the HRA Commissioners that Riverfront Committee meetings will be held on June 29 and July 20, 6:30 p.m. at the Elk River City Hall. 6. Consider an Application to Minnesota Housing Finance Agency for First Time Home Buyer Mortgage Funds Executive Director Bill Rubin stated that in 1990 the Minnesota Housing Finance Agency (MHFA) introduced its Minnesota City Participation Program as a way for local governments to access mortgage revenue bond resources for respective housing programs. He stated that in the very near future MHFA is expected to issue $43.75 million in mortgage `revenue bonds and the proceeds will be allocated directly to the Minnesota City Participation Program. Bill Rubin explained that the Minnesota City Participation Program is a first time home buyer program. Applicants may have an adjusted income of $40,800.00 and still qualify for the below-market mortgages. The maximum price of homes purchased under this program is $95,000.00. Bill Rubin stated that the Elk River Minnesota City Participation Program includes the following lenders: First National Mortgage, Heigl Mortgage, and Norwest Mortgage. Bill Rubin further informed the HRA Commissioners that there is a modest fee to help the Department of Finance cover the cost involved with processing the Housing Pool Allotment Request. COMMISSIONER DUITSMAN MOVED TO AUTHORIZE AN APPLICATION TO THE MINNESOTA HOUSING FINANCE AGENCY FOR A MAXIMUM ALLOWABLE ALLOCATION OF ITS MINNESOTA CITY PARTICIPATION PROGRAM FUNDS FOR FIRST TIME HOME BUYER MORTGAGES AND TO DESIGNATE FIRST NATIONAL MORTGAGE, HEIGL MORTGAGE, AND NORWEST MORTGAGE, INC. AS LENDERS FOR THE 1995 MINNESOTA CITY PARTICIPATION MORTGAGE PROGRAM. COMMISSIONER FARBER SECONDED THE MOTION. THE MOTION CARRIED 4-0. 7. Consider Design Concepts for the Proposed Upgrade of a City Owned Parking Lot The Executive Director explained that a 1995 expenditure in the HRA budget includes the upgrade of the parking lot behind Johnson's, Kemper Drug, and Champion Auto. Bill Rubin stated that the Planning staff developed five concepts for the upgrades which have been reviewed with the affected • property owners/tenants. Bill Rubin reviewed the five design options with the HRA Commissioners. After reviewing the designs, the Commissioner's concerns related to the following issues: