4.1. HRA DRAFT MINUTES 07-02-2018

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Housing and Redevelopment Minutes Page 2 June 4,2018 ----------------------------- Motion carried 4-0. S. Open Forum No one appeared for Open Forum. 6. Public Hearings There were no public hearings. 7.1 HRA Rehabilitation Program Update Ms. Eddy presented the staff report. 7.2 414 and 430 Main Street Purchase Ms. Othoudt presented the staff report. She provided the HRA with updated purchase agreements for both properties and explained the changes made in the purchase price, recognizing the provisions of Section 1031 of the Internal Revenue Code of 1986, also known as a 1031 exchange adjustment. She stated the property owner of 414 Main Street requested to keep the 1-stall garage to relocate it from the property,if the HRA was in agreement with that. Ms. Othoudt indicated an agreement would be drafted outlining the conditions and any potential liabilities of the garage relocation. It was the consensus of the HRA to allow for removal of the garage with an agreement to be approved at a future HRA meeting. Motion by Commissioner Chuba and seconded by Commissioner Ovall to approve Resolution 18-02 approving the purchase of certain property located at 414 Main Street NW, Elk River, MN, for the purchase price of$120,000.00 and a closing date on or before July 2, 2018, as outlined in the updated purchase agreement. Motion carried 4-0. Motion by Commissioner Ovall and seconded by Commissioner Chuba to approve Resolution 18-03 approving the purchase of certain property located at 430 Main Street NW, Elk River, MN, for the purchase price of$168,000.00 and a closing date on or before July 2, 2018, as outlined in the updated purchase agreement. ,,, Motion carried 4-0. 7.3 Propose Date for HRA Budget Workshop Ms. Othoudt stated that July 2, 2018,has tentatively been set for the HRA budget workshop. The consensus of the HRA was to begin the workshop at 4:30 p.m.