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Housing & Redevelopment Authority Page 2 <br />October 17, 2005 <br />----------------------------- <br />Commissioner Motin questioned if there was any need for the city to require the assessment <br />agreements be recorded. <br />Mr. Clark stated there was no requirement for the agreement. He stated the critical item on <br />the assessment agreement was to ensure that the assessment value was at, or slightly below, <br />true market value in order for the city to capture future "inflationary" value that will be used <br />to pay various agreement obligations. <br />MOVED BY COMMISSIONER MOTIN AND SECONDED BY <br />COMMISSIONER KUESTER TO RECOMMEND THE COUNCIL TO <br />APPROVE THE DEVELOPMENT AGREEMENT MODIFICATIONS AS <br />PRESENTED. MOTION CARRIED 3-0. <br />4. Adjournment <br />There being no further business, Chair Wilson adjourned the meeting of the Elk River <br />Housing and Redevelopment Authority at 5:50 p.m. <br />~~ <br />Tina Allard <br />Recording Secretary <br />