12-19-1991 HR MIN - Laserfiche WebLink

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• MEETING OF THE ELK RIVER HOUSING AND REDEVELOPMENT AUTHORITY HELD AT THE ELK RIVER CITY HALL THURSDAY, DECEMBER 19, 1991 Members Present: Chairman Dick Hinkle, Commissioners Kropuenske, Schuldt, Duitsman and Toth(7:05 p.m. ) Members Absent: None Staff Present: Pat Klaers, Executive Director; Bill Rubin, Economic Development Coordinator Also Present: Brad Larson, Metcalf & Larson; Carol Mills & Sherry Emerson, Guardian Angels Foundation 1 . Call Meeting To Order Pursuant to due call and notice thereof, the meeting of the Elk River Housing and Redevelopment Authority was called to order by Chairman Hinkle at 7:00 p.m. 2. Consider 12/19/91 HRA Agenda COMMISSIONER KROPUENSKE MOVED TO ACCEPT THE 12/19/91 HRA AGENDA. 411 COMMISSIONER DUITSMAN SECONDED THE MOTION. THE MOTION CARRIED 4-0. 3. Consider 8/12/91 HRA Minutes COMMISSIONER SCHULDT MOVED TO APPROVE THE 8/12/91 HRA MINUTES. COMMISSIONER KROPUENSKE SECONDED THE MOTION. THE MOTION CARRIED 4-0. Commissioner Toth arrived at this time (7:05 p.m. ) 4. Discuss Farmers Home Administration Project at Holt and 4th Street Bill Rubin, Economic Development Coordinator, reviewed the status of the proposed redevelopment project at Holt and 4th Street. He stated that the history of a Farmers Home funded apartment project for independent senior living dates back to approximately two years. Since March, 1991, the developer of the project, Metcalf and Larson, had concentrated their efforts on the redevelopment site at Holt and 4th Street. The site contains two single family homes that are at the end of their economic life. One home is vacant and is currently boarded up; the second home is rented out. Bill Rubin further explained that the developers negotiated purchase agreements on both sites and subsequently made an application to the Farmers Home Administration for funding of up to 24 units of independent senior apartments. Although the developers received a funding eligibility letter from Farmers Home, it appeared likely that the project would not receive funding until the fall of 1992 (Fiscal Year 1993). As a result, the developers do not • believe that the purchase agreements can be extended out that long. The developers are suggesting that the HRA consider: