07-14-1992 HR MIN - Laserfiche WebLink

Home Browse Search

• MEETING OF THE ELK RIVER HOUSING AND REDEVELOPMENT AUTHORITY HELD AT THE ELK RIVER CITY HALL TUESDAY, JULY 14, 1992 Members Present: Chairman Dick Hinkle, Commissioners Duitsman, Schuldt, Kropuenske (7:03 p.m. ) and Toth (7:30 p.m. ) Members Absent: None Staff Present: Pat Klaers, Executive Director; Bill Rubin, Economic Development Coordinator Also Present: Brad Larson, Elk Terrace Ltd. Partnership 1. Call Meeting To Order Pursuant to due call and notice thereof, the special meeting of the Elk River Housing and Redevelopment Authority was called to order by Chairman Hinkle at 7:00 p.m. 2. Consider 7/14/92 HRA Agenda COMMISSIONER DUITSMAN MOVED TO APPROVE THE 7/14/92 HRA AGENDA. • COMMISSIONER SCHULDT SECONDED THE MOTION. THE MOTION CARRIED 3-0. Commissioner Kropuenske arrived at this time. 3. Consider 1/14/92 HRA Minutes COMMISSIONER SCHULDT MOVED TO APPROVE THE 1/14/92 HRA MINUTES AS PRESENTED. COMMISSIONER DUITSMAN SECONDED THE MOTION. THE MOTION CARRIED 4-0. 4. Open Mike No one appeared for this item. 5. Consider a Request by Elk Terrace Ltd. Partnership for Tax Increment Financing Assistance for a Housing Project at 4th Street and Holt Avenue Economic Development Coordinator, Bill Rubin, indicated that the City was in receipt of a request for Tax Increment Financing assistance from Elk Terrace Ltd. Partnership, Monticello, Minnesota, in the amount of $92,000 to assist with underwriting acquisition costs, demolition costs, utility line capping costs, and site grading costs, for a 23 unit senior apartment project proposed at 4th Street and Holt Avenue. At this time, a revised budget for this project was distributed to the • HRA Commissioners. Based on those revisions, the HRA's proposed project costs had increased sufficiently to require an adjustment in the property tax payback period of this project. It is currently estimated that if a TIF District is created at 4th and Holt, it would