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• MEETING OF THE ELK RIVER HOUSING AND REDEVELOPMENT AUTHORITY <br /> HELD AT THE ELK RIVER CITY HALL <br /> TUESDAY, AUGUST 25, 1992 <br /> Members Present: Chairman, Dick Hinkle; Commissioners Duitsman, Schuldt, <br /> Kropuenske and Toth <br /> Members Absent: None <br /> Staff Present: Pat Klaers, Executive Director; Bill Rubin, Economic <br /> Development Coordinator <br /> Also Present: Brad Larson, Elk Terrace Ltd. Partnership <br /> 1. Call Meeting To Order <br /> Pursuant to due call and notice thereof, the meeting of the Elk River <br /> Housing and Redevelopment Authority was called to order by Chairman <br /> Hinkle at 7:00 p.m. <br /> 2. Consider 8/25/92 HRA Agenda <br /> • COMMISSIONER DUITSMAN MOVED TO APPROVE THE 8/25/92 HRA AGENDA DELETING <br /> ITEM #6 (DEVELOPMENT AGREEMENT) AND ADDING ITEM 8.a, A HOUSING ISSUE. <br /> COMMISSIONER TOTH SECONDED THE MOTION. THE MOTION CARRIED 5-0. <br /> 3. Consider 7/14/92 HRA Minutes <br /> COMMISSIONER SCHULDT MOVED TO APPROVE THE 7/14/92 HRA MINUTES AS <br /> PRESENTED. COMMISSIONER KROPUENSKE SECONDED THE MOTION. THE MOTION <br /> CARRIED 5-0. <br /> 4. Open Mike <br /> No one appeared for this item. <br /> 5. Public Hearing on Tax Increment Financing Plan, Tax Increment <br /> Financing District No. 10 <br /> Bill Rubin, Economic Development Coordinator, reviewed the Tax <br /> Increment Financing Plan for Tax Increment Financing District No. 10. <br /> Elk Terrace Ltd. Partnership, Monticello, Minnesota, is requesting Tax <br /> Increment Financing funds totalling $92,000 to assist with the <br /> construction of a 23 unit senior apartment building to be located at <br /> Holt Avenue and Fourth Street. The $92,000 will be used to reimburse <br /> the Ltd. Partnership for land write down costs, demolition costs, site <br /> preparation costs, and the cost to seal existing utility lines. In <br /> turn, Farmers Home Administration (FmHA) will provide permanent <br /> • mortgage financing for the construction of the 23 unit apartment <br /> building. Because the project will not be completed until March or <br /> April, 1993, the first year to collect a full increment on both the <br /> land and the building is 1995. Staff estimates that TIF District No. <br />