06-28-1999 HR MIN - Laserfiche WebLink

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• MEETING OF THE ELK RIVER HOUSING AND REDEVELOPMENT AUTHORITY HELD AT THE ELK RIVER CITY HALL MONDAY, JUNE 28, 1999 Members Present: Chair Kropuenske, Commissioners Hinkle, Toth, Thompson, and Wilson Members Absent: None Staff Present: Paul Steinman, Director of Economic Development, Marc Nevinski, Assistant Director of Economic Development, Sandra Peine, City Clerk 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 at 5:05 p.m. 2. Consider Agenda COMMISSIONER TOTH MOVED TO APPROVE THE 6/28/99 HRA AGENDA. COMMISSIONER HINKLE SECONDED THE MOTION. THE MOTION CARRIED 5-0. • 3. Consider Consent Agenda COMMISSIONER HINKLE MOVED TO APPROVE THE CONSENT AGENDA WITH THE CONDITION THAT A BALANCE BE INCLUDED ON THE CHECK REGISTER NEXT MONTH. 3.1 CHECK REGISTER -APPROVED 3.2 3/22/99 MEETING MINUTES-APPROVED 3.3 4/12/99 SPECIAL MEETING MINUTES -APPROVED 3.4 6/14/99 JOINT STRATEGIC PLANNING MINUTES -APPROVED COMMISSIONER TOTH SECONDED THE MOTION. THE MOTION CARRIED 5-0. 4. Open Mike There was no one present for open mike. 5. Discussion: King and Main Proiect Paul Steinman informed the HRA that staff and Chair Kropuenske have been meeting with a prospect for a project on the King and Main site. Paul Steinman reviewed financing options for the site. He explained that the best situation would be for a business or developer to pay the appraised value for the lot up front. Chair Kropuenske indicated that staff is trying to work out a financing scenario that would attract tenants. He reviewed two possible financing • scenarios which include a business or developer paying for the property up front, or the HRA providing the land to the project at a minimum cost up front to the developer and then taking back a mortgage on the property for the balance of