10-17-2005 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, OCTOBER 17, 2005 Members Present: Chair Wilson, Commissioners Kuester and Motin Members Absent: Commissioners Toth and Lieser Staff Present: Community Development Director Scott Clark, Director of Economic Development Catherine Mehelich, Assistant Director of Economic Development Heidi Steinmetz, Finance and Administrative Services Director Lori Johnson, and Recording Secretary Tina Allard 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 5:30 p.m. by Chair Wilson. 2. Consider 10/17/2005 HRAAgenda MOVED BY COMMISSIONER KUESTER AND SECONDED BY COMMISSIONER MOTIN TO APPROVE THE OCTOBER 17, 2005, EIItA AGENDA AS PRESENTED. MOTION CARRIED 3-0. 3. Consider Metro Plains Agreement Revisions Community Development Director Scott Clark stated city staff has met with Metro Plains to work out modifications to the Development Agreement for the Downtown Revitalization project. He reviewed the modifications as outlined in his staff report and a memo from Jenny Boulton, attorney at Briggs and Morgan. A Commissioner asked a question regarding (number 6 from Ms. Boulton's memo) a reverter during interim financing. Mr. Clark explained that a reverter ensures the city that if a finance closing with MHFA does not happen, the city can then take back, and keep in control of, the Jackson Square property. Chair Wilson asked why the closing with MFHA will not happen until December. He questioned why there is a gap between the timing of the interim financing and the permanent financing, Vern Hanson representing MetroPlains Development, LLC.-Stated there was a new tax credit syndicater and a staff member in MHFA's office had been out for a month. He further stated that MetroPlains has interim financing and MFHA has committed and will be financing the construction. Sid Inman, Ehlers and Associates-Explained the financing need to not have cross defaults on the two projects.