5. HRSR 10-06-2008 - Laserfiche WebLink

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REQUEST FOR ACTION To Item Number Housing & Redevelopment Authority 5• Ma or & Ci Council Agenda Section Meeting Date Prepared by October 6, 2008 Catherine Mehelich, Director of Economic Develo ment Item Description Reviewed by Consider Resolution Authorizing Rental of Certain Units in Lori ohnson, Ci Administrator Bluff Block Development Reviewed by Action Requested The HRA is asked to consider and recommend City Council's final action on a Resolution Authorizing Rental of Certain Units in Bluff Block Development. The City Council will consider action on the resolution immediately following the HRA meeting. Background/Discussion In response to the September 20, 2008 Lion's Park Apartments fire, staff received a request from Minnwest Bank, owner of the Bluff Block Development in downtown Elk River, as to the City's consideration to allow temporary rental of certain residential units for displaced families. The Bluffs owner indicated immediate availability of six 2-bedroom and two 1-bedroom units available to rent to fire victims. Staff consulted with the city's development attorney at Briggs & Morgan with regard to any impact of the proposed change in use pursuant to the February 16, 2006 TIF Development Agreement between the City and developer. The attached Resolution formalizes certain understandings and approves the temporary change in use. Financial Impact According to the City's Finance Advisors, Ehlers & Associates, the request is not believed to be problematic from a bond holder or security standpoint due to the Minimum Assessment Agreement in place for the TIF note. Attachments • HRA Resolution No. _ Recommending Authorizing Rental of Certain Units in Bluff Block Development • City Council Resolution No, _ Authorizing Rental of Certain Units in Bluff Block Development. ACtlon Motion by Second by Vote Follow Up S:\Downtown Revitalization\Development Agreement\FINAL AGREEMENT\10.06.08 Action Requested.doc