Title
Approval of the May 23, 2012 HRA meeting minutes.
Body
ROLL CALL
Present: Commissioners Bostrom, Brendmoen, Carter, Lantry, Stark, Thune, Tolbert
CONSENT
1. Approval of the May 9, 2012 HRA meeting minutes.
Commissioner Lantry moved approval.
VOTE: Yeas - 7 Nays - 0
PUBLIC HEARING
2. Resolution Giving Preliminary Approval to the Proposed Issuance of Revenue Bonds for the Hmong College Prep Academy Project under Minnesota Statutes, Sections 469.152 through 469.1651, Ward 4, District 10
Ms. Cecile Bedor, Executive Director for the HRA, stated that this Charter School is sponsored by Concordia College. In 2006, the City issued $9 million in conduit lease revenue bonds for their relocation from Minneapolis to Saint Paul. The school has had tremendous growth, and is seeking an additional $18.5 in conduit lease revenue bonds to finance renovation and expansion of the school. The expansion will increase student capacity from current enrollment of 676 students to 1,300.
Ms. Bedor recognized Dr. Christianna Hang, Superintendent, and Pao Yang, Chief Operating Officer from Hmong College Prep Academy, as well as Mr. Bruce Sorenson, from Piper Jaffray, and Ms. Rhonda Skoby, Bond Councel from Kennedy and Graven and stated they were present at the meeting.
Chair Thune announced the public hearing. There being no testimony, Commissioner Bostrom moved to close the public hearing and adopt the resolution. Approved as set forth in resolution RES PH 12-151.
VOTE: Yeas - 7 Nays - 0
3. Resolution Approving the Sale of Land and Conveyance of Parcel 620 Farrington Street under the ISP/NSP Program, Thomas-Dale District 7
Ms. Bedor stated that the City purchased this property with NSP funds in November 2009 for $69,900, representing a discount of more than 2%. The property is a two-story, 1300 sq. ft., 3-bedroom, and 1-bath house that was built in 1889, and is being sold for $99,900. There will be a deed restriction requiring owner occupancy.
Sarah Zorn and Sheri Pemberton-Hoiby are the project managers.
Chair Thune announced the public hearing. There being no testimony Commissioner Carter moved to close the public hearing and adopt the resolution. Approved as set forth in resolution RES PH 12-154.
VOTE: Yeas - 7 Nays - 0
4. Resolution Approving the Sale of Land and Conveyance of Parcel 459 Banfil Street under the ISP Program (Smith Street Development Area), West Seventh District 9
Ms. Bedor stated that the City purchased this property with Invest Saint Paul dollars in August 2009 for $30,900. The property is a 1,512 sq/ft home with 4-bedrooms, 2-baths, and was built in 1900. It is being sold for $165,000. As with item #3, this property will have deed restrictions requiring owner-occupancy.
Ms. Bedor explained that the total gap is $49,000, and the program income is approximately $138,000. This public hearing is for the sale of the property. In addition, staff is seeking to deposit the estimated sale proceeds of $138,000 into the Smith Street Development budget, which had been discussed in 2008 when the Invest Saint Paul Program was created. The deposit will increase the Smith Street Development budget from $500,000 to $638,000.
Chair Thune announced the public hearing. There being no testimony Chair Thune moved to close the public hearing and adopt the resolution. Approved as set forth in resolution RES PH 12-155.
VOTE: Yeas - 7 Nays - 0
DISCUSSION
5. Resolution Approving Amended and Restated Disbursing Agreement (District Energy Project)
Ms. Bedor stated that the Saint Paul Port Authority is going to be issuing bonds for an expansion currently underway by District Energy. There is a Master Disbursing Agreement for all District Energy deals that have taken place over the years, and the City is a party in that agreement. The Port Authority's legal counsel has opined that it is important that the Port Authority be added to the Master Disbursing Agreement.
Ms. Bedor noted that Andrew Kasid, Senior Vice President with District Energy was present at the meeting.
Commissioner Lantry moved approval. Approved as set forth in resolution RES 12-978.
VOTE: Yeas - 7 Nays - 0
ADJOURNMENT
Commissioner Lantry moved adjournment. The HRA meeting was adjourned.