Title
Approval of the January 23, 2013 HRA meeting minutes.
Body
ROLL CALL
Present: Commissioners Bostrom, Brendmoen, Carter, Lantry, Stark, Thune, Tolbert
CONSENT
1. Approval of the January 9, 2013 HRA meeting minutes.
Commissioner Lantry moved approval.
VOTE: Yeas - 7 Nays - 0
2. Resolution authorizing the Issuance of Revenue Bonds for Saint Paul Conservatory for Performing Artists Project under Minnesota Statutes, Sections 469.152 through 469.1651 and Approving Related Documents, District 17, Ward 2
Commissioner Lantry moved approval. Approved as set forth in resolution RES 13-140
VOTE: Yeas - 7 Nays - 0
3. Approval and Authorization to Set Aside Funds for 940 Selby Avenue Taxes/Assessments and Holding Costs, District 8, Ward 1
Commissioner Lantry pulled this item from the Consent Agenda for further discussion.
Commissioner Lantry stated that she’s glad we are including holding costs now (and a budget source) for a property the HRA is acquiring, but asked for clarification on the $50,000 debt owed to the Saint Paul Parks Department.
Ms. Cecile Bedor, Executive Director for the HRA, stated that the Saint Paul Parks Department is owed $50,000 by Selby Area CDC. In exchange for a deed to the property at 940 Selby, the HRA will essentially assume the $50,000 debt; the HRA will pay $50,000 to Parks from the Victoria Park account. This will be booked as a loan, which will be repaid to the Victoria Park fund, if possible, upon the sale of the 940 Selby property. Ms. Bedor explained that this action was approved by the HRA Board at its last meeting; however staff made an error and did not include holdings costs in the budget action. This action today essentially increases the loan from the Victoria Park account to cover anticipated, albeit worst case, holding costs. Ms. Bedor noted that while the holding cost budget covers a 10-year period, it is certainly hoped that market conditions will lead to redevelopment in a much shorter time per...
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