Title
Approval of the October 24, 2012 HRA meeting minutes.
Body
ROLL CALL
Present: Commissioners Bostrom, Brendmoen, Carter, Lantry, Stark, Thune, Tolbert
CONSENT
1. Approval of the October 10, 2012 HRA meeting minutes.
Commissioner Carter moved approval.
VOTE: Yeas - 7 Nays - 0
2. Resolution Authorizing Acceptance of a Grant from the Minnesota Housing Finance Agency for the Mortgage Foreclosure Prevention Program, Citywide.
Commissioner Carter moved approval. Approved as set forth in Resolution RES 12-1956
VOTE: Yeas - 7 Nays - 0
PUBLIC HEARING
3. Resolution Approving (i) The Establishment of the West Side Flats Tax Increment Financing District and the Adoption of a Tax Increment Financing Plan; (ii) A Development Agreement and TBRA, LCDA and DEED Subgrants with West Side Flats Apartments LLC; (iii) Acceptance of Land from the City of Saint Paul and Conveyance of Land to West Side Flats Urban Development LLC; (iv) Agreement with West Side Flats Urban Development LLC Regarding Land Note and Loan Agreement; (v) $198,906 HRA Loan to West Side Flats Urban Development LLC; (vi) Phase II Development Agreement with West Side Flats Redevelopment LLC; and (viii) Related Budget Amendment and (ix) Parcel 4 Agreement with Sherman Associates, Ward 2, District 3.
Ms. Cecile Bedor, Executive Director for the HRA, stated that in June of 2011, the HRA Board awarded this project $1 million in HOME funds; and that in June of 2012, the HRA Board awareded an additional $1.5 million in HOME funds. At that time, the Board was informed that staff would be back again for final approvals, including TIF-related approvals.
Ms. Bedor provided the following project summary: Phase I of the West Side Flats project is a 178-unit apartment building with 6,185 square feet of commercial space. Twenty percent of the units (36) will be affordable to households with incomes at or below 50% of area median income; 142 units will be market rate. 131 parking spaces for t...
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