Title
Approval of the January 8, 2014 HRA Meeting Minutes.
Body
ROLL CALL
Present: Commissioner Brendmoen, Lantry, Stark, Thao, Thune, and Tolbert
Excused: Commissioner Bostrom
ORGANIZATIONAL MEETING
1. Resolution Appointing HRA Officers.
Commissioner Brendmoen stated her appreciation for the opportunity to serve as the new Chair of the HRA and praised out-going Chair Thune for his many accomplishments during his tenure as Chair of the HRA.
Chair Thune moved approval. Approved as set forth in RES 14-47.
VOTE: Yeas - 6 Nays - 0
CONSENT
2. Approval of the December 11, 2013 HRA meeting minutes.
Commissioner Lantry moved approval. The HRA meeting minutes were approved.
VOTE: Yeas - 6 Nays - 0
PUBLIC HEARING
3. Resolution Approving and Authorizing Conveyance of HRA Owned Properties Located at 1776 Maryland Avenue, Saint Paul, MN as Unit Numbers 100, 109 and 305 to Zeman Construction Company, District 2, Ward 6.
Ms. Cecile Bedor, HRA Executive Director, stated that in 2005, the HRA approved the following: a Development Agreement with North East Neighborhoods Development Corporation (NENDC), nearly $1.2 million in forgivable gap financing, and a $600,000 guaranty for the development of the 27-unit Hazel Park Heights building at Maryland and White Bear Avenues. Due to lack of sales, the full guaranty was drawn, and the HRA took ownership of five units. Two of the units were sold in 2012 and the remaining three units have been vacant since construction was completed.
In May of 2013, the HRA received purchase offers from Mark Zeman, the Chief Manager of Zeman Construction Company for the remaining three units. Zeman owns 12 units in the building that are occupied by residents with a rent-to-own option in their lease; the three units in the purchase offer will become part of this program. Zeman will acquire the property for $145,000. They will put 10% down and the HRA will finance the balance ($130,500) at 3% for ten years, with monthly payments of appro...
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