Title
Approving the May 25, 2016 HRA Board Meeting Minutes
Body
Commissioner Voting
The reader calls the names of all Commissioners. A vote in favor is cast by remaining silent, and a vote against is cast by saying no or nay. When the voting is complete, the reader will state whether the motion passed or failed.
ROLL CALL
Present 7 - Commissioners Bostrom, Noecker, Prince, Stark, Thao, Tolbert and Chair Brendmoen
CONSENT AGENDA
Note: Items listed under the Consent Agenda will be enacted by one motion with no separate discussion. If discussion on an item is desired, the item will be removed from the Consent Agenda for separate consideration.
Approval of the Consent Agenda
1. Approving the May 11, 2016 HRA Board Meeting Minutes
Adopted as set forth in Min 16-22
Moved by Commissioner Bostrom, Consent Agenda is adopted.
VOTE: Yeas - 7 Nays - 0
FOR DISCUSSION
2. Resolution (i) approving the establishment of the Wilson II Redevelopment Project Area and the Tax Increment Financing District (Wilson II Housing Project), (ii) approving a Housing Development and Redevelopment Plan and Tax Increment Financing Plan, respectively, therefor, (iii) authorizing execution of a tax increment development agreement; and (iv) approving a HRA budget amendment, District 4, Ward 7
Chair Brendmoen stated that item #2 & #3 are both on the same topic; therefore, they will cover both items in one staff report and vote on each item separately.
Kristin Guild, Acting Executive Director, stated items #2 & #3 are both for the Wilson II project that is proposed new construction for a 100% affordable, three story apartment complex with approximately 114-units located on Wilson Avenue. The developer has requested TIF assistance as well as conduit revenue bonds that will allow the project to access 4% Low Income Housing Tax Credits. Staff recommends a TIF pay-as-you-go-note of up to $1.72 million and issuing housing revenue bonds of up to $19 million. The TIF pay-as-you-go-note would be ...
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