Title
Approving the March 22, 2017 HRA Board Meeting Minutes
Body
ROLL CALL
Present 4 - Commissioners Noecker, Prince, Stark and Chair Brendmoen
Excused 3 - Commissioners Bostrom, Thao and Tolbert
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.
1. Approving the February 22, 2017 HRA Board Meeting Minutes
Adopted as set forth in Min 17-12
Moved by Commissioner Stark, Consent Agenda is Adopted
VOTE: Yeas - 4 Nays - 0
FOR DISCUSSION
2. Approval of Third Amendment to the Phase III Development Agreement with the WSF Phase III LLC, District 3, Ward 2.
Kristin Guild, Acting HRA Executive Director, stated the item before the commissioners today is two actions related to a development proposal for HRA owned property in the West Side Flats area. The first is a third amendment to a development agreement with Sherman Associates and the second is authorization for HOME program loan financing of up to $1.12 million. The City Council adopted the West Side Flats area redevelopment vision in 2015. The Sherman Associates proposal for a mixed-use mixed-income development is consistent with that adopted plan. The proposal is for two buildings with 264 apartments (24% will be affordable) and 5,000 SF of commercial space. One of the buildings will be constructed to a super energy efficient Passive House standard and the HOME financing requested would go to the Passive House cost. The remaining balance in the HOME Fund would be $506, 736 if this is approved.
The amended resolution, available in Legistar as Version 2, extends the development agreement from September 30, 2017 to December 31, 2017 and adds progress benchmarks. The primary reason for the extension is timing related to a HUD Mortgage insurance application that is in process.
Commissioner Stark shared his support of this project an...
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