Title
Approving the July 12, 2017 HRA Board Meeting Minutes
Body
ROLL CALL
Present 5 - Commissioners Bostrom, Noecker, Prince, Stark and Chair Brendmoen
Absent 2 - Commissioners 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.
Approval of the Consent Agenda
Commissioner Thao Arrived
1. Approving the June 28, 2017 HRA Board Meeting Minutes
Adopted as set forth in Min 17-26
Moved by Commissioner Prince, Consent Agenda is Adopted
VOTE: Yeas - 6 Nays - 0
FOR DISCUSSION
Commissioner Tolbert Arrived
2. Resolution Authorizing the Designation of Phoenix Development Company of Minneapolis, LLC as the Tentative Developer for the Properties Located at 782 - 805 Rice Street, 129 Sycamore and 119 Lyton Place, Saint Paul, MN, District 6, Ward 1
Kristin Guild, Acting HRA Executive Director, stated that the HRA received a redevelopment proposal from Phoenix Development for an assembled property at Sycamore and Rice streets. Phoenix proposes a development of 41 units, including 21 three bedroom apartments and 10 each one- and two-bedroom units.
The HRA has owned most of these properties for redevelopment since 2008 and some parcels since 2000 and we have marketed these properties for redevelopment for years. After receiving the proposal from Phoenix, staff posted the property through the Early Notification System for 45 days, consistent with our marketing policy. No other proposals were received.
The total development costs are currently estimated at $10.38M, with a current financing gap of $2.57M. Phoenix has requested that the HRA award tentative developer status for the property to allow them to secure financing for the proposed project. A subsequent property sale would require a public hearing and additional action by the HRA board. Any financial assistance from...
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