Title
Approving the December 12, 2018 HRA Board meeting minutes
Body
ROLL CALL
Present 7 - Commissioners Bostrom, Brendmoen, Jalali Nelson, Noecker, Prince, Thao and Chair Tolbert
FOR DISCUSSION
1. Resolution approving the final 2019 HRA budget and certifying the final HRA property tax levy payable in 2019
Dr. Bruce Corrie, HRA Executive Director, stated that the 2019 proposed maximum HRA tax levy certified to the county was $4,459,798 which was the maximum allowed under State Law. State Law caps the HRA levy at 0.0185% of the estimated market value of property, projected to be $24.1 billion. The final 2019 HRA tax levy must be certified to Ramsey County by December 31, 2018. Staff recommends approval of the final 2019 HRA tax levy to be certified to Ramsey County in the amount of $4,185,264. Staff also recommends changes to the 2019 HRA proposed budget and the final 2019 HRA budget needs to be adopted. This resolution adopts the final 2019 HRA budget and certifies the final HRA tax levy payable in 2019.
Chair Tolbert thanked his fellow Council members, HRA Commissioners, budget staff and PED staff for the hard work put into this budget.
Moved by Commissioner Noecker, Resolution Adopted as set forth in RES 18-2079
VOTE: Yeas - 7 Nays - 0
PUBLIC HEARING
2. Resolution giving host approval to the issuance by the City of Falcon Heights, Minnesota of conduit senior housing revenue notes on behalf of Heritage Apartments, Inc., 1440 Midway Parkway, Saint Paul, Minnesota, District 10, Ward 4
Dr. Bruce Corrie, HRA Executive Director, stated that Heritage Apartments is a non-profit that owns and operates a 60-unit senior rental facility located at 1440 Midway Parkway. In 2009, the HRA issued $3.2 million in conduit housing bonds to refinance to the bonds issued in 1993. The proceeds were used to finance the construction the Heritage Apartments project. The outstanding principal is $1.65 million and the borrower is proposing to refund the 2009 bonds through tax exempt obligations issued by the City of Falcon Heights. Bremer Bank has agreed to purchase the note provided it is designated as a qualified tax-exempt obligation, otherwise known as Bank Qualified. In order to be designated as Bank Qualified, an issuing city can issue no more than $10,000,000 in qualifying obligations during the calendar year. Since the Heritage Apartments Project is located within Saint Paul, the IRS requires that the HRA approve the issuance of the Note following a public hearing, generally known as Host Approval.
Commissioner Brendmoen asked if non-profits that own and rent properties pay property questions.
Jeff Heinecke, President and CEO of Lyngblomsten, shared that the Heritage Apartments does pay property taxes.
Moved by Commissioner Jalali Nelson, Resolution Approved as set forth in RES PH 18-375
VOTE: Yeas - 7 Nays - 0
ADJOURNMENT
Moved by Commissioner Bostrom, the HRA Board Meeting is Adjourned
VOTE: Yeas - 7 Nays - 0