Title
Approving the April 10, 2019 HRA Board meeting minutes
Body
ROLL CALL
Present 6 - Commissioners Brendmoen, Busuri, Noecker, Prince, Thao and Chair Tolbert
Absent 1 - Commissioner Jalali Nelson
FOR DISCUSSION
1. Resolution approving issuance of a $49,500 loan under the Strategic Investment Fund program to MISCO for 1771 Energy Park Drive, Saint Paul, Minnesota, District 12, Ward 4
Dr. Bruce Corrie, HRA Executive Director, stated that MISCO is innovative company that is expanding in St. Paul and was founded 70 years ago with a unique sound engineering and manufacturing expertise. Their new facility in Saint Paul will be the only speaker design, testing, and manufacturing operation of its kind in North America. If all goes well, the first speaker to land on Mars will come from Saint Paul. MISCO is committed to providing 66 jobs on site in right away with growth projections at 50-60 additional jobs added in the next 7-8 years. PED is recommending a forgivable loan of $49,500 with a 5-year term at a rate of 6.25% (prime interest rate + 1%) through the Strategic Investment Fund.
Dan Digre, President of MISCO, shared the history and future plans of MISCO with the commissioners.
Moved by Commissioner Brendmoen, Resolution Adopted and set forth in RES 19-607
VOTE: Yeas - 6 Nays - 0
PUBLIC HEARINGS
2. Resolution approving and authorizing the sale and conveyance of 1155 Beech Street and 857 Jenks Avenue under the Inspiring Communities program; authorization to enter into a development agreement and authorization of expenditures for redevelopment, Districts 4 & 5, Wards 6 & 7
Dr. Bruce Corrie, HRA Executive Director, stated that staff is requesting permission from the HRA Board to develop two vacant lots with Twin Cities Habitat for Humanity through the Inspiring Communities Program; 857 Jenks Avenue in Ward 6 and 1155 Beech Street in Ward 7. These properties were not been offered in a public request for proposals; however, these development opportunities w...
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