Title
Approving the October 9, 2019 HRA Board meeting minutes
Body
ROLL CALL
Present 5 - Commissioners Brendmoen, Busuri, Jalali Nelson, Prince and Chair Tolbert
Absent 2 - Commissioners Noecker and Thao
CONSENT AGENDA
1. Approving the July 10, 2019 HRA Board meeting minutes
Adopted as set forth in MIN 19-37
2. Approving the August 14, 2019 HRA Board meeting minutes
Adopted as set forth in MIN 19-34
3. Approving the September 11, 2019 HRA Board meeting minutes
Adopted as set forth in MIN 19-38
Moved by Commissioner Brendmoen, Consent Agenda is Adopted
Vote: Yeas - 6 Nays - 0
PUBLIC HEARINGS
4. Approval of a Business Subsidy, in the form of a Forgivable Loan, from the Neighborhood Parking Improvement Fund to Waterlemon, LLC at 570 Webster Street. District 9, Ward 2
Kristin Guild, Interim Executive Director, stated that this forgivable loan to Waterlemon LLC would finance improvements to a second parking area supporting the Keg and Case Market. The proposed loan amount is $264,000, to pay for paving and parking equipment at 570 Webster Street, a currently unimproved lot south of the market. The source of the loan is the Neighborhood Parking Improvement Fund, budgeted from HRA Parking Fund revenues. The remaining balance in the NPIF will be $386,884 if this resolution is approved.
The public benefits of this loan are to support the 25 businesses in the Keg and Case Market as well as the 172 FTEs employed by these businesses, and to alleviate the impact to the surrounding community from overflow parking on neighborhood streets.
The agreement with Waterlemon, LLC includes a revenue sharing agreement for net parking revenues specific to the parking lot constructed with these loan funds. The HRA’s share of the net revenues during the term of the loan will be 75%. There is no guarantee that there will be net revenues in any given year but because the HRA will be investing in building out this lot, this provision will allow us to recoup a share of any revenu...
Click here for full text