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File #: Min 20-9    Version: 1 Name: January 22, 2020 HRA Board meeting minutes
Type: Approval of Minutes Status: Archived
In control: Housing & Redevelopment Authority
Final action: 2/26/2020
Title: Approving the January 22, 2020 HRA Board meeting minutes
Title
Approving the January 22, 2020 HRA Board meeting minutes
Body
ROLL CALL

Present 5 - Commissioners Jalali, Prince, Thao, Yang and Chair Tolbert

Absent 2 - Commissioners Brendmoen and Noecker

COMMUNICATIONS & RECEIVE/FILE

1. Amend the 2020 Housing Trust Fund budget establishing a project budget for the 2020 4d Incentive Program

Received and Filed as set forth in AO 27-7

FOR DISCUSSION

Commissioners Brendmoen and Noecker Arrived

2. Resolution authorizing the issuance of conduit revenue refunding bonds under Minnesota Statutes, Sections 469.152 through 469.1655 for the Minnesota Public Radio Project, 480 Cedar Street and approving related documents; District 17, Ward 2

Kristin Guild, Interim Executive Director, stated this request is to authorize the issuance of up to $3.62 million in conduit revenue refunding bonds for Minnesota Public Radio. The bonds to be refunded were issued in 2010 and are private placement conduit bonds. The amount of issuance equals the balance at the time of proposed refunding. Conduit bonds do not constitute a debt or obligation of either the City or the HRA.

Moved by Commissioner Noecker, Resolution Adopted and set forth in RES 20-156
VOTE: Yeas - 7 Nays - 0

3. Approving and authorizing charge-off of an HRA loan to Bedlam Theatre at 213 E. 4th Street, District 17, Ward 2

Ms. Guild stated that this action is a request to charge off a 2014 loan of $90,000 to the now-defunct Bedlam Theatre. The loan assisted the Bedlam Theatre to complete a $1.7 million-dollar renovation for kitchen facilities and building improvements at the site. The business closed in November 2016. The HRA loan was subordinate to a loan from the Non-profit Assistance Fund, and the collateral was inadequate to cover even the first position loan. There are no remaining avenues for recovery and staff recommends writing off this loan.

Moved by Commissioner Noecker, Resolution Adopted and set forth in RES 20-150
VOTE: Yeas - 7 Nays - 0

4. Accepting gran...

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