HRA Minutes 07-23-2001
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MINUTES - SPECIAL MEETING
MONTICELLO HOUSING AND RI,:DEVELOPMENT AUTHORITY
Monday, .July 23, 200t - 6:30 p.m.
505 Walnut Street - ACADEMY ROOM
Commissioners Present:
Chair Dan Frie, Steve Andrews, and Darrin Lahr.
Commissioners Absent:
Vice Chair Brad Barger and Bob Murray.
Council Liaison Absent:
Brian Stumpf.
Staff Present: Ollie Koropchak.
Guest: Mark Ruff, Ehlers & Associates
1 . Call to Order.
Chair Frie called the special meeting of the HRA to order at 6:30 p.m.
2.
Consideration to adopt a resolution pledging tax increment from TIF District No. 1-22 for
pavment of $2,150,000 Taxable Temporary G.O. Tax Increment Bonds.
Financial Consultant Mark Ruff noted the resolution submitted was drafted following the
direction ofthe HRA on July I I, 2001, to recommend the City Council consider
awarding Taxable Temporary G.O. Tax Increment Honds in the amount of $2 million net
proceeds. The reasons for the recommendation were: One, it extends the life of the 5-
year rule for the Downtown TIF District by two years or until August 2,2004 (three years
from date of bond sale) allowing time to complete projects in the pipeline and future
redevcIopment projects. Secondly, it provides protection for the existing internal loans.
And lastly, it provides the option to apply for a grant if a shortfall would occur although
no anticipated.
'fhe resolution authorizes the execution of a Pledge Agreement with the City of
Monticello relating to $2,150,000 Taxable General Ohligation Temporary Tax Increment
Bonds, Series 2001. Ruff pointed out an amended resolution and agreement will include
the addition to pledge the tax increment from TIF District 1-23 (Midwest Graphics). The
suhmitted resolution/agreement only pledges tax increment from Downtown IIF District
No. 1-22. The projected cash-flow for debt retirement assumes additional tax increment
from new projects.
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HRA Minutes - 7/23/01
Steve Andrews made a motion to adopt the resolution authorizing execution of a Tax
Increment Pledgc Agreement with the City of Monticello relating to $2,150,000 Taxable
General Obligation Temporary Tax Increment Bonds, Series 2001 as amended. Darrin
Lalu seconded the motion and with no further discussion, the motion passed
unanimously. The amendment includes tax incrcment from TlF District Nos. 1-22 and
1-23.
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Other Business.
None.
4. Adiournment.
The liRA special meeting adjourned at 6:45 p.m.
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HRA Chair
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